Legazpi: The Bangko Sentral ng Pilipinas (BSP) on Tuesday urged the public to adhere to the "ALERT" framework, a five-step approach designed for scam victims, during a media information session in Legazpi. The central bank emphasized the importance of reporting scam incidents, noting that many victims still do not report them to the authorities.

According to Philippines News Agency, the ALERT framework stands for Avoid further contact, Lock accounts and devices, gather Evidence, Report to the financial institution, and Tell the appropriate authorities. BSP officials highlighted the necessity for scam victims to report their experiences, as underscored by lawyer Paul Khristian Baylon, deputy director of the Consumer Protection and Market Conduct Office.

Baylon emphasized that safeguarding consumers from financial fraud is a collective duty shared by regulators, lawmakers, financial institutions, law enforcement agencies, and the general public. He noted that consumers possess both the power and responsibility to protect themselves from scammers and encouraged sharing knowledge on preventing scams with family and friends.

Baylon also appealed to media practitioners to support BSP's initiative in promoting safer financial transactions and enhancing consumer awareness. BSP Legazpi Branch Acting Area Director Evelyn Valdez expressed gratitude towards media practitioners and government information officers for their role in disseminating accurate information regarding the central bank's advocacies and services.

Valdez acknowledged the contributions of partners, particularly media and information officers, in spreading the various advocacies of the Bangko Sentral. She reiterated BSP's commitment to conducting and reinforcing financial consumer protection campaigns nationwide, aimed at assisting Filipinos in making informed decisions on savings, investments, and money management.

The session also covered topics such as financial health among Filipinos and navigating cyber threats to maintain financial stability.