The Senate has approved on third reading a measure that declared hacking of bank systems as a form of economic sabotage, punishable by life imprisonment and up to P5- million fine.
House Bill 6710 which amends RA 8484, otherwise known as the “Access Devices Regulation Act of 1998,” was approved with 20 affirmative votes, no abstention, and no negative votes.
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, Senator Francis “Chiz” Escudero on Monday said.
On top of stiffer penalties, the scope of RA 8484 has been expanded, to include automated teller machine 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 No. 6710 which provides for additional prohibitions on the use of access devices in commercial transactions.