Consumer complaints filed with the Bangko Sentral ng Pilipinas (BSP) surged by 62.3 percent in 2024 to around 70,000 cases, according to officials of the central bank. Of the total number of consumer complaints, 13 percent were categorized as unauthorized transactions, Charina B. De Vera-Yap,...
Senator Risa Hontiveros said on Wednesday, July 24 that the newly-enacted law Anti-Financial Account Scamming Act (AFASA) Law permits the government to seize and use properties of Philippine Offshore Gaming Operators (POGO) and or Internet Gaming Licensees (IGLs) involved in large-scale scams and...
Bangko Sentral ng Pilipinas (BSP) Governor Eli M. Remolona Jr. said Saturday, July 20, that the passage of Republic Act No. 12010 or the Anti-Financial Account Scamming Act (AFASA) will give the central bank more teeth in protecting financial consumers. AFASA is a law that will curb and combat...
To combat the surge in crimes involving scams online, President Marcos has signed into law Republic Act (RA) No. 12010 or the Anti-Financial Account Scamming Act (AFASA) which aims to protect Filipinos and their bank and e-wallet accounts from cybercriminals using technology to defraud them....
Senator Alan Peter Cayetano assured consumers that the passage of the proposed Anti-Financial Account Scamming Act (AFASA) into law would help put a stop to the persistent problem of digital highway robbery. Cayetano, chairperson of the Senate Committee on Science and Technology, and...
Sen. Mark Villar emphasized the stronger provisions provided under Anti-Financial Account Scamming Act or AFASA that will arm the country’s financial institutions with heightened risk management systems, power, and authority to manage the financial transactions of account owners which are poised...
Senator Grace Poe said the passage of Senate Bill No. 2560 or the Anti-Financial Account Scamming Act into law is necessary to protect Filipinos’ hard-earned money as more shift to online banking and digital payments. “They say that there are only two certain things in life: death and...
Senator Mark Villar, chairman of the Senate Committee on Banks, Financial Institutions and Currencies, pushed for the passage of the proposed Anti-Financial Account Scamming Act (AFASA) to ensure that no scammers will be able to defraud Filipino banking consumers in the long run. Sen. Mark...
In a bid to address the rising incidence of financial account scams, Sen. Sherwin Gatchalian has filed a bill prohibiting money mules and other fraudulent acts committed involving financial accounts providing penalties and for other purposes. Gatchalian filed Senate Bill 2407,...
