Senate approves FCPA on third reading

The Senate approved on third and final reading the Financial Consumers Protection Act that seeks to provide heightened protection for financial consumers from increasing cybercrimes.

"It is our hope that this bill gives consumers peace of mind that their hard-earned money will not be lost or taken away without any explanation or accountability," Poe, who chairs the Senate committee on banks, financial institutions and currencies, said.

The measure will reinforce and strengthen the rights of Filipino consumers to equitable and fair treatment, disclosure and transparency of financial products and services, protection of consumer assets against ready and misuse, data privacy and protection, and the timely handling and redress of complaints.

The Bangko Sentral ng Pilipinas (BSP) reported a total of 42,456 complaints from 2020 to 2021 that amounted to an estimated P540 million.

From 2019 to 2021 alone, about P2 billion were reported to have been lost to cybercrimes. The BSP cited account takeovers or identity theft, phishing and social engineering schemes including card-not-present fraud as the top three cybercrimes in 2020.

Poe underscored the importance of building trust between consumers and financial institutions to reach the target to double the number of Filipinos with bank accounts to 70 percent by 2023.

"Let's not waste the newfound confidence of people who shifted to online banking during the pandemic. The bigger goal is financial inclusion for every Filipino," Poe said.

FCPA, pasado na sa Senado

Inaprubahan na ng Senado sa ikatlo at pinal na pagbasa ang Financial Consumers Protection Act na naglalayong magbigay ng mas maigting na proteksyon sa financial consumers mula sa dumaraming cybercrimes.

"Umaasa tayong ang panukala ay magbibigay sa mga konsyumer ng kapayapaan ng pag-iisip at kumpiyansa na hindi mawawala nang walang malinaw na paliwanag o pananagutan ang kanilang pinaghirapang pera," pahayag ni Poe, chair ng Senate committee on banks, financial institutions and currencies.

Palalakasin ng panukala ang karapatan ng Filipino consumers para sa patas at pantay na pagtrato, disclosure at transparency ng financial products at services, proteksyon ng mga consumer assets laban sa hindi tamang paggamit, data privacy at protection, at napapanahon at mabilisang pag-aksyon sa mga reklamo.

Iniulat ng Bangko Sentral ng Pilipinas (BSP) na kabuuang 42,456 na reklamo ng cybercrime ang kanilang tinanggap mula 2020 hanggang 2021 na umaabot sa P540 milyon ang halaga.

Mula 2019 hanggang 2021 lamang, nasa P2 bilyon na ang iniulat na nawala sa cybercrimes. Tinukoy ng BSP ang account takeovers o identity theft, phishing at social engineering schemes kabilang na ang card-not-present fraud bilang top three cybercrimes noong 2020.

Binigyang-diin ni Poe ang kahalagahan ng pagbuo ng tiwala sa pagitan ng konsyumer at financial institutions upang makamit ang target na doblehin ang bilang ng mga Pinoy na may bank accounts o iakyat ito sa 70 porsiyento hanggang 2023.

"Huwag nating hayaang maibsan ang tiwala ng ating mga kababayang lumipat na sa online banking sa panahon ng pandemya. Ang mas malaki pang target ay ang financial inclusion ng bawat Pilipino," saad ni Poe.