In response to the escalating number of online financial scams in the Philippines, Senator Grace Poe has emphasized the urgent need for more robust protections to safeguard the hard-earned money of Filipinos as they increasingly turn to online banking and digital payments.
Addressing the rising concern, Poe remarked, “They say that there are only two certain things in life: death and taxes. Now, it seems an amendment is needed: death, taxes, and scams.”
Highlighting the severity of the issue, Poe pointed out that fraudulent activities have become a significant problem for financial consumers.
As one of the proponents of Senate Bill No. 2560, also known as the Anti-Financial Account Scamming Act, which she introduced in 2021, the senator underscored the legislation’s critical importance.
The bill was prompted by the necessity to address the vulnerabilities exposed by the pandemic-driven surge in online financial transactions, which unfortunately paralleled an increase in fraud cases.
Poe referenced recent news reports from the Bangko Sentral ng Pilipinas, indicating that at least 120 e-wallet account holders were victims of a phishing scam last week.
She also recalled past incidents where teachers were scammed out of significant sums, ranging from P26,000 to P121,000, underscoring the Philippines’ alarming status as a scam hotspot in Asia.
In 2022, the country was ranked fifth among Southeast Asian nations for phishing attacks and incidents, with losses amounting to P623 million due to fraud, another P623 million to phishing, and P409 million to identity theft.
The senator warned that cybersecurity experts predict these incidents will only worsen in 2024 and beyond. In her efforts to combat this trend, Poe supported the enactment of Republic Act (RA) 11934, the SIM Registration Act, aimed at enhancing security for digital transactions.
She is now advocating for tighter security measures for financial accounts, including popular platforms like GCash, Maya, online banks, and e-wallets used in widely utilized apps such as Shopee, Lazada, and Grab.
Poe, who also co-authored RA 11765, the Financial Products and Services Consumer Protection Act, stressed the importance of concrete actions to pursue and penalize fraudsters.
She emphasized that while financial education and literacy are crucial in preventing scams, decisive action is necessary to protect consumers and maintain trust in the Philippines’ financial system, which is vital for continued progress in financial inclusion and digital innovation. – PhilippinesToday.ph