Press Release
September 7, 2021

Poe files bill protecting consumers from cybercrime

Sen. Grace Poe filed a bill to protect consumers from cybercrimes such as skimming and phishing that reached an all-time high since most transactions have shifted online during the pandemic.

The "Bank Account, E-wallet, and Other Financial Accounts Regulation Act" or Senate Bill No. 2380 seeks to promote and maintain a stable and efficient financial system and recognizes the need to protect the public from cybercriminals and syndicates who target bank accounts and e-wallets.

"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," said Poe.

According to the Bangko Sentral ng Pilipinas (BSP), 98.4 percent of reports on crimes and losses filed by banks from March 15 to May 18, 2020 alone were online in nature and amounted to a total loss of P60.6 million.

On the other hand, the Philippine National Police (PNP) Anti-Cybercrime Group reported a sharp 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," said Poe, chairperson of the Senate committee on banks, financial institutions and currencies.

Should the bill be passed, 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" to educate and inform consumers on financial scams and their prevention, and swifter enforcement and prosecution of financial cybercrime cases.

The bill will also 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.


Poe, isinusulong ang proteksiyon sa mga konsyumer laban sa cybercrime

Inihain ni Sen. Grace Poe ang panukala na nagsusulong ng proteksiyon sa mga konsyumer laban sa mga cybercrime tulad ng 'skimming' at 'phishing' na umabot na sa all-time high dahil pawang online na ang mga transaksyon sa gitna ng pandemya.

Layon ng "Bank Account, E-wallet, and Other Financial Accounts Regulation Act" o Senate Bill No. 2380 na magpatupad ng matatag at epektibong financial system at bigyang proteksiyon ang publiko laban sa mga cybercriminal at sindikato na tumatarget sa bank accounts at e-wallets.

"Sa ilalim ng panukalang ito masisiguro natin na maiingatan ang pinaghirapang kita ng publiko at mapapanatili ang tiwala at kumpiyansa ng ating kababayan sa kasalukuyang financial system sa patuloy na mga pagbabago at reporma sa cyberspace," pahayag ni Poe.

Batay sa tala ng Bangko Sentral ng Pilipinas (BSP), 98.4 porsiyento ng krimen at pagkalugi na iniulat ng mga bangko mula Marso 15 hanggang Mayo 18, 2020 ay pawang naganap online at umaabot na sa P60.6 milyon.

Sa kabilang dako, iniulat ng Philippine National Police (PNP) Anti-Cybercrime Group na tumaas ng 37 porsiyento ang mga online scam mula Marso hanggang Setyembre 2020 kumpara sa kaparehong panahon noong 2019.

"Sa pamamagitan ng mga digital platform, naging posible ang pagpapatuloy ng ating ekonomiya subalit kaakibat nito ang oportunidad para sa mga krimen. Dahil dito, kailangan natin ng matibay na proteksiyon hindi lamang upang maiwasan ang anumang criminal activity kundi para rin mabuksan ang buong potensyal ng digital platforms," paliwanag ni Poe, chairperson ng Senate committee on banks, financial institutions and currencies.

Sa sandaling maisabatas ang panukala, mandato ng BSP, Department of Justice, Department of Information and Communications Technology, National Bureau of Investigation at PNP na bumalangkas ng "Anti-Scam/Financial Fraud Roadmap" upang palawakin ang kaalaman ng mga konsyumer sa mga financial scam at kung paano ito maiiwasan kasabay ng pagpapanagot sa mga nasa likod ng financial cybercrime cases.

Alinsunod din sa panukala, mandato ng mga bangko, non-bank financial institutions, at iba pang kahalintulad na institusyon na agarang tumugon sa cybercrime reports at palakasin ang kanilang online platforms, payment systems at data security.

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