METROBANK Group subsidiary Philippine Savings Bank revealed it expects an increase in cybercrime.Now that technology has become more sophisticated and accessible to most people, cybercrimes have increased worldwide, the second-largest savings bank said in a statement.
Majority or 50 percent of fraud incidents are associated with online payment channels, and such incidents are seen to increase in the next few years. Automated teller machine fraud and cases of identity theft—the two leading security concerns among consumers in the region—and online scams have caused alarms to the general public, prompting authorities to take action.
“We have expected an increase of cybercrime and identity theft cases in the country considering that gadgets and the Internet have become cheaper and more accessible to most people,” PSBank Vice President for Information Security Division Dan Duplito was quoted in a statement as saying. Duplito explained that “the Internet has become an integral part of our lives” and, hence, “it is important to be extra careful with the information that we share online.”
PSBank said consumers can find protection in Republic Act 8484 or the law regulating the issuance and use of access devices to fight fraud. The law was passed nearly two decades ago to protect the rights and define the liabilities of parties in commercial transactions by regulating the issuance and use of access devices, such as credit cards.
Access devices are any card, plate, code, account number, electronic serial number, personal identification number, or other telecommunications service, equipment, or instrumental identifier or other means of account access that can be used to obtain money, good, services or anything of value or to initiate a transfer of funds.
In the latter part of 2016 House Bill 4702 was filed. It aims to put stiffer penalties to those proven to have committed cybercrimes. Currently, violators are only imposed a P10,000 penalty fee and imprisonment of six to 10 years. In the bill, an increase of the penalty from P10,000 to P3 million to P5 million and imprisonment for a minimum of 20 years was proposed. Pending the passage of the bill, Duplito recommends to working closely “with your bank to see how you can protect your finances”.
“Being aware of the different online scams and ways on how fraudsters steal people’s identity will also help you stay alert and protected.”