BSP cites anti-scam gains as cybercrime enforcement tightens

The Bangko Sentral ng Pilipinas (BSP) reported that the Anti-Financial Account Scamming Act (AFASA) has significantly strengthened the government’s ability to investigate, track, and prosecute online financial fraud.

BSP General Counsel Roberto L. Figueroa highlighted the law’s impact during a Senate Committee on Finance hearing on the proposed 2027 national budget, responding to progress updates requested by Senator Mark A. Villar.

Villar, the principal author and sponsor of AFASA and chair of the Senate Committee on Banks, Financial Institutions and Currencies, inquired whether the law has improved scammer identification and prosecution rates.

“Bilang principal author at sponsor ng AFASA, nais nating malaman kung paano nakatulong ang batas sa pagpapatibay ng enforcement laban sa online scams at kung mas marami na ba tayong nahuhuli at napapanagot na scammers,” Villar said.

(As the principal author and sponsor of AFASA, we want to know how the law has reinforced enforcement against online scams and whether more fraudsters are being caught and held accountable.)

Figueroa highlighted the creation of the Consumer Account Protection Office (CAPO) under AFASA as a cornerstone development, granting the central bank a robust mechanism to address fraudulent financial transactions directly.

Data presented during the briefing revealed that the Philippine National Police Anti-Cybercrime Group recorded 527 AFASA-related cases in 2025, with 447 already solved or cleared.

Authorities also noted a decline in online scam incidents during the first half of 2026, which Figueroa attributed in part to heightened public awareness.

Among notable enforcement actions, Figueroa cited the December 2024 arrest of seven Chinese nationals by the National Bureau of Investigation for an alleged online scamming operation in Parañaque City. The suspects were charged under social engineering scheme provisions introduced by AFASA.

Under the law, the BSP is authorized to examine financial accounts suspected of involvement in scamming operations without needing a prior court order.

Information gathered through these central bank inquiries can be shared directly with law enforcement agencies, speeding up financial tracing, strengthening case files, and improving victims' chances of recovering stolen funds.

Figueroa added that CAPO has established formal information-sharing agreements with key regulatory and law enforcement bodies—including the Securities and Exchange Commission, the Department of Justice, and the Cybercrime Investigation and Coordinating Center—to streamline multi-agency operations.

Villar welcomed the updates, emphasizing that the initial figures prove the statute's effectiveness.

“Malinaw sa mga datos na may konkretong resulta ang AFASA. Mas napapalakas nito ang imbestigasyon at paghahain ng mga kaso, habang mas tumataas ang可能性 [posibilidad] na mabawi ng mga biktima ang perang nawala sa kanila,” Villar said.

(The data clearly shows AFASA is delivering concrete results. It strengthens investigations and case filings while improving victims' chances of recovering lost money.)

He reaffirmed the Senate’s commitment to supporting further measures aimed at safeguarding the public against financial cybercrime.

“Nakakatuwang makita na mas marami nang scammers ang natutukoy at napapanagot dahil sa AFASA. Makakaasa ang BSP at iba pang ahensya na handang tumulong ang Senado kung kinakailangan pang palakasin ang ating mga batas upang higit na maprotektahan ang publiko laban sa mga financial scam,” Villar concluded.

-Paraluman News