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Financial regulators to have more powers vs. cyber threats: solon

(File photo) MANILA - A measure granting the government more power to combat phishing and other online scams is awaiting President Rodrigo Duterte's signature as the country sees an alarming rise in cyber threats, a lawmaker said Saturday. Camarines Sur Rep. Luis Raymund Villafuerte said the expected signing into law of a bill enhancing financial consumer protection "couldn't have come at a more appropriate time than now" when the Philippines placed fourth in Kaspersky's 2021 global ranking of countries most targeted by web threats. He said the measure aims to empower the Bangko Sentral ng Pilipinas (BSP) and the rest of the banking community to better protect financial consumers against phishing, "money muling" (acting on behalf of someone to transfer or move illegally acquired money), and other online scams. They shall be granted such powers as rulemaking, surveillance and inspection, market monitoring, and enforcement powers relative to consumer prote ....

Camarines Sur , Luis Raymund Villafuerte , Benjamin Diokno , Rodrigo Duterte , Bangko Sentral , Department Of Justice , Teachers Dignity Coalition , President Rodrigo Duterte , President Duterte , Financial Consumer Act , Ile Photo Manilaa Measure Granting The Government More Power To Combat Phishing And Other Online Scams Is Awaiting President Rodrigo Duterte 39s Signature As Country Sees An Alarming Rise In Cyber Threats , A Lawmaker Said Saturday Camarines Sur Rep Luis Raymund Villafuerte The Expected Signing Into Law Ofa Bill Enhancing Financial Consumer Protection Quot Couldn 39t Have Come Ata More Appropriate Time Than Now When Philippines Placed Fourth In Kaspersky 39s 2021 Global Ranking Of Countries Most Targeted By Web Threats He Measure Aims To Empower Bangko Sentral Ng Pilipinas Bsp And Rest Banking Community Better Protect Consumers Against Phishing , Uot Money Muling Quot Acting On Behalf Of Someone To Transfer Or Move Illegally Acquired , Nd Other Online Scams They Shall Be Granted Such Powers As Rulemaking , Urveillance And Inspection , Market Monitoring , Nd Enforcement Powers Relative To Consumer Protection Quot We Are Hopeful That President Duterte Will Sign This Measure Into Law As It Aims Regulate The Use Of Bank Accounts And Electronic Wallets Consider Certain Illegal Financial Acts Related Their Asa Form Economic Sabotage Anda Heinous Crime If Done Ona Large Scale , Uot Villafuerte Said He Noted That The Pandemic Has Presented New Opportunities For Quot Cybercriminal Exploitation , Ncluding Remote Work , Virtual Crime , Nd Persistent Threats , Uot Especially As Social Distancing Protocols Have Increased Online Transactions To Avoid Face Interactions Although Banks Their Efforts In Addressing Cybercrimes , Nd Consumers Have Also Become Increasingly Vigilant Against Such Offenses , He Philippines Still Has No Law Against The Use Of Financial Accounts As An Accessory To Crimes , Illafuerte Said Quot Worse , Here Is No Punishment That Can Deter These Criminal Actions ,