Globe Telecom applauds the recent enactment of the Anti-Financial Account Scamming Act (AFASA), which aims to curb online scams through enhanced deterrence and enforcement.
AFASA’s goal is to “protect all persons from falling prey to the various cybercrime schemes by regulating the use of financial accounts, and preventing their use in fraudulent activities.” This law complements existing regulations like the Cybercrime Prevention Act and the SIM Registration Act, bolstering security measures against evolving scam tactics.
“As a service provider that deals with fraudsters every day, Globe is grateful that the Philippines now has a law that is up to date and addresses fast-evolving threats to the security of our financial system,” said Ernest Cu, Globe President and CEO. He emphasized the law’s coverage of emerging fraud methods, including money mule recruitment, social engineering schemes, and tech-assisted scams via SMS, email, and generative AI. “This ultimately gives regulators and law enforcers sharper teeth in stopping financial fraud,” he added.
Globe continues its fight against financial fraud, having blocked over 2.74 million bank-related spam and scam messages in the first half of the year—a 43.56% decrease from the same period in 2023. This reduction reflects successful collaboration with banks and financial institutions.
Cu affirmed, “Globe will remain a staunch ally of the government and financial institutions in beating fraud. Through the passage of AFASA, we look forward to a safer financial environment for our customers and the public.”
The new law requires banks and financial institutions to enforce stringent security measures and robust fraud management systems. It empowers the Bangko Sentral ng Pilipinas (BSP) to investigate and scrutinize financial accounts involved in illicit activities, with the authority to bypass certain privacy regulations. Penalties for financial fraud schemes under AFASA are severe, ranging from imprisonment and fines to life sentences and substantial financial penalties.
To learn more about Globe’s efforts against cybercrime, visit Globe Telecom’s official website.
ABOUT GLOBE
Globe Telecom, Inc. is a leading telecommunications company in the Philippines, providing mobile, fixed, broadband, data connectivity, and other services. It also offers innovative digital solutions in fintech, healthtech, adtech, climate tech, and more. Globe is a signatory to the United Nations Global Compact, committed to sustainability principles. Its major shareholders are Ayala Corporation and Singtel.
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