The Bangko Sentral ng Pilipinas (BSP) urged the public to keep e-wallets and bank accounts strictly for personal use and warned against allowing others to use them for financial transactions.
In an advisory, the BSP said scammers often pose as legitimate individuals and ask to send or receive money through another person's account. Some even offer payment in exchange for access to an account.
The central bank reminded account holders that they remain fully responsible for all transactions made through their accounts, regardless of who initiated them.
The BSP warned that allowing others to use personal accounts may expose account holders to fraud, financial losses, unauthorized transactions, and possible involvement in illegal "money mule" activities.
A money mule is a person who transfers or receives illegally obtained funds on behalf of criminals, often without fully understanding the consequences.
The BSP also reminded the public that the Anti-Financial Account Scamming Act (AFASA) penalizes the use of financial accounts for fraudulent or illegal transactions. Individuals who knowingly allow their accounts to be used for scams may face legal consequences under the law.
To protect themselves, the BSP advised account holders to use their accounts only for their own transactions, avoid sharing account access, verify payment details before confirming transactions, and immediately report suspicious or unauthorized account activity.
"If it's not your transaction, don't let your account be used," the BSP said.
The central bank encouraged the public to remain vigilant and practice safe digital payment habits to help prevent scams and financial fraud. PR
