The banking industry will partner with the Department of Justice (DOJ) to hold cybercriminals accountable, prosecuted and jailed.
Philippine Bankers Association (BAP) President Arnulfo “Wick” Veloso said on Wednesday (November 17th) that they would soon sign a Memorandum of Understanding (MOA) with the Department of Justice to speed up the process of imprisonment of cybercrime perpetrators. like money mules and phishing.
“We’re going to find you (the cybercriminals) and we’re going to lock you up.” (They) will pay for their crimes, ”Veloso said when signing a separate memorandum of understanding on Wednesday with Kapisanan ng mga Brodkaster ng Pilipinas (KBP) for his #CYBERSECURITYX campaign.
Veloso, who is CEO and chairman of the National Bank of the Philippines headed by Lucio Tan, said the impending DOJ deal will help implement existing cybercrime laws and shorten prosecution times. He said the BAP and DOJ must work together so that existing laws are enforced to put cybercriminals behind bars.
“The partnership with the DOJ aims to train cybercrime officials and prosecutors.
Our government is a major partner for us as we seek to detain cybercriminals for their actions, ”he said.
Working closely with the DOJ will help uphold the rule of law in cybersecurity and resolve “bottlenecks,” Veloso said.
One of the constraints of the persecution of cybercriminals is the ignorance of the filing of police reports and the identification of the victim and the culprit.
“What we would like to do is allow Juan de la Cruz – the moment he becomes a victim of cybercrime – to have the opportunity to go to the police and file a report, (get it) submitted to the local court and a prosecutor. is able to build a case. The court will now be able to prosecute and put these perpetrators behind bars, ”said Veloso.
Bank of the Philippine Islands executive vice president and chief operating officer Ramon Jocson said losses from fraud and unauthorized bank transfers have reached more than 1 billion pesos this year. “They are victims of scams,” he said.
In terms of volume, Jocson estimates that it has tripled from 2019. “This is in part due to the increase in digital transactions during the COVID period,” he said. He cited Kaspersky’s investigations that one of three internet users in the Philippines is the victim of a scam or phishing. Kaspersky is a global cybersecurity and solutions provider.
Jocson said another survey and study by Cisco, a technology conglomerate, showed that 57% of all small and medium-sized businesses here have been hacked and Chinese company UnionPay said 37% of Internet users in Philippines were phished.
BAP said phishing, a cybercrime in which fraudsters tricked bank customers through emails, phones or texts to hack their security information, has become more aggressive and several banks are now investigating complaints for catch and punish criminals.
The BAP called for the swift passage of the Bank Account and Electronic Wallet Regulation Act under Bill 9615 to stem the rapid growth of cybercrime in the banking sector. Under the proposed bill, those found guilty of phishing will be jailed for six to 12 years and fined $ 200,000 to $ 500,000.
In a separate statement, the BAP also launched its anti-scam campaign on November 17 which is “a broad information campaign undertaken with various partners that aims to promote cybersecurity, cybersecurity and awareness of the Filipino banking public.”
The BAP is in partnership with government, social media influencers and the media. The Bank Marketing Association of the Philippines is BAP’s partner for its Anti-Scam Social Media Campaign.
“The Philippines is currently a cybercrime hotspot, which underscores the need to increase awareness and vigilance against the growing prevalence of cybercrime in the country,” Veloso said.
SUBSCRIBE TO THE DAILY NEWSLETTER
CLICK HERE TO JOIN