Alarming Increase in Scam Cases
Senator Mark Villar emphasized the urgent need to craft robust legislation to combat scammers as official records reveal an alarming surge in scam cases. The data showed that the number of phishing attacks in the Philippines during the first half of 2022 had already exceeded the total attacks recorded in the entire year of 2021.
A Startling Rise in Cyber Threats
“In that period, over 1.8 million attacks have been detected compared to 1.34 million attacks in 2021,” stated Senator Villar.
He further noted that the Philippines had witnessed the highest number of cases of financial phishing attempts in Southeast Asia between February and April 2022, as reported by Kaspersky Security Network.
The Push for Anti-Financial Account Scamming Act (AFASA)
Senator Villar, who chairs the Committee on Banks, Financial Institutions, and Currencies, took the lead in a committee hearing addressing the issue. During the hearing, three Senate Resolutions, four Senate Bills, and one House Bill were discussed collectively as the Anti-Financial Account Scamming Act (AFASA).
Protecting Filipinos from Online Fraud
The proposed AFASA aims to establish a regulatory framework that not only penalizes scammers but also includes safeguard measures to protect Filipinos and their financial accounts. Senator Villar emphasized the critical need for such a framework to address the increasing cases of online scams victimizing Filipinos.
Strengthening Trust in Financial Institutions
Senator Villar highlighted the broader implications of online fraud on public trust in financial institutions. He stressed that enacting the AFASA into law would serve to strengthen this trust, which is essential for the well-being of the nation’s economy.
Preventing Further Victimization
“Because of the lack of a regulatory framework that penalizes these scammers, there are and there will be more victims in the foreseeable future,” Senator Villar cautioned.
He emphasized the urgency of legislative action to prevent further victimization of vulnerable individuals.
Safeguarding the Economy
Senator Villar underscored the importance of protecting the public’s trust in banks and financial institutions. He argued that these institutions are a cornerstone of the Philippine economy and must remain resilient in the face of persistent threats.
A Call to Action
“We should not give these scammers an avenue and more time to victimize our people,” Senator Villar urged.
He called on lawmakers to act swiftly in enacting the AFASA into law, providing a crucial defense against the growing menace of online scams.
Sources: THX News & Philippine News Agency.
