Senate urged to pass counterpart bill vs digital fraud
Credit to Author: Delon Porcalla| Date: Wed, 29 Nov 2023 00:00:00 +0800
MANILA, Philippines — A neophyte lawmaker from the House of Representatives called on his counterparts in the Senate to approve a measure that would prevent scammers from preying on unsuspecting individuals through digital fraud.
Rep. Brian Raymund Yamsuan underscored the need for the Senate to approve the counterpart measure of House Bill (HB) 7393 providing stiffer penalties against digital financial fraud, following reports about the proliferation of fake bank and e-wallet advisories sent by scammers.
Yamsuan said consumers need to be protected from these fraudulent tactics through the passage of the proposed Anti-Financial Account Scamming Act (AFASA), which the House passed in May this year under HB 7393.
“On top of providing a shield of protection to consumers, the AFASA will also help safeguard the integrity of our financial system. We urge the Senate to pass its version of the AFASA to assure the public that they can continue to trust our financial system,” the Bicol Saro partylist congressman said.
Yamsuan said these scams have become so prevalent that banks have resorted to sending numerous messages to their clients through text, emails and even Viber, warning them about these deceptive schemes.
After phishing, in which scammers use fake emails and links to trick potential victims into revealing their personal and financial data, fraudsters have now resorted to “smishing,” or sending bogus text messages, and “vishing” or making fraudulent calls – both with the same purpose as phishing.
Yamsuan recalled that mobile wallet providers and telecommunications companies have been urging Congress to fast-track the approval of the AFASA.
While the House has passed its version of the AFASA, the Senate’s counterpart measure remains pending at the committee level.
The House version provides heavy penalties against online scams perpetrated on a large scale.
Under the bill, if the online scam is committed by a syndicate (defined as a group of three or more persons), done on a large scale or using a mass mailer, such crimes are classified as acts of economic sabotage punishable with life imprisonment and a fine ranging from P1 million to P5 million.
Yamsuan said cases of deceptive tactics employed by cybercriminals could increase this coming holiday season and spill over to online shopping sites where people could fall prey to fake websites that allow scammers to get hold of the details of their victims’ credit cards or bank accounts.
He also pointed out that since the implementation of the SIM Registration Act, there have been reports of individuals lending or selling their registered SIM cards, e-wallet accounts and bank accounts to scammers.