SEN. Sherwin Gatchalian on Friday renewed his call on telecommunications companies and banking institutions to strengthen their redress mechanisms and information security measures to ensure customer protection in the light of recent cyberheists through subscriber identity module (SIM) swap scam.

With the holiday season just a few weeks away, Gatchalian, vice chairman of the Senate Committee on Banks, Financial Institutions and Currencies, said the resurgence of cybercrimes should be anticipated this early.

The senator took note of a recent incident reported in a newspaper column on how a housewife’s credit card was charged P1.7 million after her SIM card was replaced by fraudsters to underhandedly carry out online credit card transactions. The matter is now being investigated by the National Bureau of Investigation.

“It’s incumbent upon telcos and banks to provide an added layer of protection to consumers considering the rise in the number of digital transactions following the outbreak of the pandemic,” he stressed.

Gatchalian had filed Senate Bill 2287 or the proposed “Financial Products and Services Consumer Protection Act” to expand the powers of the Bangko Sentral ng Pilipinas and other financial regulators such as the Securities and Exchange Commission, Insurance Commission and the Cooperative Development Authority to perform acts necessary for the protection of financial consumers.

Gatchalian said this would ensure…

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