#financial scam

Senator Win Gatchalian proposes a bill addressing the increase of financial scams in the Philippines. This is to expand the government's commitment to digital transactions and to protect citizens from scammers. "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. As cashless payments increase in today's world, the rise of financial cybercrimes are also evident. "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. A lot of people still fall for this kind of scams (see how they make money out of this here). In a recent text message of this kind, I thought I'd indulge the scammer and play along to see how much effort they'd put into this. That's 1 hour of time the scammer wasted for nothing -- an hour he could have used to really scam others. Read more in our articles including "SEC issues cease and desist order vs XM Group" and "Sen. Gatchalian files bill for financial account scams".