Co-Sponsorship Speech Senate President Pro Tempore Loren Legarda Committee Report No. 204

AN ACT PROHIBITING MONEY MULES AND OTHER FRAUDULENT ACTS INVOLVING BANK ACCOUNTS, E-WALLETS, AND OTHER FINANCIAL ACCOUNTS, AND PROVIDING PENALTIES THEREFOR

Mr. President, esteemed colleagues, I stand before you today to co-sponsor SBN 2560 under Committee Report No. 204 or the "Anti-Financial Account Scamming Act (AFASA)".

As legislators, it is our duty and responsibility to address the urgent and pressing problems that we are currently facing today as a nation.

The convergence of rapid technological progress and the global impact of the COVID-19 pandemic has precipitated a significant transformation in the realm of banking. The pandemic has served as a catalyst, accelerating the digitalization of financial services out of necessity.

However, along with the myriad benefits of online banking come inherent risks and challenges. The increased reliance on digital channels has exposed individuals and financial institutions to a greater threat of cyberattacks, fraud, and identity theft. Cybercriminals have capitalized on vulnerabilities in online banking systems, exploiting unsuspecting users through phishing scams, malware, and other malicious tactics. As such, ensuring the security and integrity of online banking platforms has become paramount in safeguarding the financial well-being of individuals and the stability of the financial system as a whole.

Data from the Philippine National Police - Anti-Cybercrime Group (PNP-ACG) reveals that for the period of January to August 2023, the Top 10 Most Common Scamming Scheme and Money Involved are online selling scam, investment scam, ATM Fraud/Phishing, call scam, employment scam, loan scam, package scam, hijack profile, accommodation scam, and love scam. A total of Php 155 million was involved in these scams.

This bill seeks to prevent financial cybercriminals from carrying out their evil and malicious schemes and to safeguard the financial sector and the general public by criminalizing the acts of money mules, social engineering schemes such as phishing, vishing, etc., and other offenses in relation thereto.

This will in turn strengthen consumer protection and inspire trust and confidence in the financial system.

As lawmakers, it is our duty to enact legislation that protects and safeguards the interests of our people. By enacting this bill, we are sending a clear statement that fraudulent activities are absolutely unacceptable, and individuals attempting to exploit our financial systems for their own personal gain will face the full consequences of their actions.

I urge my colleagues to join me in supporting this important piece of legislation. Thank you, Mr. President. Isang luntiang Pilipinas sa ating lahat.