Senator Win Gatchalian proposes a bill addressing the increase of financial scams in the Philippines. "We need to protect the integrity of the country's financial system and ensure that financial accounts and their owners are protected and are not exploited or lured by cybercriminals or criminal syndicates into the commission of an unlawful or fraudulent activity," said Gatchalian. "Cybercriminals started taking advantage of technologies to transfer illicit or stolen funds across digital financial services, stealing vital information about account holders and taking over their accounts, or enticing account holders with gifts and incentives with the goal of covertly committing financial crimes," he stated. The reform is part of the implementation of the Anti-Financial Account Scamming Act (AFASA), which aims to combat phishing, SIM-swap attacks, and other forms of digital financial fraud. Figueroa said broader reforms to bank secrecy laws could further strengthen efforts to combat financial scams. Read more in our articles including "Sen. Gatchalian files bill for financial account scams" and "GoTyme partners with DragonFi for Stock Trading feature".
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Feb 23, 2026Senator Win Gatchalian proposes a bill addressing the increase of financial scams in the Philippines. "We need to protect the integrity of the country's financial system and ensure that financial accounts and their owners are protected and are not exploited or lured by cybercriminals or criminal syndicates into the commission of an unlawful or fraudulent activity," said Gatchalian.
"Cybercriminals started taking advantage of technologies to transfer illicit or stolen funds across digital financial services, stealing vital information about account holders and taking over their accounts, or enticing account holders with gifts and incentives with the goal of covertly committing financial crimes," he stated. The reform is part of the implementation of the Anti-Financial Account Scamming Act (AFASA), which aims to combat phishing, SIM-swap attacks, and other forms of digital financial fraud. Figueroa said broader reforms to bank secrecy laws could further strengthen efforts to combat financial scams.
Our coverage of bill financial account scams includes: "Sen. Gatchalian files bill for financial account scams"; "GoTyme partners with DragonFi for Stock Trading feature"; "GCash, Visa, Mastercard eye PH Fare System Project". Each article provides unique insights and information.