Duterte signs law penalizing hacking of bank systems

Credit to Author: Tempo Desk| Date: Wed, 25 Sep 2019 08:59:40 +0000

DUTERTE

The hacking of bank systems is now considered a form of economic sabotage punishable by life imprisonment and a penalty of as much as P5 million based on a new law signed by President Duterte.

Republic Act No. 11449 provides for additional prohibitions as well as increases the penalties for bank fraud, amending RA 8484, also known as the Access Devices Regulation Act of 1998, in a bid to protect the rights and define liabilities of parties such commercial transactions.

Among the new prohibitions are skimming or counterfeiting credit and debit cards, hacking of a bank’s system, production or possession of any skimming devices, and accessing online bank accounts in a fraudulent manner.

“The State likewise acknowledges that the advances in information technology on access devices have been exploited by criminals and criminal syndicates in perpetrating fraudulent activities that ultimately undermine the trust of the public in the banking industry,” the law said. “Due to this deleterious effect on the economy, the State declares that the commission of a crime using access devices is a form of economic sabotage and a heinous crime and shall be punishable to the maximum level allowed by law,” it added.

Under the law, the hacking of a bank’s system as well as skimming of 50 or more online banking a
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