Rising Cyberattacks in the Philippines: Why Stricter Regulations on Cryptocurrency Are Essential
Here are 5 of the top cybercrimes affecting businesses and individuals in 2023:
1. Phishing Scams
2. Website Spoofing
5. IOT Hacking
Images provided is an example of a phishing site - learn more [Protect Yourself: A Guide to Avoiding Hardware Wallet Phishing Scams]
Global cyber risks are on the rise as a result of rising digitalization and growing reliance on online platforms. Governments and huge organizations are no longer the only targets of cyberattacks; now, people and small businesses are as well. With its thriving digital economy, the Philippines has emerged as a desirable target for cybercriminals.
Because of the nation's susceptibility to cyberattacks, the government has implemented stronger rules on cryptocurrencies, which are thought to be potential tools for money laundering and financing terrorism. Virtual currency exchanges must register with the Bangko Sentral ng Philippines (BSP) and adhere to anti-money laundering and counter-terrorism funding legislation, according to regulations that the Philippine government released in 2019.
Here are the Top 5 crypto scams in the Philippines
- Phishing Scams
- Fake Exchanges
- Ponzi Schemes
- Cloud Mining Scams
- ICO Scams: Initial coin offerings (ICOs)
The BSP has also taken action to control virtual currency exchanges and initial coin offers (ICO). The BSP has devised a framework for virtual currency exchanges to operate in the nation after seeing the potential of virtual currencies to advance financial inclusion. These steps are intended to encourage the proper usage of cryptocurrencies while reducing the likelihood of abuse.
The Philippines' position as the second-most susceptible nation to cyberattacks emphasizes the need for better laws governing cryptocurrency and cybersecurity. To maintain the safety and security of the nation's digital infrastructure, more needs to be done, even if the government has already taken some action to address these challenges. As the nation continues to embrace digitization, cybersecurity and cryptocurrency legislation will become even more important in fostering a secure and flourishing digital economy.
What are the causes of these cyberattacks?
There are many causes for the increase in cyberattacks in the Philippines. The lack of a robust cybersecurity infrastructure in the nation is one of the primary causes. Traditional security measures are no longer effective against cybercriminals because they are growing more clever. Also, a lot of people and companies in the nation are still ignorant of the dangers of utilizing online platforms, making them simple prey for hackers.
The rise in bitcoin use in the nation is another reason behind the increase in cyberattacks. Because cryptocurrency transactions are frequently anonymous, they are frequently used to launder money and fund terrorism. In order to prevent potential abuse of cryptocurrencies, the Philippine government has been seeking to regulate their use in recent years.
The BSP has released a number of regulations to control virtual currency trades in the nation. To stop money laundering and the financing of terrorism, for instance, virtual currency exchanges must put rigorous customer identification and verification systems in place. Also, the BSP has mandated that transactions involving virtual currencies be reported to the Anti-Money Laundering Council (AMLC).
Next Read :
What is Phishing attack? and how does it affect my investments?