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Acknowledging such need to protect the public from cybercriminals and criminal syndicates who exploit financial accounts for fraudulent activities, the government enacted the Republic Act No. 12010, otherwise known as the Anti-Financial Account Scamming Act (AFASA).
What is the Anti-Financial Account scamming Act in the Philippines?
Full Title. AN ACT DEFINING AND PENALIZING FINANCIAL ACCOUNT SCAMMING AND OTHER OFFENSES, AND PROVIDING FOR THE ENFORCEMENT MECHANISMS THEREFOR. Short Title. ANTI-FINANCIAL ACCOUNT SCAMMING ACT [AFASA]
How many years in jail for scamming in the Philippines?
Confidence games and other forms of swindling. Penalties may range from arresto mayor (up to six months of imprisonment) for smaller sums, to reclusin temporal (over 12 years of imprisonment) if the fraud is large-scale or affects docHub amounts.
What is the punishment under Afasa for using a mule account?
- (a) A person found guilty of the prohibited acts under Section 4(a) shall be penalized with imprisonment of not less than six (6) years but not more than eight (8) years, or a fine of at least One hundred thousand pesos (P100,000.00) but not exceeding Five hundred thousand pesos (P500,000.00), or both, at the
What is the Anti-financial Scamming Account Act?
The Philippines Anti-Financial Account Scamming Act (AFASA) aims to combat online fraud and scams, introducing stricter requirements for banks to enhance fraud prevention systems and protect customers.
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The Anti-Financial Account Scamming Act (AFASA) was enacted in the Philippines in 2024 as a response to the rise in digital financial scams, aiming to restore public trust and provide a legal framework against cybercriminals.
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