Globe Telecom welcomed the new law, highlighting how it complements the Cybercrime Prevention Act and the SIM Registration Act while adapting to evolving scam tactics used by fraudsters.
“As a service provider that deals with fraudsters every day, Globe is grateful that the Philippines now has a law that is up to date and addresses fast-evolving threats to the security of our financial system,” said Globe president and CEO Ernest Cu.
“We especially appreciate how the law covers in great detail various emerging fraud methods, including the recruitment of money mules, social engineering schemes, and other modes assisted by tech, including SMS, email, and even generative AI. This ultimately gives regulators and law enforcers sharper teeth in stopping financial fraud,” he added.
It addresses emerging fraud methods such as money mules, social engineering schemes, and technology-assisted fraud via text messages, email, and generative AI.
Furthermore, the law enhances regulatory and enforcement capabilities, providing more authority and tools to prevent and combat financial fraud.
