THE Bangko Sentral ng Pilipinas (BSP) has released the implementing rules of Republic Act No. 12010 or the Anti-Financial Account Scamming Act (Afasa). This landmark law curbs financial scams, protects consumers, and strengthens trust in the financial system.
Signed by President Ferdinand R. Marcos, Jr. in July 2024, the law takes effect with the release of the implementing rules. The BSP led the drafting in coordination with relevant stakeholders.
According to BSP Governor Eli M. Remolona, Jr., "The issuance of Afasa's implementing rules marks a milestone in our fight against cybercrime. Beyond serving as a powerful tool against evolving financial scams, these rules also enhance consumer protection and boost confidence in the domestic financial system."
The Bangko Sentral ng Pilipinas (BSP) has rolled out a set of regulations aimed at enforcing the Anti-Financial Account Scamming Act (Afasa), reinforcing efforts to combat online fraud and protect financial consumers.
Among the key issuances are updated guidelines on Information Technology (IT) Risk Management, which require BSP-supervised institutions (BSIs) to implement stronger fraud prevention measures. These include enhanced security features, more robust transaction verification, and improved consumer protection mechanisms to prevent unauthorized transactions.
The BSP also laid down rules governing financial account inquiries and information sharing. These provide the central bank with the authority to examine accounts suspected of being linked to scams, based on credible evidence of Afasa violations. Data obtained through such inquiries may be shared with law enforcement agencies under formal agreements while observing bank secrecy and data privacy laws.
Complementing these measures are new rules on the temporary holding of disputed funds and a coordinated verification process. BSIs and clearing switch operators are now required to deploy automated systems capable of tracking disputed transactions in real-time or near real-time within a year. They may also temporarily hold disputed funds for up to 30 days and return them to defrauded consumers following proper verification.
Afas aims to prevent the misuse of financial accounts in fraud and scams like phishing and vishing. It also defines and penalizes social engineering schemes, money laundering activities, and related offenses. These include those committed using advances in technology, which were previously not covered by existing cybercrime laws in the Philippines.
The BSP urges the public to stay vigilant, safeguard their financial credentials, and promptly report suspicious transactions to BSIs or appropriate authorities. PR