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 move comes ahead of the Bangko Sentral ng Pilipinas’ June 30 deadline requiring financial institutions to phase out SMS OTPs under the Anti-Financial Account Scamming Act (AFASA). Read more in our articles including "Sen. Gatchalian files bill for financial account scams" and "Pasig Mega Market gets Starlink internet for cashless payments".
Senator Win Gatchalian proposes a bill addressing the increase of financial scams in the Philippines.…
Aug 31, 2023
Pasig Mega Market now has satellite-powered internet to support cashless payments under the Paleng-QR Ph…
Jun 21, 2026
The Bangko Sentral ng Pilipinas (BSP) has introduced new rules aimed at making electronic payment…
Jun 19, 2026
Mynt, the fintech company behind GCash, has authorized the filing of a registration statement with…
Jun 17, 2026
GCash is set to roll out in-app one-time passwords (OTPs) beginning June 22, replacing traditional…
Jun 11, 2026
Bank of the Philippine Islands (BPI) is set to introduce international money transfers through its…
Jun 7, 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 move comes ahead of the Bangko Sentral ng Pilipinas’ June 30 deadline requiring financial institutions to phase out SMS OTPs under the Anti-Financial Account Scamming Act (AFASA).
Our coverage of bill financial account scams includes: "Sen. Gatchalian files bill for financial account scams"; "Pasig Mega Market gets Starlink internet for cashless payments"; "Banks, e-wallets face new BSP rules on digital payment fees". Each article provides unique insights and information.