Villar asks Senate to probe bank-linked scams

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Villar asks Senate to probe bank-linked scams

Villar asks Senate to probe bank-linked scams

SEN. Observe Villars. Senate PRIB

SEN. Observe Villar, chairman of the Senate banks, monetary establishments and currencies committee, on Wednesday sought a Senate inquiry into the alleged continued proliferation of bank-linked scams and frauds.

Villar filed Senate Resolution (SR) 589 directing the appropriate committee to behavior an inquiry “with the tip goal of strengthening the present lawful framework.”

The lawmaker mentioned that from 2019-2021, the Bangko Sentral ng Pilipinas (BSP) mentioned that the complaints lodged by the customers alive to P2 billion price of business transactions.

These losses were in consequence of scams as properly as hacking and phishing incidents.

The resolution mentioned that the BSP got 42,456 complaints from customers who became victims of business fraud in 2020 and 2021.

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Complaints linked to the employ of recordsdata superhighway banking and cell banking fable covers 45.2 percent of the total complaints in 2021.

It also mentioned that phishing and identification theft were the tip on-line fraud issues within the Philippines last 365 days.

The resolution also mentioned that according to the 2023 Advise of Omnichannel Fraud File, 8.7 percent of the digital transactions were suspected to be false last 365 days. Accordingly, this became as soon as the third perfect amongst all international locations included within the look.

“Present news experiences confirmed that there is a proliferation of bank-linked scams and frauds which maintain victimized the final public, including academics, senior electorate, and companies,” it mentioned.

“There may perchance be a must mediate the effectiveness of the mechanisms resorted by the banks to halt bank frauds and scams, and to effect definite that the banks, with the very best stage of diligence, shall prioritize and protect the pursuits of the bankers and of the final public,” it added.

Villar emphasized that “the banking system is an important institution within the stylish world and performs a needed function within the industrial lifetime of every civilized nation.”

“Whether as mere passive entities for the safekeeping and saving of cash or as vigorous devices of exchange and commerce, banks maintain change into a ubiquitous presence amongst the people, who maintain technique to treat them with respect and even gratitude and, most of all, self belief,” he added.

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