MEXICO CITY, July 27 (Xinhua) -- The Bank of Mexico, the country's central bank, on Friday recommended that the nation's financial institutions step up safeguards against online hacking, following a spate of cyberattacks.

In a statement, Banxico called on institutions signed up for the Interbank Electronic Payment System (SPEI) to "establish additional obligations" in security measures, especially in transfer procedures to private companies.

"The Bank of Mexico will continue to ensure the proper functioning of the payment systems, as well as the protection of public interests," Banxico said.

Several banks were the target of cyberattacks on April 17, 24 and 26, as well as May 8, that compromised the SPEI applications, leading to losses of about 300 million pesos (16 million U.S. dollars), according to Banxico.

The payment system allows those signed up for the service to send and receive fund transfers round the clock, without relying on banking hours.

California-based cybersecurity firm Fortinet warned at the beginning of the year that Brazil and Mexico, Latin America's No. 1 and No. 2 economies, register the region's highest number of cyberattacks against financial systems.