BSP backs measure protecting financial consumers from cybercrimes

The Bangko Sentral ng Pilipinas (BSP) on Saturday said it supports the immediate passage of a Senate measure which aims to protect Filipino financial consumers from cybercrimes.
 
In a statement, the BSP said Senate Bill No. 2380 or the Bank Account, E-wallet, and Other Financial Accounts Regulation Act “recognizes the need to protect the public from cybercriminals and syndicates who target bank accounts and e-wallets.”
 
“The legislative measure will strengthen the country’s legal framework for financial consumer welfare and foster greater public awareness on cybersecurity,” the central bank said.
 
Amid the rise in online transactions during the COVID-19 pandemic, the BSP said the Senate bill is seen to strengthen confidence in use of electronic payments and promote the country’s financial stability.

The central bank is looking forward to working with the Senate on the legislative initiative.

The bill covers illegal activities such as phishing, wherein a scammer poses as a legitimate or trusted entity to obtain sensitive information by illegally accessing an individual’s online account; or opening a bank e-wallet account under a fictitious name or using the identity or identification documents of another to receive and transfer or withdraw proceeds derived from a suspicious activity or cybercrime, according to the BSP. —Ted Cordero/KG, GMA News