Protect Yourself From Fraud and Scam

Bangko Sentral Ng Pilipinas

PROTECT YOURSELF
FROM FRAUD AND SCAM

Bangko Sentral ng Pilipinas 1

 Protect Yourself From Fraud and Scam Protect Yourself From Fraud and Scam

Stay alert to avoid being victimized

Fraudsters and scammers have become more and
more creative and sophisticated in their attempts
to gain access to your personal information and
financial accounts.

By knowing these common types of frauds and

scams, you will be able to protect yourself and your
hard-earned money.

Say NO to SCAMS!

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 Protect Yourself From Fraud and Scam Protect Yourself From Fraud and Scam

What is a Scam? How do Frauds Happen?

A fraudulent scheme typically committed to cheat a victim into giving False Representation
money resulting in the victim’s financial loss.
Fraudsters usually pose as
someone they are not. They prey on
people’s emotions to manipulate
our human tendency to trust. They
tell stories that either resonate to
our sensitive side or to our desires
and aspirations. Then they employ
tactics to induce pressure.

Invest and
Earn more!
Phantom Riches
from ₱10,000
to ₱1,000,000
Fraudsters promise the prospect
of instant and guaranteed wealth.
People tend to forget that “If
something sounds too good to be
true, it usually is a scam.”

Social Consensus
To increase trust, fraudsters claim
that others have already joined or
contributed to a cause at hand, like
an investment opportunity.

Article 1338 of the Civil Code of the Philippines states that there
is fraud when, through insidious words or machinations of one Source Credibility
of the contracting parties, the other is induced to enter into a
contract which, without them, he would not have agreed to. To further build credibility,
fraudsters claim to be affiliated
Insidious words or machinations refer to a deceitful scheme or with a reputable agency or claim
plot with a fraudulent purpose. It can be done by concealment to have a special expertise.
or omission of material facts.

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 Protect Yourself From Fraud and Scam Protect Yourself From Fraud and Scam

Things to Keep in Mind

Common Types of Fraud and Scam:

SKIMMING AND
to Avoid Financial and
JACKPOTTING
Investment Scams... Illegal installation of malicious hardware (e.g., scanner, camera, keypad
overlay) or software in Automated Teller Machines (ATMs) or Point-
Scammers are experts in manipulation and they will spend time of-Sale (POS) devices. The scanner copies information on the debit,
earning your trust until you let your guard down. To avoid loss when credit, or ATM card while the camera captures Personal Identification
faced with a scammer, exercise the following three activities: Number (PIN). This enables hackers to create counterfeit cards and
gain access to accounts.

?
Think
Jackpotting happens when an illegally installed software gives
Before providing personal information hackers control over ATM functions.
or giving away money, take a moment
to pause and think about the credibility
of the person or company you are
dealing with, the soundness of the
information being provided, and the
possible risks of a certain action.

Examine
When in doubt, do not rush into a
decision. Scammers usually create
a false sense of urgency. Examine
the situation first and ask questions. Remember:
Challenge the person you are talking to
about the things and ideas that you are • Look out for unusual features or loose parts of an ATM or POS device.
not sure of and are uncomfortable with.
• Cover the keypad when entering your PIN. Use ATMs in well-lit and
Study well-guarded areas. Ensure that your debit, credit, or ATM card is
equipped with a Europay, MasterCard, and Visa (EMV) chip.
Give yourself time to study and get
as much information from different • Do not let other people use your card or stand close by when you
sources. Consult other people who are make transactions.
familiar to you or who are experts on
the issue at hand. You can also get • When transacting with a merchant using a POS device, keep an eye
information from credible agencies like on your card and the cashier.
government institutions or reputable
private organizations. • Regularly check your account balance and billing statements.
Report unauthorized or suspicious transactions to your bank or
financial institution immediately.
Source: Securities and Exchange Commission
https://www.sec.gov.ph/investors-education-and-information/investment-scam-checklist/

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 Protect Yourself From Fraud and Scam Protect Yourself From Fraud and Scam

Common Types of Fraud and Scam: Common Types of Fraud and Scam:

CARD CLONING IDENTITY THEFT

Creation of counterfeit credit, debit, or ATM cards, and using the same A scammer assumes your identity and uses your personal information,
to make purchases or withdrawals against the legitimate owner’s bank account or credit card details to make unauthorized transactions
accounts. and purchases, whether online or in person. They usually obtain a
victim’s personal information by posing as someone from an authority
FAKE Card Swipe Machine
(like a bank or government office) and telling the victim that they
need to provide personal information for official purposes. The same
information can also be obtained through other fraudulent means like
skimming, card cloning, phishing, vishing, and spoofing.

Cloning Machine

THEFT FRAUD
of victim’s committed
personal using stolen
and account information to
information access victim’s
account

Clone Card

123

Remember:
• Beware of unexpected calls from someone claiming to be from position
of authority and asking for personal information and bank details.
Remember:
• Note down the person’s details such as name, company and
• Keep an eye on your cards at all times during all transactions. department. Always call your bank or financial institution directly to
verify if the person is legitimate.
• Do not post pictures of your cards on social media.
• Activate multi-factor authentication such as One-Time Password (OTP),
• Do not give your personal information and account details to anyone. security questions, biometrics, email and text alerts to get notified every
time there is a transaction involving your accounts and cards.
• Verify legitimacy of stores (including online shops) and their personnel.
• Safeguard your identification cards, bank statements, and billing
statements.

• Immediately report incidences of identity theft, skimming, cloning,

phishing, vishing, and spoofing to your bank or financial institution.

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 Protect Yourself From Fraud and Scam Protect Yourself From Fraud and Scam

Common Types of Fraud and Scam: Common Types of Fraud and Scam:

TEXT SCAM PHISHING

Random text messages asking for personal information, bank account Unexpected emails asking for your personal information, bank account
or credit card details, or fees in exchange for an item or a service. Text or credit card details, or passwords. These emails usually ask you to
scams come in many forms. Common text scams include winning a click a link to a spoofed or fake website to enter your information.
raffle you did not join and asking you to pay a shipping fee in order to The email looks legitimate but often has a generic greeting (e.g., “Dear
receive the prize, requesting return of mistaken fund transfers to your Valued Client”), grammatical errors, sense of urgency, and no verifiable
account or phone, forcing you to pay for COVID-19 testing, or charging contact information of the sender.
you for a service you did not avail of.

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Thank you! • Do not provide personal information, account details, or passwords to
senders of random emails.

• Your banks or financial institutions will never ask for such

information through email. Do not click links or attachments in these
emails.
Remember: • Always call your bank or financial institution directly to verify if an email
is legitimate.
• Always be cautious when dealing with unexpected text messages
from strangers or random people.
• Your banks and financial institutions have your details on record from
the time you opened an account. They will only ask for your personal
• Verify their identities by asking for ID cards. Confirm their claims by
information if you initiated the call to make an inquiry or transaction.
directly calling the company they work for.
• Immediately report incidences of phishing, or its variations, to your
• Do not be pressured by anyone to share personal information; give
bank or financial institution.
money or pay a fee for unsolicited services.

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 Protect Yourself From Fraud and Scam Protect Yourself From Fraud and Scam

Variations of Phishing: Common Types of Fraud and Scam:

SPOOFED WEBSITES
ACCOUNT VERIFICATION
Websites that look legitimate, but are created by scammers to trick
From: [email protected]

Dear Internet Banking Customer,

Spear Phishing you into entering personal information, bank account or credit
We have detected an unauthorized transaction
card details. It is usually linked to phishing emails, or other fake
Sending of emails that are
from your online banking account. In order to

websites.
ensure that your account is safe and secure please
click here to update your account immediately.

targeted attacks on specific

We hope to serve you better.

Regards,
XYZ Bank Internet Banking Help Desk individuals or companies.

Pharming
FORM ACCOUNT VERIFICATION
Redirection of a user to a
fake website to steal personal
information or account
CLICK information details.

Vishing
CLICK
Voice calls, automated voice
recording, or Voice over Internet
Protocol (VoIP) from someone
pretending to be an employee of
a bank or popular company, and
asking for account details.
Remember:
• Do not enter personal information, bank account or credit card details
in suspicious or unverified websites.
SMiShing
CONGRATULATIONS
• Always check the address bar or properties of a website to verify if it
Same modus operandi as is legitimate.
1,000,000
WINNER phishing but uses text or
LOG IN TO CLAIM IT
Short Message Service (SMS)
on mobile phones instead of
enteryouremailaddress
enteryourpassword
email.
LOG IN

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 Protect Yourself From Fraud and Scam Protect Yourself From Fraud and Scam

How to check if website is legitimate: Common Types of Fraud and Scam:

Pay attention to the address bar

Check the website address for https:// at the
FAKE DOCUMENTS
beginning and a visible closed padlock icon Fraudulent documents allegedly serving as proof of peso or
( ). The “s” in https:// stands for “secure” and
ACCOUNT VERIFICATION indicates that the website uses encryption to
dollar deposit accounts, fund transfers, gold reserves, securities,
or investments being marketed, sold or traded by individuals or
transfer data, protecting it from hackers. Do not companies which claim that such documents are issued, secured
enter personal information into a site beginning or guaranteed by the BSP, the government or any of its agencies.
with http:// (without the “s”).

Check the domain name

https://www.bbsspp.ti/
Be familiar with addresses and domain names of
legitimate websites and type them directly on the
.com
address bar. Scammers create fake websites using
CLICK
COUNT VERIFICATION
.eu
.ph
.edu
addresses that mimic banks, popular brands,
and companies. Double-check the address bar
especially if you are redirected to it from another
website or link.

Watch out for poor grammar and spelling

ACCOUNT VERIFICATION
ACCOUNT VERIFICATION Mistakes in spelling, punctuation, capitalization,
and grammar on a website are red flags.
CLICK
CLICK
Legitimate companies put extra effort into creating
CLICK
a professional website free of such mistakes.

Try the contact information

Look for the company contact information (phone
number, email, live chat, physical address) and try
them out. You should hear professional customer
service representatives or pre-recorded messages
when calling a phone number. If the only method
of contact is an email or an online form, proceed
with caution.

Research before using a website

Do a quick online search of reviews of a website
and look for warnings from reviewers or reliable
organizations. You may verify the authenticity of a
website through https://sitereview.bluecoat.com/#
or https://www.virustotal.com/gui/home/url

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 Protect Yourself From Fraud and Scam Protect Yourself From Fraud and Scam

Common Types of Fraud and Scam:

PONZI AND
PYRAMIDING SCAM
Ponzi Scam
A scammer pretends to be a successful investment manager,
owner or representative of a bogus investment company, or head
or member of a reputable organization but, in reality, does not have
an existing investment portfolio. The scammer would offer high
returns in a short period of time, promising guaranteed profits with
little or no risk of loss. The scammer is usually a skilled, charming,
and convincing communicator who encourages investors to also
invite others to invest and promises commissions for new recruits.

Pyramiding
Scammers convince investors to buy an investment product, and
promise high earnings over a short period. Investors are required
to recruit other buyers as their earnings increase based on the
number of new recruits. Scammers normally pay investors back
during the initial stages to appear legitimate and encourage more
investors to buy the product. The “pyramid” eventually collapses
when the money coming from new investors is not enough to cover
the payouts to earlier investors.

Remember:

• Do not believe any person or company claiming that possession of

such documents can facilitate financial transactions in favor of
holders or recipients.

• The BSP or government agencies do not authorize individuals or

companies to market, sell or trade such items.

• The BSP in particular only deals with BSP Supervised Financial

Institutions (BSFIs), institutional partners, and duly contracted
suppliers of goods and services. The BSP does not provide banking
and financial services to individuals and the general public.

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 Protect Yourself From Fraud and Scam Protect Yourself From Fraud and Scam

Remember:
How to know if Multi-
• Investment offers that sound “too good to be true” are usually scams.
Level Marketing is a
Scam?
• Even legitimate investment companies cannot double or triple your
money over a short period of time and can never guarantee returns.

• Real investments are subject to the risk-return principle: The higher

CAUTION
the expected return, the higher the potential risks.

• Do your own research about an investment company, its investment

products, and authorized brokers or representatives.

• Do not engage in an investment opportunity if you do not fully

understand how it works, how it earns, nor its risks and benefits.

• Do not let anyone pressure you into putting your hard-earned money If the answer to any of the following
into an investment opportunity. questions is NO, it might be a SCAM!
• Always get and keep appropriate binding documentation and proofs
(physical or digital forms) of your investments.

• Verify with the Securities and Exchange Commission (SEC) whether

the company is registered and licensed to offer investment products. 8-Point Test*:
• Check with SEC whether the company representative is a licensed 1. Is there a product?
investment broker or dealer.
2. Are commissions paid on sale of products and not on registration/
• Report suspicious companies, persons, and transactions to the SEC. entry fees?

3. Is the intent to sell a product not a position?

4. Is there no direct correlation between the number of recruits and

compensation?

5. If recruitment were to be stopped today, will the participants still

make money?

6. Is there a reasonable product return policy?

7. Do products have fair market value?

8. Is there a compelling reason to buy?

*Source: Direct Selling Association of the Philippines

https://www.dsap.ph/the-industry/

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 Protect Yourself From Fraud and Scam Protect Yourself From Fraud and Scam

Common Types of Fraud and Scam: Common Types of Fraud and Scam:

ADVANCE FEE FRAUD ROMANCE AND

An email, fax, or letter from strangers which requires the victim to pay
an “advance fee” before receiving a significant share of a large sum
of money. The advance payment may be described as a processing
DATING FRAUD
fee, tax, commission, or incidental expense that will be repaid later. If A scheme where scammers target the victim’s emotional, romantic
a victim makes the payment, the fraudster either invents a series of and compassionate side to get them to provide money, gifts, and
further fees for the victim or simply disappears. personal or account information. Scammers target victims by creating
fake profiles on social media or legitimate dating websites. Once in
Advance fee fraud may involve urgent business transaction, inheritance contact, the scammers will then express strong emotions for victims
or income windfall, emergency situation, sale of products or services, and will try to gain their trust and ask for money, account details
lottery winnings, or other similar unexpected opportunities. and personal information for a variety of reasons (e.g., loss of job,
involvement in accident or serious illness).

Remember:
• Think critically and remove the emotion from your decisions no
matter how caring or persistent the person is.
• Avoid any arrangement with persons who ask for immediate
Remember: payment or domestic or international fund transfers.

• Avoid any arrangements with a stranger who asks for up-front and • Be careful about the information you share on social networking
immediate payment, personal information, or account confirmation. sites.
• Do not give your personal or bank details to strangers or
• Do not believe in offers or earning opportunities that are too good to be acquaintances.
true.
• Contact your bank or financial institution immediately if you think
• Do not send money, bank, and personal details to anyone you do not you have given out your account details to scammers or you feel
fully know or trust. that your account is compromised.

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Common Types of Fraud and Scam: Common Types of Fraud and Scam:

RECRUITMENT FRAUD SIM CARD FRAUD

Scammers pose as recruiters and offer fake job opportunities to obtain
payments from job seekers. This is especially popular for supposed Safeguard your Subscriber Identification Module (SIM) card!
employment opportunities abroad. The scam starts with a fake job
advertisement and then asks interested applicants for payment for Majority of banks and other financial institutions require Multi-Factor
various “requirements” like a certification, travel or work permit, and/ Authentication (MFA) in online transactions. This entails requiring
or seminar fee. Once payment is done, the recruiter suddenly stops customers to key in an OTP or password that they will receive via
any communication. their registered mobile phone number, identified by a SIM card,
before online transactions such as fund transfers can be completed.
Fraudsters are therefore interested in this piece of information which
is received on the victim’s SIM card for them to carry out unauthorized
fund transfers.

Attack Type 1:
Fraudster obtain personal and account details through phishing
and other tactics. Once sufficient information is obtained, fraudster
requests for a replacement of the victim’s SIM card from the mobile
phone provider. The old SIM is then deactivated by the mobile phone
provider, allowing the fraudster to access the victim’s accounts or
make transactions since authentication verifications are now sent to
the new SIM card in the possession of the fraudster.

Attack Type 2:
Fraudster in the guise of a telco representative entices the victim
to exchange his/her SIM card for a fake “promo”. Once the victim
Remember: agrees, the fraudster either clones or steals the victim’s SIM card
details and proceeds to access the victim’s accounts for unauthorized
• Research the company advertising a job opening. Verify its transactions.
legitimacy and ensure that the job opening actually exists.

• Check the legitimacy of the recruiter or company representative.

Utilize available online resources like LinkedIn and other reputable
job boards. Call the company to verify the credentials of the recruiter.

• Be cautious when asked for any upfront fees required to continue

with the application.

• Do not share personal and bank information with the recruiter as

this may lead to identity theft.

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 Protect Yourself From Fraud and Scam Protect Yourself From Fraud and Scam

Common Types of Fraud and Scam:

UNAUTHORIZED
ONLINE LENDERS
A scheme where fraudsters pretend as private individual lenders or
claim to operate on behalf of a legitimate financial institution. They
offer lenders credit lines or loans online, either through a website or
social media platforms. Fraudsters will put more focus on collecting
upfront fees for the so-called credit scoring or loan application
and gathering the victim’s personal details for potential or abusive
fraudulent financial transactions.

APPLICATION FORM

Remember:
• Never give out personal information and SIM card details in response
to unsolicited call or texts from unknown or unverified individuals.
Remember:
• Always check text and email alerts for unusual transactions or
activities involving your accounts. Before availing of a loan from a credit provider through a website or
social media platform:
• In case you’ve already provided your SIM and other personal details,
contact your bank/mobile phone provider immediately.
Do your research.
• Find out the registered name of the online lender, the company that
provides the actual loan to online borrowers. Online lenders often
use trade or brand names different from their registered or legal names.

• Understand the nature of the relationship between the online

lender and the technology or platform provider or platform.
Online lenders often partner with technology or platform provider,
the company that enables a web-based interface to facilitate loan
applications, but is not the actual lender.

• Check the online lender’s track record and customer feedback.

Look for red flags or warning signs of bad service and unfair practices.

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 Protect Yourself From Fraud and Scam Protect Yourself From Fraud and Scam

Verify the online lender’s licenses, registration, and

WHAT TO DO IF YOU
authorization documents.
• Confirm that a BSFI—such as bank, pawnshop or e-money issuer

GET SCAMMED:
that uses an online platform to provide loans—is licensed and
authorized by the BSP. Search its name from the list of BSFIs on
the BSP website, call the BSP Consumer Protection and Market
Conduct Office, or chat with the BSP Online Buddy (BOB).
Report frauds, scams, and abuses relating to products and
• Confirm that an online lender—such as a financing company or services of BSFIs* to:
lending company is registered and authorized by the SEC. Check
the SEC website regularly for advisories on unauthorized lenders or
call the SEC to report unauthorized online lenders. BSP Online Buddy
(BOB)
• Remember that you have no protection or recourse when you
transact with unauthorized online lenders. Webchat
1. Go to https://www.bsp.gov.ph
2. Look for BOB’s icon on the lower right portion of the page.
Follow these basic tips to protect yourself. 3. Click BOB’s icon and a chat box will appear.

• Transact only with a duly licensed, registered, or authorized online Facebook Messenger
lender. 1. Open the official BSP Facebook page
2. Click the Messenger icon
• Transact only if you fully trust the online lender, its technology or 3. Click “Get Started”
platform provider and other partners, if any.
SMS
• Share personal and account information only if you have proven 1. Open your messaging app.
the integrity and security of the online lending platform. 2. Text “Complaint” to 21582277 (For Globe subscribers only. Regular
rates may apply).
• Borrow only if you have fully evaluated your credit needs, 3. Wait for acknowledgement and feedback prompt.
calculated your amortization, and assessed your capacity to pay
the loan in full and on time.

• Borrow only if you have read and understood all the loan terms and
conditions including interest rates, fees, and other charges.
Bangko Sentral Ng Pilipinas
• Keep proofs of transactions such as loan agreements, official A. Mabini Street, Malate, Manila 1004
receipts, confirmation of payments, and related communications.
Consumer Protection and Market Conduct Office
• Make sure that the online lender has an accessible and effective Strategic Communication and Advocacy
consumer assistance or redress mechanism. Email: [email protected]
Direct Line: (02) 5306-2584 | (02) 8708-7087
Trunkline: (02) 8708-7701 loc. 2584
Facsimile: (02) 8708-7088

*BSFIs refer to Banks, Non-Banks with Quasi-Banking Functions, Non-Stock

Savings and Loan Associations, Pawnshops, Foreign Exchange Dealers, Money
Changers, Remittance Agents, E-Money Issuers, Money Service Businesses, and
Virtual Currency Exchanges under BSP supervision. List of BSFIs may be accessed at
https://www.bsp.gov.ph/SitePages/FinancialStability/Directories.aspx

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 Protect Yourself From Fraud and Scam Protect Yourself From Fraud and Scam

WHAT TO DO IF YOU WHAT TO DO IF YOU

GET SCAMMED: GET SCAMMED:
Report fraud, scams and abuses related to lending and Report investment scams, cybercrime, and other criminal
investment with SEC-registered companies: abuses to:

SECURITIES AND EXCHANGE COMMISSION

Ground Floor, North Wing Hall, Secretariat Building
PICC Complex, Vicente Sotto Street, Pasay City 1307
NATIONAL BUREAU OF INVESTIGATION
NBI Building, Taft Avenue, Ermita, Manila
Corporate Governance and Finance Department
(Reports related to Lending)
Anti-Fraud and Action Division
Email: [email protected]
Email: [email protected]
SEC i-Messagemo: http://imessagemo.sec.gov.ph
Telephone: (02) 8523 8231 to 38 local 3529 or 3456
Telephone: (02) 8818 5476; (+63) 9260170248
Cyber Crime Division
Enforcement and Investor Protection Department Email: [email protected]
(Reports related to Investment Scams) Telephone: (02) 8523 8231 to 38 local 3455; (02) 8252-6228
Email: [email protected]
Telephone: (02) 8818-6337; (+63) 961-519-7829; Complaint and Recording Division
(+63) 961-684-4088 Telephone: (02) 8523-8231 to 38 local 3518

Report concerns about insurance products to:

INSURANCE COMMISSION
1071 United Nations Avenue, Manila PHILIPPINE NATIONAL POLICE
Anti- Cybercrime Group
Public Assistance and Mediation Division PNP National Headquarters
Email: [email protected] Camp General Crame, EDSA, Quezon City
[email protected] Email: [email protected]
Telephone: (02) 8523 8461 to 70 local 103 or 127; Telephone: (02) 3414 1560
(02) 8404 1758 Mobile: 0998 598 8116

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 Protect Yourself From Fraud and Scam Protect Yourself From Fraud and Scam

WHAT TO DO IF YOU
GET SCAMMED:
To block text scammers, contact your phone service
provider or report to:

NATIONAL TELECOMMUNICATIONS COMMISSION

NCR office address: BIR Road, East Triangle, Diliman,
Quezon City

Consumer Welfare & Protection Division

Email: [email protected]
Telephone: (02) 8920 4464; (02) 8926 7722; (02) 8921 3251

ATM Automated Teller Machine

BSP Bangko Sentral ng Pilipinas
BOB BSP Online Buddy
BSFI BSP Supervised Financial Institution
DSAP Direct Selling Association of the Philippines
EMV Europay, MasterCard, and Visa
MFA Multi-Factor Authentication
IP Internet Protocol
OTP One Time PIN
PIN Personal Identification Number
POS Point-of-Sale
SEC Securities and Exchange Commission
SIM Subscriber Identification Module
SMS Short Message Service

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 Protect Yourself From Fraud and Scam

Bangko Sentral Ng Pilipinas

A. Mabini Street, Malate, Manila 1004

Consumer Protection and Market Conduct Office

Strategic Communication and Advocacy
Email: [email protected]
Direct Line: (02) 5306-2584 | (02) 8708-7087
Trunkline: (02) 8708-7701 loc. 2584
Facsimile: (02) 8708-7088

30 Bangko Sentral ng Pilipinas