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February 21, 2024

Poe calls for swift passage of AFASA: Sen. Grace Poe urges his colleagues to support the swift passage of Senate Bill No. 2560 or the Anti-Financial Account Scamming Act (AFASA) as part of the collective efforts and concrete actions to arrest and punish any fraudulent activity perpetrated by online scammers. During Wednesday’s plenary session, February 21, 2024, Poe said as principal author of the measure and as the sponsor and co-author of the Financial Products and Services Consumer Protection Act in the last Congress, the bill is part of ongoing campaign against these scams, shams, and frauds. “I first filed this bill in 2021 when E-Money accounts rose to an astonishing 16.8 million, as the pandemic prompted many to make the necessary transition online. But these schemes chip away the trust in our financial system—threatening to undo years of progress in financial inclusion and digital innovation,” Poe said. “While financial education and literacy is still key in preventing these schemes, we need more concrete actions to chase and punish these cybercriminals,” she added. In 2022, the Philippine ranked 5th among Southeast Asian countries in terms of phishing attack incidents. The country lost a staggering P623 million to fraud; P623 million to phishing; and P409 million to identity theft. (Bibo Nueva España/Senate PRIB)

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