A House panel has endorsed for plenary consideration a measure that will regulate the use of bank accounts and e-wallets in online transactions, in a bid to address the proliferation of cybercrimes.
The House Committee on Banks and Financial Intermediaries has approved in principle the substitute bill that proposes to regulate the use of bank accounts and E-wallets, stressing the prohibition on their use for unusual and suspicious financial activity.
Lower House plenary hall In a committee
The House Committee on Banks and Financial Intermediaries approves, in principle, a substitute bill that would regulate the use of bank accounts and e-wallets to prevent their use for unusual and suspicious financial activities.
The composition of a transition group tasked to oversee the development of open finance in the country has been completed, according to the Bangko Sentral ng Pilipinas.
MANILA - Financial transaction crimes rose especially during the pandemic as more people turned to digital platforms due to movement restrictions, but a monetary executive said affected accounts are less than 1 percent of the total. Melchor Plabasan, Bangko Sentral ng Pilipinas (BSP) Technology Risk and Innovation Supervision Department director, said the banking sector remains "generally safe". "So far, we have been checking the number of accounts that have been compromised not only with this incident but some of the phishing incidents and it's still way, way below 1 percent relative to the total size of the market," he said in a virtual briefing on Thursday. Plabasan said "the chances of you becoming a victim of this incident are very minimal." "But then, again, we are working with the industry to ensure that the losses will be reimbursed and industry will continuously upgrade their security system," he said. Recently, around 700 BDO Uniban