Senate OKs anti-hacking bill on third readingWITH 20 affirmative votes, zero negative and no abstention, the Senate has approved on third reading a measure that declares hacking of bank systems as a form of economic sabotage, punishable by life imprisonment and a fine of up to P5 million. Sen. Francis “Chiz” Escudero, chairman of the Senate Committee on Banks, Financial Institutions and Currencies, said that House Bill 6710 amends RA 8484, otherwise known as the “Access Devices Regulation Act of 1998.”The rapid development of information technology and the economic impact of financial fraud and crimes committed through the use of electronic devices and gadgets necessitate the need to provide more teeth to RA 8484, Escudero said. On top of stiffer penalties, the scope of RA 8484 has been expanded, to include automated teller machine (ATM) fraud through skimming, hacking of the banking system, counterfeiting of credit or debit card. The mere possession of any type of skimming devices or even attempts to access an application or online banking account, regardless of whether or not it will result in monetary loss to the account holder, will now be punishable with imprisonment. The Senate Committee on Banks, Financial Institutions and Currencies, joint with the Committee on Trade, Commerce and Entrepreneurship recommended the approval without amendments of House Bill 6710, which provides for additional prohibitions on the use of access devices in commercial transactions.

Source: Manila Times June 04, 2019 02:03 UTC