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New law punishes bank hackers, ATM fraudsters with life imprisonment

/ 01:53 PM September 25, 2019

MANILA, Philippines — Bank system hackers and ATM skimmers may now be slapped with life imprisonment after President Rodrigo Duterte signed into law a measure declaring the acts as a form of economic sabotage.

Under Republic Act 11449, which Duterte signed on Aug. 28, hacking a bank’s system, skimming 50 or more payment cards and the prohibited act affecting 50 or more online banking accounts, credit cards, payment cards, and debit cards will be punishable by life imprisonment with a fine of P1 million to P5 million.

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The new law, a copy of which was made public Wednesday, amended RA 8484 or the Access Devices Regulation Act of 1998.

Anyone who is in possession of 10 or more counterfeit access devices and was able to gain credit by the fraudulent use of such device will be meted with imprisonment of 12 to 20 years and a fine not less than P500,000.

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For an offender who is found to have in possession of 10 or more counterfeit access devices but was not proven to have used them in fraudulent acts, a penalty of six to 12 years in jail and a fine of P300,000 or twice the equivalent of the aggregate amount, whichever is higher, will be given.

Fraudulent use of a credit card will be punishable with imprisonment of four to six years and a fine of twice the value of the illegally obtained credit.

Meanwhile, a fine P800,000 and a jail term of 12 to 20 years will be slapped on those who violated Section 9 of RA 8484 after a conviction for another offense under the same section or an attempt to commit the same.

The new law also requires banks and other financial institutions to furnish real-time reports of access device fraud incidents to the National Bureau of Investigation (NBI) and the Anti-Cybercrime Group of the Philippine National Police (PNP). /je

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TAGS: ATM, bank, Local news, Nation, national news, news, Philippine news update, Rodrigo Duterte
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