HB05723: AN ACT AMENDING REPUBLIC ACT NO. 8484, OTHERWISE KNOWN AS AN ACT REGULATING THE ISSUANCE AND USE OF ACCESS DEVICES, PROHIBITING FRAUDULENT ACTS COMMITTED RELATIVE THERETO, PROVIDING7 PENALTIES, AND FOR OTHER PURPOSES
This bill strengthens the regulations on access devices and aims to combat access device fraud. It includes skimming and hacking as prohibited acts, increasing penalties for fraudsters to protect the public and the banking industry.
The bill also declares the commission of a crime using access devices as a form of economic sabotage, subject to the maximum penalties allowed by law. It aims to preserve the integrity of the banking industry and protect the public's trust in financial institutions.
The bill also modernizes the law by including contemporary forms of access device fraud, such as skimming and hacking, ensuring stronger protection for consumers and the financial sector.