Hackers behind illegal bank transfers face charges of economic sabotage – lawmaker

MANILA, Philippines — The cybercriminals involved in the hacking of BDO Unibank deposit accounts are bound to face charges of economic sabotage, according to Anakalusugan Rep. Michael Defensor.

Defensor in a statement on Sunday said that Republic Act No. 11449, signed by President Rodrigo Duterte in 2019, increased the penalties for the unlawful use of electronic access devices, such as cards, codes, personal identification numbers, usernames, and passwords, among others.

Life imprisonment

“The act of breaking into a bank’s computer system and stealing money from more than 50 deposit accounts constitutes economic sabotage,” he said.

Under the law, the offense is punishable with life in prison and a fine of up to P5 million, he added.

Last week, hundreds of BDO depositors reported unauthorized fund transfers from their accounts to fictitious Union Bank of the Philippines (Unionbank) accounts.

Unionbank earlier said it had already identified six “persons of interest” and frozen P5 million worth of funds.

Following the BDO cyberfraud, Defensor said the Bangko Sentral ng Pilipinas should require banks to routinely go on high alert against potential cybercriminal activities on weekends and holidays.