The Bangko Sentral ng Pilipinas (BSP) has warned financial institutions about the potential use of e-wallets and digital banking channels for vote buying in the upcoming May 2025 elections.
Why it Matters: With the rise of cashless transactions, vote buying may shift from traditional cash handouts to digital transfers, making it harder to track. BSP is urging banks and e-wallet providers to strengthen fraud detection measures to prevent misuse.
How E-Wallets Could Be Exploited for Vote Buying
- Bulk fund transfers – Money could be sent in small amounts to multiple recipients to avoid detection.
- Fake transactions – Vote buyers might disguise payments as legitimate purchases or digital gifts.
- New account surge – Multiple e-wallet accounts may be created to distribute funds without raising red flags.
BSP’s Response
Through Memorandum No. M-2025-006, BSP is directing banks and e-wallet operators to tighten surveillance, watch for unusual transaction patterns, and report suspicious activity to authorities. The agency is also working with the Commission on Elections (COMELEC) and law enforcement agencies to curb digital vote buying.
As e-wallets become more popular, do you think stricter monitoring is enough to prevent vote buying?
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