Stronger Penalties for Financial Crimes
AFASA imposes tougher penalties on financial crimes, targeting schemes like money laundering and social engineering. The law provides a robust legal framework to prosecute scammers, with strict punishments including imprisonment and heavy fines.
AFASA imposes tougher penalties on financial crimes, targeting schemes like money laundering and social engineering. The law provides a robust legal framework to prosecute scammers, with strict punishments including imprisonment and heavy fines.
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Atty. Maricor Alvarez-Adriano, Chief Legal Officer at GCash, highlights the importance of this law. She notes that the rise in digital transactions has also seen an increase in scams. Fraudsters often use money mule accounts and social engineering tactics like phishing to deceive users. AFASA addresses these issues by strictly prohibiting and punishing such financial crimes.
Empowering Financial Institutions
The new law empowers financial institutions like GCash by enhancing their ability to prevent and deter scams. It allows these institutions to share more information with the Bangko Sentral ng Pilipinas (BSP) to investigate suspected fraudulent accounts.
At the heart of GCash's mission is a commitment to trust and security in the digital space. Atty. Alvarez-Adriano emphasized the company's dedication to working with BSP and law enforcement agencies to educate consumers about fraud. By raising awareness, users can better identify and avoid scams, contributing to a safer digital environment.
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Defining and Penalizing Scams
AFASA defines scam activities like phishing and account takeovers as criminal offenses. Money muling involves using or opening financial accounts with fake identities, while social engineering involves tricking individuals into revealing sensitive information by pretending to represent an institution.
The law treats large-scale financial scams as economic sabotage, especially when committed by groups of three or more people, using methods like mass mailers or human trafficking.
Enhanced Cybersecurity Measures
Under AFASA, financial institutions can temporarily hold suspicious transactions for up to 30 days, offering an additional layer of protection for users. GCash has long supported government efforts to create a cashless society and has partnered with various law enforcement agencies to promote a safer digital space.
A Collaborative Effort for a Safer Digital Space
"Over the years, we have supported the government’s initiatives to enable a cashless ecosystem in the country. We have forged alliances with law enforcement authorities, namely the Philippine National Police Anti-Cybercrime Group (ACG), the Cybercrime Investigation and Coordinating Center (CICC), and the National Bureau of Investigation (NBI), among others, for a safer digital space. But more than partnerships, we believe that we need tougher laws to pursue perpetrators. We are hopeful that with the passage of AFASA, we can do more to improve the lives of every Filipino," concluded Atty. Alvarez-Adriano.
With the implementation of AFASA, GCash and other financial institutions are better equipped to fight financial scams, making the digital financial landscape in the Philippines safer for everyone.
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