Senator Mark Villar has introduced the Anti-Financial Scamming Act, aiming to combat the rise of online scams and digital fraud targeting Filipinos.
The bill, which enjoys strong support in the Senate, addresses the growing issue of phishing, smishing, and other scams, which have affected over 8,000 Filipinos in 2023 alone, leading to losses exceeding P155 million.
Villar emphasized that the current legal framework, including the Anti-Money Laundering Act, is inadequate in tackling direct digital scamming, prompting the need for updated legislation.
The proposed bill would grant the Bangko Sentral ng Pilipinas greater authority to investigate suspicious accounts and require financial institutions to adopt advanced fraud prevention measures.
With the support of key senators, the bill moves to the amendment stage before continuing its legislative process, aiming to provide stronger protections for Filipino consumers against cyber criminals.
Source: PhilNews24 | February 1, 2025
