BSP adds 24-hour security window for eDollar users

BSP has introduced a new 24-hour security window designed to enhance protection for its eDollar customers against unauthorized access. This measure aims to prevent fraud, particularly if a customer's banking credentials are compromised and their wallet is accessed on a different device, according to BSP Chief Information Officer Omid Saberi.

Saberi explained that customers will receive notifications when their eDollar wallet is accessed from a new device. If the access is not authorized, customers can contact the bank immediately. "And in the meantime, you are informed that someone has opened your eDollar on a new device. Is it you? If it’s not you, call the bank," Saberi stated. He added that this process stops fraudsters even if they obtain credentials, as the legitimate user is informed and can take action.

This cooling-off period provides customers with a crucial window to detect and report suspicious activity before any fraudulent transactions can occur. BSP is also actively warning its customers about the prevalence of phishing messages and fake websites that are designed to steal sensitive information such as passwords, user IDs, and one-time passwords.

While BSP commits to continuously strengthening security across its digital platforms, the bank stresses that customers must also play an active role in protecting their banking information. Customers are strongly reminded never to share their passwords, PINs, or one-time passwords and to exercise caution by avoiding suspicious links or entering banking details on unverified websites.

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And in the meantime, you are informed that someone has opened your eDollar on a new device. Is it you? If it’s not you, call the bank. So that way, any fraudster who, by chance, has got my credentials, even if they open the account somewhere else, it stops them from doing anything. And I’m informed that someone opened my wallet somewhere else, so then I can basically stop it.