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Bill protecting consumers from skimming, phishing pushed in Senate
Bill protecting consumers from skimming, phishing pushed in Senate
Senator Grace Poe is pushing the passage of a bill that would protect consumers against cybercimes such as skimming and phishing.
Poe filed Senate Bill No. 2380, or the proposed “Bank Account, E-wallet, and Other Financial Accounts Regulation Act”, which calls for a "stable and efficient" financial system to protect the public from cybercriminals and syndicates who target bank accounts and e-wallets.
The chairperson of the Senate Committee on Banks, Financial Institutions and Currencies said the incidence of such crimes has reached an all-time high since most transactions have shifted online during the pandemic.
She cited a Bangko Sentral ng Pilipinas (BSP) data which showed that 98.4 percent of reports on crimes and losses filed by banks from March 15 to May 18, 2020 alone were online in nature, amounting to a total loss of P60.6 million.
The Philippine National Police (PNP) Anti-Cybercrime Group also reported an increase of 37 percent in online scams from March to September 2020 compared to the same period in 2019.
“Digital platforms made it possible to keep our economy going, but it has also become an opportunity for crime to thrive. That is why we must put up the proper safeguards that will not only avoid criminal activity but also unlock the potential of digital platforms as well,” Poe said.
Under SB 2380, agencies such as the BSP, Department of Justice, Department of Information and Communications Technology, National Bureau of
Investigation and the PNP will formulate an “Anti-Scam/Financial Fraud Roadmap”.
This will educate and inform consumers on financial scams and their prevention, and swifter enforcement and prosecution of financial cybercrime cases, Poe explained.
The bill also seeks to require banks, non-bank financial institutions, and other pertinent institutions not only to respond to cybercrime reports with more urgency, but also strengthen their online platforms, payment systems, and data security.
“This measure seeks to ensure that the hard-earned money of the public is kept safe and that public trust and confidence in our current financial system are maintained as it continues to innovate and traverse through cyberspace,” Poe said.