In response to the rising number of online scams and financial fraud cases, Senator Mark Villar has filed Senate Bill No. 2924, also known as the Philippine Scam Prevention Center Act, to establish a dedicated government agency for the enforcement and implementation of laws related to online or digital fraud and financial-scamming related complaints.
The proposed measure seeks to create the Philippine Scam Prevention Center (PSPC) under the Cybercrime Investigation and Coordinating Center (CICC).
The PSPC, which shall serve as a one-stop-shop for financial scam-related offenses, will be composed of agencies comprising the CICC with the Department of Trade and Industry (DTI), Bangko Sentral ng Pilipinas (BSP), National Telecommunications Commission (NTC), National Privacy Commission (NPC), financial institutions, telecommunication companies, online marketplaces, financial technology companies, and operators of online or payment systems, among others.
“With the increasing reliance on digital platforms, criminals have become more sophisticated in deceiving the public.”
“With the increasing reliance on digital platforms, criminals have become more sophisticated in deceiving the public. This bill aims to strengthen our response by creating a dedicated center that will ensure timely action against scammers and protect Filipinos from financial losses, which in turn negatively affects critical industries,” Villar said.
The PSPC will primarily function as the central office that will lead enforcement efforts against digital fraud and online financial scams. The bill also proposes the establishment of regional and local centers to ensure accessibility and rapid response to cases across the country. The center will assist victims in filing cases against individuals or entities violating the Anti-Financial Account Scamming Act (RA 12010), or the “AFASA”, and the Cybercrime Prevention Act of 2012 (RA 10175).
The legislator highlighted the importance of the measure, being the principal sponsor and author of AFASA and the Internet Transactions Act, which are both targeted to the fortification of the country’s financial cyberspace.
“I have continuously worked towards enacting legislation that will arm up our cyberspace and stimulate the country’s digital economy,” the lawmaker stressed.
The senator further emphasized the urgency of the measure, noting the growing number of Filipinos falling victim to online scams.
“This legislation is about ensuring that our laws keep pace with the evolving nature of cybercrimes.”
“This legislation is about ensuring that our laws keep pace with the evolving nature of cybercrimes. Through the PSPC, we can provide a stronger safety net for Filipinos who are now very much involved in cyberspace,” he stressed.
The bill is now up for deliberation in the Senate, and Villar urges stakeholders and the public to support its passage to enhance the country’s fight against online fraud.
