Senate creates TWG on anti-financial scams bill

MANILA, Philippines — The Senate has created a technical working group (TWG) to fine-tune the provisions of the proposed Anti-Financial Account Scamming Act which seeks to protect the transacting public from digital fraud.

Sen. Mark Villar led the hearing yesterday into the bill as chairman of the Senate committee on banks, financial institutions and currencies.

Villar said a TWG was created to draft the final version of the substitute bill for committee approval.

The senator said he hoped the proposed law would protect the public from digital fraud such as online selling and investment scams and ATM fraud, and go after the perpetrators.

“Trust is the currency of banking and finance. We need to strengthen our financial institutions so that Filipinos can rest assured in conducting their financial transactions,” Villar said.

“We have to continuously improve our legal system and, if possible, be two steps ahead of the scammers at all times to effectively protect the public from their nefarious acts,” he added.