Marcos signs Anti-Financial Account Scamming Act

Manila Bulletin

To combat the surge in crimes involving scams online, President Marcos has signed into law Republic Act (RA) No. 12010 or the Anti-Financial Account Scamming Act (AFASA) which aims to protect Filipinos and their bank and e-wallet accounts from cybercriminals using technology to defraud them.  READ MORE: https://mb.com.ph/2024/7/20/marcos-signs-anti-financial-account-scamming-act  Subscribe to the Manila Bulletin Online channel! - https://www.youtube.com/TheManilaBulletin  Visit our website at http://mb.com.ph Facebook: https://www.facebook.com/manilabulletin  Twitter: https://www.twitter.com/manila_bulletin Instagram: https://instagram.com/manilabulletin Tiktok: https://www.tiktok.com/@manilabulletin  #ManilaBulletinOnline #ManilaBulletin #LatestNews

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00:00Harmonized vote on Senate Bill No. 2560 shall now be known as Republic Act No. 12010,

00:07entitled, An Act Defining and Penalizing Financial Account Scamming and Other Offenses,

00:14and Providing for the Enforcement Mechanisms, Therefore.

00:18The law mandates the implementation of robust security and authentication measures

00:22in an effort to combat financial fraud and financial cybercrimes,

00:26including money mule and social engineering schemes.

00:30This new law mandates financial institutions to implement necessary safeguards

00:35to prevent the spread of financial fraud and other offenses.

00:40Thank you, Mr. President.

00:42The other important law that we have just signed today

00:45is the Anti-Financial Account Scamming Act, or AFASA.

00:49To combat the surge in crimes involving scams online,

00:54this new law mandates financial institutions to implement necessary safeguards

00:59to protect our citizens' accounts, and this is essential in this time

01:04as cybercriminals use technology to defraud fellow Filipinos,

01:09causing not only personal economic loss to them,

01:12but also a loss of trust in financial institutions.

01:17It will protect our people from falling prey to perpetrators

01:21who target their banks and e-wallet accounts.

01:25The AFASA also defines and penalizes money mulling activities,

01:29social engineering schemes, economic sabotage,

01:32and other offenses involving financial accounts.

01:36Moreover, this law authorizes the Banco Central ng Pilipinas

01:41to investigate and inquire into financial accounts

01:45that may be involved in the commission of prohibited acts

01:48and to apply for cybercrime warrants with respect to electronic communications

01:53used in any violation of this measure.

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