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[av_heading heading=’House bill increases penalties vs ATM fraud’ tag=’h3′ style=’blockquote modern-quote’ size=’30’ subheading_active=’subheading_below’ subheading_size=’18’ padding=’10’ color=” custom_font=” av-medium-font-size-title=” av-small-font-size-title=” av-mini-font-size-title=” av-medium-font-size=” av-small-font-size=” av-mini-font-size=” admin_preview_bg=”]
BY ADRIAN STEWART CO
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Saturday, February 24, 2018
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MANILA – In a 224-0 vote, the House of Representatives approved on third and final reading a bill which sought to increase the penalties for automated teller machine (ATM) fraud such as skimming and hacking.
House Bill 6710 adds prohibitions and stiffer sanctions for violations of Republic Act 8484 (Access Devices Regulation Act).
According to the bill, advances in technology on access devices such as cards, codes, telecommunications services, or other means to initiate fund transfers or to obtain money, goods, services, or any other thing of value “have been exploited by criminals…perpetrating fraudulent activities that ultimately undermine the trust of the public in the banking industry.”
The bill declares the fraudulent use of access devices as a form of economic sabotage and heinous.
According to bill proponent Rep. Ben Evardone, committee on banks and financial intermediaries chairman, one of the integral provisions of the bill includes updating the Access Devices Regulation Act to reflect technological advances that are now commonplace in country.
Hacking is defined as the “unauthorized access into or interference in a computer system or server, or information and communication system in order to corrupt, steal, or alter without the knowledge or consent of the owner.”
Skimming, meanwhile, is defined as “a type of fraud that occurs when an ATM is compromised by a disguised card reader that saves an ATM card number and its corresponding personal identification number (PIN).”
An offender in possession of 10 or more counterfeit access devices and/or unauthorized access devices and was able to access at least one account or gained credit through fraudulent use of any of the devices shall face minimum imprisonment for 12 to 20 years.
In addition, the offender shall be fined P500,000, or twice the equivalent of the aggregate amount of all affected or exposed bank accounts, whichever is higher./PN
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