RA11449: AN ACT PROVIDING FOR ADDITIONAL PROHIBITIONS TO AND INCREASING PENALTIES FOR VIOLATIONS OF REPUBLIC ACT NO. 8484, OTHERWISE KNOWN AS THE "ACCESS DEVICES REGULATION ACT OF 1998
Republic Act (RA) 11449, enacted on August 28, 2019, amends the "Access Devices Regulation Act of 1998" to include additional prohibitions and increased penalties for access device fraud. The law recognizes the increasing use of access devices in commercial transactions and the need to protect the public from fraud.
What is RA 11449?
RA 11449 strengthens the law against the fraudulent use of access devices, including credit cards, debit cards, and online banking accounts, by increasing penalties and expanding the definition of prohibited acts. This is crucial in today's digital age, where access devices are essential for financial transactions.
Other Key Provisions:
Expanded Definition of Access Device: Includes any means of account access that can be used to obtain money, goods, services, or any other thing of value.
Prohibited Acts: The law prohibits various acts related to access device fraud, including skimming, counterfeiting, and hacking.
Increased Penalties: The penalties for access device fraud have been increased, with the maximum penalty being life imprisonment and a fine of up to P5 million for offenses constituting economic sabotage.
Economic Sabotage: The law defines economic sabotage as offenses involving the hacking of a bank's system, skimming affecting 50 or more payment cards, or affecting 50 or more online banking accounts.
Reporting Requirements: Companies engaged in issuing access devices are required to conduct initial investigations on any reported access device fraud and furnish real-time reports to the National Bureau of Investigation (NBI) and the Anti-Cybercrime Group of the Philippine National Police (PNP).