Central Bank of the Philippines Acts Against Misleading Social Media Account
In a swift response, the Central Bank of the Philippines (BSP) took action against a deceptive social media account on January 23, 2020. The bank reported the account, which falsely claimed to represent the BSP, to social media platforms for removal. The account, identified as “BSP Central Bank,” mimicked the official name of the country’s central bank.
Upon examining the posted images of Philippine banknotes, experts noted that they deviated from the authentic design. The BSP described the discrepancies as “inconsistent with the features of genuine Philippine banknotes,” implying that the counterfeit banknotes were evidently fake.
However, the primary concern was not the quality of the forgery, but the medium. Social media platforms offer scammers a broad reach. A fake bank account can disseminate misinformation to thousands of people before the legitimate bank is even aware of its existence.
In the recent past, the BSP has encountered similar issues. On January 10, 2020, the bank cautioned the public about a fraudulent Instagram account using the name “BSP Lottery.” This account displayed the bank’s logo and was a part of a scam. The bank urged people not to share information or conduct transactions through this account.
Two such incidents within a two-week span are not merely coincidental. They represent a pattern of attempted deception. The BSP is now grappling with protecting not only the integrity of the national currency but also safeguarding its digital identity.
The BSP does maintain verified accounts. Its official Facebook page can be found at https://www.facebook.com/BangkoSentralngPilipinas/. Its official Instagram account is https://www.instagram.com/bangkosentral/. Its official Twitter handle is @BangkoSentral. The public should only consult these channels for official announcements.
Governor Benjamin Diokno confirmed the bank’s commitment to protecting the public, but did not offer a solution to the broader issue of impersonation. The problem of impersonation is persistent. Social media platforms host millions of pages and accounts, making it challenging for the bank to monitor and report each fake account.
The takedown process can be time-consuming, allowing for potential damage to be inflicted during this period. The real risk isn’t that someone will mistake a poor photoshop job for a genuine banknote. The risk is that people will begin to question the veracity of all online information, including official communications from the BSP. As fake accounts proliferate, the credible information may become obscured, and trust may erode.
The BSP has taken steps to address the issue. It has issued a warning and reported the accounts. It has also provided the correct links for its verified accounts. However, this strategy is reactive, as the bank is primarily responding to fake accounts after they have been posted. The BSP has yet to reveal a proactive approach to detecting impersonator accounts before they circulate.
For now, the public bears the responsibility. The BSP advises following only the verified accounts and avoiding engagement with accounts that appear suspicious. The public should also refrain from sharing information from unverified sources. This advice assumes a level of digital literacy not everyone may possess.
With the removal of the fake banknote designs (assuming Facebook complied with the bank’s request), a new deception may already be in circulation. The BSP is aware of this, and the public should be too.
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