Bank Hackers: Philippine President Rodrigo Duterte has signed a law denouncing the banking system hacking as a form of financial sabotage, which is punishable by imprisonment and fine ranging from 1 to 5 millions.
The 11449 law was signed on August 28 and considers as a financial sabotage the hacking of a bank's system, the acquisition of 50 or more payment cards, and an illegal act affecting 50 or more bank accounts, credit cards, payment cards and debit cards.
12 to 20 years' imprisonment and a minimum penalty of P500.000 will be imposed on anyone who owns 10 or more illegal access and may have access to at least one account or have monetized such devices.
In the case of a violator found to be in possession of 10 or more illegal access devices or similar devices and not shown to have access to an account or to make money, the penalty will be six to twelve years imprisonment and a fine of P300.000 or twice the equivalent of the total amount of all affected or exposed bank accounts.
Illegal use credit card will be punishable by four to six years in prison and a fine twice the value of the stolen card.
A fine of P800,000 and imprisonment from 12 to 20 years will be imposed against those who have violated RA 9 Article 8484 after being convicted of another offense in the same section or attempting to commit the same offense.
The new law requires them to banks, other financial institutions and affiliate traders to submit real-time reports on fraud instances of access devices on National Bureau of Investigation (NBI) and at Cybercrime Group of the Philippine National Police (PNP).
The report should include a description of the fraud committed and the identification of the perpetrator, if possible.
The new measure also said the report would be a major aid to the NBI or PNP team in its efforts to combat cybercrime by hackers.