Philippine Banks Want More Laws as Cybercrime Losses Mount

(Bloomberg) -- The Philippines' biggest bankers' group boosted cooperation with the government and sought new laws against cybercrime, as losses due to these illicit activities hit 1 billion pesos ($19.6 million) during the pandemic. 

The Bankers Association of the Philippines signed on Friday a memorandum with the Department of Justice to bolster information-sharing and collaboration against cybercrimes. The bankers' group will also organize more information campaigns on cybersecurity.

Ramon Jocson, vice chairman of the BAP's cybersecurity committee, said the money lost to cybercriminals continued to rise, and banks do not shoulder all losses as some incidents involve clients who gave away personal identification or one-time passwords.

The bankers' group is pushing to update a decade-old cybercrime law, enacted when most crimes involved stolen automated teller machine cards in contrast to the now prevalent phishing, Jocson said. It's also seeking the enactment of a bill against so-called mule accounts, he said.

Banks Warn ‘Money Mule' Scams Are Rising in The Philippines

“As banking and financial transactions are made more convenient and accessible to millions of Filipinos, so has it led to the increased sophistication on how crimes are perpetrated,” BAP President Wick Veloso said. “To us in the banking industry, this means that we always have to be one step ahead.”

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