The Bangko Sentral ng Pilipinas (BSP) has drafted new regulations allowing financial institutions to temporarily hold funds involved in disputed electronic transactions for up to 20 days, extendable by court order. These rules align with the Anti-Financial Account Scamming Act and aim to curb fraud in digital financial services.
Disputed transactions include those flagged as unusual, unauthorized, or linked to cyber scams. Banks and payment providers must verify these transactions through fraud detection measures or customer complaints before releasing funds. By implementing structured verification processes, the BSP aims to strengthen cybersecurity, reduce financial fraud, and enhance trust in digital transactions across the Philippines.
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