Business Bayani PH

The Bangko Sentral ng Pilipinas (BSP) is pushing for the speedy approval of the Anti-Financial Account Scamming Act (AFASA) bill, a move aimed at tackling the rising threat of financial scams in the country. The BSP hopes that this legislation, allowing them to investigate shady financial activities, will be passed by May.

Elmore Capule, a senior official at the BSP, highlighted the progress during a recent media briefing, saying, “Senator [Mark] Villar said it will be possible by May. We already had a committee hearing in the Senate last week. That’s the second committee hearing. All those that attended like the PNP, BAP, they agreed.”

The AFASA bill targets crimes like acting as money mules, executing social engineering schemes, and committing economic sabotage. It empowers the BSP to probe cases, seek cybercrime warrants, and collaborate with law enforcement agencies.

An essential feature of the bill is the BSP’s limited authority to scrutinize financial accounts and e-wallets involved in prohibited acts, exempt from bank secrecy and data privacy laws. 

Capule emphasized the impact, saying, “Now this bill, if it becomes a law, what will happen is that phishing, account takeovers, and money mules will be criminalized.”

BSP data reveals alarming cyber incidents in 2022, including fraud, phishing, and account takeover or identity theft. The AFASA bill, a legislative priority, has passed the lower house and is now in the Senate. Capule noted industry support, stating, “Even the industry is supporting it. So according to Senator Mark Villar, his committee will fast-track this.”

Villar led a committee hearing on the AFASA bill in September 2023, stressing the urgency due to escalating phishing attacks. He said, “The number of phishing attacks in the Philippines during the first half of 2022 already surpassed the number of attacks in the whole year of 2021.”

The Senator expressed concern about rising online scams victimizing Filipinos. He emphasized that the AFASA bill would penalize scammers and safeguard Filipinos and their financial accounts.

“Because of the lack of a regulatory framework that penalizes these scammers, there are and there will be more victims in the foreseeable future. We cannot watch from the sidelines as scammers take advantage of our people,” Villar added.

Highlighting the impact on public trust, Senator Villar stressed, “Cases of online fraud endanger the public’s trust in financial institutions. We should not give these scammers an avenue and more time to victimize our people. We must act now. Take a stand with us in protecting our banks, economy, and the Filipinos.”

The public committee hearing was followed by an Executive Session to maintain confidentiality. The BSP’s support for the AFASA bill signifies a crucial step toward strengthening the country’s financial landscape and protecting the public from the growing threat of financial scams.◼