The Bangko Sentral ng Pilipinas (BSP) warned the public on Tuesday, Dec. 17, to be vigilant against text hijacking, which primarily targets financial consumers.

In a public advisory, the BSP assured the public that it is taking measures to address text hijacking concerns, in collaboration with BSP Supervised Financial Institutions (BSFIs) and key stakeholders.

The BSP explained that text hijacking is a form of smishing attack where fraudsters use legitimate-looking SMS Sender IDs to send malicious SMS messages.

These fraudsters  “insert themselves into legitimate text message conversations, making their messages appear safe by blending in with other messages from a trusted source.”

"This increases the effectiveness of the delivery of smishing attacks as they appear to be coming from a legitimate sender," the BSP stated. "Fraudsters spoof the sender ID of financial institutions and send smishing messages containing malicious links, aiming to gain unauthorized access to financial accounts of their victims.”

The BSP also warned of fraudsters using International Mobile Subscriber Identity (IMSI) catchers.

"These devices broadcast a stronger signal than nearby legitimate cellular towers, tricking mobile phones within a specific geographical area into connecting to them instead of the real network," the BSP explained. "Once connected, fraudsters can then send SMS or text messages with malicious content or phishing links to achieve their objectives, potentially compromising sensitive information.”

To protect against text hijacking, the BSP advises never to click links in SMS messages even if they appear to be coming from a known bank, e-money provider, or financial institution, and always scrutinize the messages received and to go directly to mobile or internet banking facilities for any transactions.

In addition, the BSP said it is crucial to immediately report unusual transactions and activities regarding bank or e-money accounts to the services provider.

Since 2020, the BSP has been promoting cyber hygiene to encourage Filipino financial consumers to adopt safe online practices. These practices include steps that users of digital devices and financial services take to ensure online security.

The BSP noted that in the four years since the pandemic began, concerns about internet banking, mobile banking, and e-money have been top issues reported through their Consumer Assistance Management System.

These issues primarily revolve around fund transfers, crediting funds to recipient accounts, and unauthorized transactions.