NextGen Day

The Senate will investigate the widespread use of unlawful bank transactions and SMS messages promising fake jobs that prey on native Filipinos.

Senator Win Gatchalian introduced Resolution No. 961, which calls for an investigation with the purpose of enhancing the Data Privacy Act, Cybercrime Prevention Act, New Central Bank Act, and other related laws.

The senator said in a statement on Tuesday that a more thorough inquiry is needed to allow legislators to come up with remedies that satisfy the public’s concerns about data breaches.

He noted that the Senate can investigate whether banks, businesses, and regulatory bodies are applying proper security measures and controls, as well as enforcing consumer redress systems.

“We must ensure that the relevant agencies have the authority to safeguard the safety of personal information and public funds, and, if feasible, to avoid such occurrences from occurring.” He believes that there should be a law prohibiting local and international organized syndicates from defrauding ordinary Filipinos, particularly overseas Filipino workers, the unemployed, and the defenseless.

As part of a coordinated effort to combat internet fraud, the Department of Justice and the Bankers Association of the Philippines (BAP) are preparing a memorandum of understanding.

Early in December 2021, depositors of a universal bank lost up to PHP50,000 per due to an internet fraud involving a transfer to another bank that bypassed the security mechanism of sending a one-time PIN (Personal Identification Number) to the account holder’s registered mobile number.

The bank assured them that their money will be returned.

According to the BAP cybersecurity committee, banking fraud during the pandemic totaled PHP1 billion in unlawful withdrawals and transactions as of November 2021.

Save/Share this story with QR CODE

---

Disclaimer

This article is for informational purposes only and does not constitute endorsement of any specific technologies or methodologies and financial advice or endorsement of any specific products or services.

📩 Need to get in touch?

📩 Feel free to Contact NextGenDay.com for comments, suggestions, reviews, or anything else.

---

We appreciate your reading. 😊Simple Ways To Say Thanks & Support Us:
1.) ❤️GIVE A TIP. Send a small donation thru Paypal😊❤️
Your DONATION will be used to fund and maintain NEXTGENDAY.com
Subscribers in the Philippines can make donations to mobile number 0917 906 3081, thru GCash.
3.) 🛒 BUY or SIGN UP to our AFFILIATE PARTNERS.
4.) 👍 Give this news article a THUMBS UP, and Leave a Comment (at Least Five Words).

---

AFFILIATE PARTNERS

World Class Nutritional Supplements - Buy Highest Quality Products, Purest Most Healthy Ingredients, Direct to your Door! Up to 90% OFF.
Join LiveGood Today - A company created to satisfy the world's most demanding leaders and entrepreneurs, with the best compensation plan today.

---