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A House hearing on bank account hacking has been requested.
On Monday, the chairperson of the House Ways and Means Committee requested a legislative investigation into the security features of digital banking and law enforcement agencies ability to execute laws against financial cybercrime in the United States.
In reaction to recent accusations of digital bank account theft, Albay Representative Joey Salceda filed House Resolutions (HR) Nos. 2406 and 2407.
HR 2406 calls on the House Committees on Public Order and Safety and Public Accounts to hold hearings on law enforcement agencies’ ability to capture, detect, investigate, and punish financial cybercrime in support of the legislation.
Meanwhile, HR 2407 authorizes the House Committee on Banks and Financial Intermediaries to investigate the safety and security measures, as well as user protection methods, that banks and electronic payment solution providers are doing to protect their consumers from fraud.
“Without proper protection from banks for their retail customers, regular citizens are forced to adopt digital payment solutions owing to mobility constraints and convenience, even if they are unsure about the security of their hard-earned cash,” Salceda added.
He cited RA 10175, also known as the Cybercrime Prevention Act, which criminalizes computer-related fraud, which is defined as “the unauthorized input, alteration, or deletion of computer data or programs, or interference in the functioning of a computer system, causing damage thereby with fraudulent intent.”
He pointed out that Philippine law enforcement authorities lack specialized anti-financial crime sections, which are common in other nations.
“Financial crimes comparable to those described in the reports… could be prosecuted under the aforementioned clause of Republic Act No. 10175 if law enforcement agencies have the ability to capture, detect, and investigate financial cybercrime,” Salceda stated.
The Bangko Sentral ng Pilipinas (BSP) is investigating reports of hacked bank accounts made by some bank clients on social media.