Senator Mark Villar welcomed the early outcomes of the Anti-Financial Account Scamming Act (AFASA) on Friday, July 24, highlighting its growing impact in combating digital financial crimes across the country.
Citing data from the Bangko Sentral ng Pilipinas (BSP), Villar noted that the Philippine National Police (PNP) has launched upwards of 500 criminal proceedings targeting alleged scammers, fraudsters, and money mules within just a year of the law taking effect.
”Mahigit 500 kaso na ang naisampa laban sa mga scammer—patunay na may pangil na ang AFASA. Bilang Principal Author ng batas, ikinagagalak kong makita na mas mabilis nang nakakakilos ang ating mga law enforcement agencies upang habulin at papanagutin ang mga kriminal na nagnanakaw ng pinaghirapang pera ng ating mga kababayan,” Villar said.
Villar explained that AFASA was designed both to bolster state enforcement against cybercriminals and to obligate financial entities to elevate their safety standards for customer protection.
Under the statute, BSP-supervised institutions were mandated to complete upgrades to their fraud detection and management systems by June 2026, incorporating robust authentication protocols for high-risk activity.
Following the passage of the compliance deadline, institutions failing to adhere to these security mandates can now be held liable for unauthorized transfers caused by deficient systems, potentially requiring them to reimburse scammed customers.
Furthermore, the lawmaker stressed that AFASA accelerates relief for scam victims by permitting institutions to swiftly place temporary holds on questionable transactions before funds can be withdrawn.
”Hindi lamang pagpaparusa sa mga scammer ang layunin ng AFASA. Mahalaga ring matulungan agad ang mga biktima. Kaya binibigyan ng batas ng mas mabilis na paraan upang maharang ang mga kahina-hinalang transaksyon at mapigilan ang tuluyang pagkawala ng kanilang pinaghirapang pera,” Villar said.
Villar pledged to advocate for the continued, full enforcement of AFASA to reinforce public confidence in the national digital finance ecosystem.