December 13th, 2021
House Ways and Means Chair Joey Sarte Salceda (Albay, 2nd district) has filed two House Resolutions calling various House committees to hold hearings, in aid of legislation, to assess the safety features in digital banking, and the ability of law enforcement agencies to enforce laws against financial cybercrimes.
Salceda filed the measures in response to recent reports of hacking of digital bank accounts.
Salceda filed House Resolution No. 2406 urging the Committees on Public Order and Safety, and Public Accounts “to conduct hearings, in aid of legislation, on the capacity of law enforcement agencies to apprehend, detect, investigate, and prosecute financial cybercrimes.”
He also filed House Resolution No. 2407 urging the Committee on Banks and Financial Intermediaries “to conduct hearings, in aid of legislation, on the safety and security measures and user protection mechanisms being undertaken by banks and electronic payment solutions providers to protect their customers from being defrauded.”
Salceda wrote that “without adequate protections from banks for their retail users, ordinary citizens are compelled to use digital payment solutions due to mobility restrictions and convenience even when they are not certain about the security of their hard-earned savings.”
“Republic Act No. 10175, or the Cybercrime Prevention Act, penalizes Computer-related Fraud or “The unauthorized input, alteration, or deletion of computer data or program or interference in the functioning of a computer system, causing damage thereby with fraudulent intent,” Salceda said.
But “Philippine law enforcement agencies do not yet have specific anti-financial crime units that are otherwise typical in other countries.”
“Financial crimes similar to the reports … could be prosecuted under the aforementioned provision of Republic Act No. 10175 if law enforcement agencies have the capacity to apprehend, detect, and investigate financial cybercrimes,” Salceda wrote.
Salceda is also the principal author of the Consumer Financial Protection Act, which has already been approved on 3rd reading in the House of Representatives, and is pending in the Senate. The bill is supported by the Bangko Sentral ng Pilipinas, and would impose strict standards on banks to ensure their capacity to protect users’ privacy and accounts. (end)
