ONLINE SCAMS AND FRAUDS: A SERIOUS ISSUE IN THE ONLINE WORLD

October 19, 2022

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Bitag Exclusives

An increasing number of businesses and consumers rely on Internet connectivity and other forms of electronic communication to conduct transactions; illegal activity using the very same media is also increasing.

The dramatic rise of digital fraud attempts against victims in the Philippines was observed during the pandemic.

As of today, the country continues to face these illegal cyber activities such as phishing, skimming, smishing and other forms of cybercrime-related activities.

Given these reasons, there is a desperate need for a more comprehensive and reliable law that will address the public’s concern over breach of their personal data.

A law that has teeth and a law that has proper enforcement to penalize offenders.

Recently, Manila 5th District Representative Irwin Tieng, who’s also the Chairperson of the Committee on Banks and Financial Intermediaries filed House Bill 3172 or the Anti-Account Scamming Act.

‘Ang layunin natin dito sa House Bill 3172 ay protektahan natin yung mga nagpapadala ng email, yung mga gumagamit ng bank account but also at the same time bigyan diin natin ng liability ang mga financial institution and banks,” Cong Tieng said.

During an exploratory talk with BITAG, Cong. Tieng reiterates that the said House Bill protects the public from cybercriminals and criminal syndicates who find interest in private individuals’ bank accounts and e-wallets.

Their main goal – to lure account holders so that they can perpetrate accounts and initiate fraudulent activities.

“Tinitignan natin dito yung mga nagpapadala ng emails at saka yung mga pinapasahan ng mga pondo,” Cong. Tieng said.

“Yung House Bill natin layunin natin na makasuhan aside doon sa nag-email pati yung nakakuha ng account na yun para hindi nila masabi na ginamit lang sila,” he added.

Cong. Tieng said that banks and consumers must join forces in addressing different account scamming activities. According to the lawmaker, there are also hindrances in creating this House Bill, one being that the Philippines has existing stringent laws on bank secrecy preventing authorities to easily investigate cyberspace crime and deviances.

Due to lack of sufficient laws and penalties, it’s evident that there is difficulty in mitigating the rise in cybercrime incidents.

BITAG also believes that there should be a balance between the protection of the financial industry and more importantly the banking public.

“Inilagay natin sa House Bill natin na ito .na dapat mag-enact din sila ng sarili nilang cyber security. Hindi pwede na pababayaan lang nila. Kailangan may complaint center din sila. Palalawakin natin yung scope ng responsibility ng bangko,” Cong. Tieng said.

Once House Bill 3172 is signed into law, fine or imprisonment or both will be imposed on those who were found guilty of the said offense.

“Tinaasan natin yung fine na ‘yan from P100,00.00 to P5 Million. Nilagyan din natin ng aspeto ng ‘Economic Sabotage’, kapag marami ka nang naloko at marami kayong nanloloko. Aabot ‘yan hanggang life imprisonment,” Rep. Tieng reiterated.

BITAG is ecstatic to support this House Bill filed by Cong. Irwin Tieng, helping through public service is one thing but BITAG also understands that there should be a long term solution to end online fraudulent activities.