Senate bill eyes prison term, P5M fine vs cyber criminals
Published May 12, 2023 08:05 am
Senator Jinggoy Ejercito Estrada has filed a bill seeking to impose a jail term and fine amounting to as much as P5-million against cyber criminals who target users of digital financial services or electronic wallets.
In filing Senate Bill No. 2171 or the proposed Bank Accounts, Electronic Wallets, and Other Financial Accounts Regulation Act, Estrada sought to empower government agencies and financial regulators to address cybercrime schemes and provide financial consumers with efficient means to address their complaints.
“Kung may kakayahan ang mga kinauukulan na matunton ang mga nasa likod ng mga hacking o unauthorized transactions, scamming at iba pang modus gamit ang internet o sa pamamagitan ng mobile banking, dapat may kaukulang parusa na pagkakakulong at mabigat na multa na kakaharapin sila (If those in charge have the ability to trace those behind hacking or unauthorized transactions, scamming and other modus operandi using the internet or through mobile banking, they should be punished with imprisonment and heavy fines,” Estrada said.
“At kung ayaw natin na mawalan ng kumpiyansya ang publiko sa mga digital transactions, dapat may kasiguraduhan na maibabalik ang mga perang pinaghirapan nila na nawalang parang bula (And if we don't want the public to lose confidence in digital transactions, there must be a guarantee that their hard-earned money that was lost like a bubble will be returned),” the senator stressed.
Estrada also said the large-scale offenses such as the use of a mass mailer be declared as a form of economic sabotage and a heinous crime, punishable with life imprisonment and a fine ranging from P1 million to P5 million.
He said an act shall be deemed committed by a syndicate if it was carried out by a group of three or more persons conspiring with one another, while those considered as large scale are acts done against three or more persons individually or as a group.
The bill also seeks to prohibit money mules, social engineering schemes, and acts abetting in the commission of the covered offenses.
Money mule involves transferring illegally acquired money on behalf of someone else through an e-wallet or other financial account, while social engineering schemes include, among others, phishing, tricking users into making security mistakes or giving away sensitive information.
The senator said those found guilty of money mule will be meted with imprisonment or prision correccional or a fine of P100,000 to P200,000, while those who committed social engineering schemes must be punished with prision mayor or a fine of P200,000 to P500,000.
If the target or victim of the social engineering scheme is a senior citizen at the time the offense was committed or attempted, the maximum penalty shall be imposed, he added.
“There is a need to protect the public from cyber criminals and criminal syndicates who target financial accounts, e-wallets, and other financial accounts or lure account holders into perpetrating fraudulent activities,” the lawmaker said.
“We need to provide financial consumers with efficient means to resolve their complaints, make it less cumbersome, transparent and allow quicker resolutions that will be more to their advantage,” he stressed.
In filing Senate Bill No. 2171 or the proposed Bank Accounts, Electronic Wallets, and Other Financial Accounts Regulation Act, Estrada sought to empower government agencies and financial regulators to address cybercrime schemes and provide financial consumers with efficient means to address their complaints.
“Kung may kakayahan ang mga kinauukulan na matunton ang mga nasa likod ng mga hacking o unauthorized transactions, scamming at iba pang modus gamit ang internet o sa pamamagitan ng mobile banking, dapat may kaukulang parusa na pagkakakulong at mabigat na multa na kakaharapin sila (If those in charge have the ability to trace those behind hacking or unauthorized transactions, scamming and other modus operandi using the internet or through mobile banking, they should be punished with imprisonment and heavy fines,” Estrada said.
“At kung ayaw natin na mawalan ng kumpiyansya ang publiko sa mga digital transactions, dapat may kasiguraduhan na maibabalik ang mga perang pinaghirapan nila na nawalang parang bula (And if we don't want the public to lose confidence in digital transactions, there must be a guarantee that their hard-earned money that was lost like a bubble will be returned),” the senator stressed.
Estrada also said the large-scale offenses such as the use of a mass mailer be declared as a form of economic sabotage and a heinous crime, punishable with life imprisonment and a fine ranging from P1 million to P5 million.
He said an act shall be deemed committed by a syndicate if it was carried out by a group of three or more persons conspiring with one another, while those considered as large scale are acts done against three or more persons individually or as a group.
The bill also seeks to prohibit money mules, social engineering schemes, and acts abetting in the commission of the covered offenses.
Money mule involves transferring illegally acquired money on behalf of someone else through an e-wallet or other financial account, while social engineering schemes include, among others, phishing, tricking users into making security mistakes or giving away sensitive information.
The senator said those found guilty of money mule will be meted with imprisonment or prision correccional or a fine of P100,000 to P200,000, while those who committed social engineering schemes must be punished with prision mayor or a fine of P200,000 to P500,000.
If the target or victim of the social engineering scheme is a senior citizen at the time the offense was committed or attempted, the maximum penalty shall be imposed, he added.
“There is a need to protect the public from cyber criminals and criminal syndicates who target financial accounts, e-wallets, and other financial accounts or lure account holders into perpetrating fraudulent activities,” the lawmaker said.
“We need to provide financial consumers with efficient means to resolve their complaints, make it less cumbersome, transparent and allow quicker resolutions that will be more to their advantage,” he stressed.