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MANILA - The Bankers Association of the Philippines (BAP) is encouraging the public to be more discerning to prevent themselves from being money mules, as it vows to work with legislators to improve the country's cybersecurity law. Money mule is someone who either intentionally or unintentionally allows another person, usually a cybercriminal, to use his or her bank account to transfer funds. In a statement on Thursday, BAP said "cybercriminals approach their targets by offering financial incentives in exchange for lending their bank accounts for the purpose of transferring money to another entity." The BAP said once a bank account has been used for illegal activities, "a money mule will end up as a victim as well as an unwilling and unwitting assistant to the criminal." It said "cybercriminals use these bank accounts for crimes such as money laundering or for transferring money stolen from victims." "Therefore, the Filipino public is strongly dis

The philippinesBankers association of the philippinesBankers associationHouse billBank accountE wallet regulation actManila the bankers association of philippines bap is encouraging public to be more discerning prevent themselves from being money mulesS it vows to work with legislators improve the country 39s cybersecurity law money mule is someone who either intentionally or unintentionally allows another personSuallya cybercriminalO use his or her bank account to transfer funds ina statement on thursdayAp said quot cybercriminals approach their targets by offering financial incentives in exchange for lending bank accounts the purpose of transferring money to another entity bap oncea account has been used illegal activitiesUota money mule will end up asa victim as well an unwilling and unwitting assistant to the criminal quot it said cybercriminals use these bank accounts for crimes such laundering or transferring stolen from victims thereforeHe filipino public is strongly discouraged from accepting money suspicious strangers and individuals in exchange for lending accounts to these criminalsUot it added the bap said will coordinate further with legislators to help improve country 39s cybersecurity law quot we continue advocate for passage of house bill no 9615R the bank account ande wallet regulation actNto law so that cybercriminals will be held accountable for their actions this bill proposes imprisonment and fines people found guilty of committing phishing