The spate of digital scams victimizing banks and other financial institutions has underscored the need for the establishment of financial crimes units in the country’’s law enforcement agencies.
Albay 2nd District Rep. Joey Sarte Salceda aired this observation as he warned that scammers and fraudsters are most likely to go active during the Christmas holidays.
Salceda, chairman of the House Committee on Ways and Means, said people should be extra careful as there has been “a rise in financial scams and incidents, which comes as people have a little extra money from Christmas bonuses.”
“This happens every year. It’s time we get tougher on financial crime enforcement. And it’s time we have policing and law enforcement agents that are capable of understanding financial crimes and pursuing cases to completion,” he said.
Earlier, Salceda forwarded to the Criminal Investigation and Detention Group a complaint he received from his constituents who lost some P32 million from scammers.
In a letter, Salceda asked CIDG Director Albert Ignatius Ferro to look into the complaint of his constituents who were hoodwinked by a certain Ma. Ledwina Oca Realo and Jesus Rey Realo with whom they entrusted money on the promise that they will earn 25% monthly returns on the investment.
“It was too good to be true. But the lack of financial education and accessible financial consumer protection mechanisms means many people don’t even know what’s too good to be true,” Salceda said.
Salceda says that there “is truly a need for a financial consumer protection framework for the country. We don’t have one comprehensive law for the protection of buyers and sellers of investment products.” Salceda is the principal author of House Bill No. 6768, which includes fundamental protections for consumers of financial products, and allows the Bangko Sentral ng Pilipinas to pursue civil action on behalf of scammed consumers.
However, Salceda stated that “the proposal can still have more teeth by adding provisions that create financial crimes units in the police and investigative agencies.” Salceda cited the example of local police departments in the United States that have Financial Crimes Units.
“It should be very clear to potential scammers that if they do it, they will get jail time. That is why we need criminal investigation units that are capable of really prosecuting financial crimes,” Salceda said.
“As for our complaint with the CIDG, I hope they are able to respond with urgency. As Ways and Means Chair, with oversight of the financial agencies, I will help,” Salceda added.