Gatchalian asks telcos, banks to provide added protection to consumers vs. SIM swap scam

Gatchalian asks telcos, banks to provide added protection to consumers vs. SIM swap scam

By Ernie Reyes

Tech Beat PH courtesy

MANILA — As he renewed his call to institutionalize the needed
measures ensuring consumer protection, Senator Win Gatchalian pressed
for enhanced redress mechanisms and information security measures of
telecommunications companies and banking institutions in the light of
recent cyber heists through subscriber identity module (SIM) swap
scam.

With the holiday season just a few weeks away, Gatchalian said the
resurgence of cybercrimes by nefarious individuals should be
anticipated this early.

Gatchalian took note of a recent incident relayed in a newspaper
column on how a housewife’s credit card was charged P1.7 million after
her SIM card was replaced by fraudsters to underhandedly carry out
online credit card transactions. The matter is now being investigated
by the National Bureau of Investigation.

“It’s incumbent upon telcos and banks to provide an added layer of
protection to consumers considering the rise in the number of digital
transactions following the outbreak of the pandemic,” Gatchalian
stressed.

His Senate Bill 2287 or the proposed Financial Products and Services
Consumer Protection Act seeks to expand the powers of the Bangko
Sentral ng Pilipinas (BSP) and other financial regulators such as the
Securities and Exchange Commission (SEC), Insurance Commission (IC)
and the Cooperative Development Authority (CDA) to perform acts
necessary for the protection of financial consumers.

Gatchalian said this would ensure consumers prompt and more efficient
process when seeking reparation in financial transactions as warranted
by financial regulators, sparing them from resorting to legal recourse
in courts, if their claim involves a return of money from a financial
service provider.

“Information security is a shared responsibility. The public should be
equally careful in divulging their personal information or allowing
others to use their personal information,” Gatchalian said.

“Dala ng pangangailangan, asahan na natin ang paglobo ng mga iligal na
gawain ng mga hackers. Obligasyon ng mga kumpanyang nagbibigay
serbisyo sa mga online transactions na siguruhing protektado ang mga
kliyente nila,” the senator said.

The Vice-Chairperson of the Senate Committee on Banks, Financial
Institutions and Currencies said we should also encourage government
agencies in coming up with education and awareness campaigns. (AI/MTVN)

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