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President Rodrigo Duterte has officially signed RA No. 11765, a law expanding the scope of regulators in order to protect Filipino consumers from financial fraudsters and scammers. Signed by Duterte last May 6, the new law now gives financial regulators the following responsibilities and powers:
Senator Grace Poe who currently chairs the Senate Committee on Banks, Financial Institutions, and Currencies states a 53% rise in the sector of banked adult Filipinos due to the rise of various e-money accounts, which comes with the risk of consumers facing possible investment scams, small scale fraud, and financial hacking. “The increase in financial inclusion resulted in the marked increase in incidence of financial fraud and scams… thus the need for the law that lists all rights of financial consumers,” says Poe.
Data from credit reporting company TransUnion also shows that 44% of Filipinos have been targeted by digital fraud attempts, while attempts on businesses have also seen a rise of 31% in 2021.
Senator Win Gatchalian also says, “We need to strengthen the powers of government and clear up the lines on who will protect financial consumers and what are the mechanisms for financial consumers to tap into in case of fraud.”
Source: ABS CBN News
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