MANILA – Party-list Rep. Jericho Nograles is seeking a congressional inquiry over the alleged hacking of credit cards issued by the multi-national Hongkong and Shanghai Banking Corporation (HSBC) amid increase in demand for contactless and cashless transactions.
Nograles, representative of PBA Party-list, said the House Committee on Banks and Financial Intermediaries should dig deeper into reports claiming that “accounts of Hongkong and Shanghai Banking Corporation (HSBC) customers and credit card holders were hacked,” as many of their customers reportedly received one-time personal identification number (PIN) alert text messages for unauthorized online transactions.
According to Nograles, HSBC “confirmed the reports which occurred on the same day that HSBC’s new features on the Enhanced Security for Online Purchases took effect, indicating a possible breach in its online security monitoring systems and compromising the personal data of cardholders.”
Following the incident, Nograles said there might be a need to update and amend Republic Act (RA) No. 8484, also known as the Access Devices Regulation Act of 1998, adding that public needs to get a deeper understanding on how to safely conduct cashless transactions in the age of “New Normal.”
He also stressed that Congress needs to determine the culpability of negligent banks in the event of hacking incidents and other forms of bank fraud.
“The widespread use of credit and debit cards, particularly during this COVID-19 pandemic wherein selling, purchasing, and financial deals are being performed mainly through digital payments and online platforms, gives criminals and syndicates the opportunity to commit access device fraud such as hacking, phishing, and card skimming,” said Nograles.
Under RA 8484, hacking is defined as the “unauthorized access into or interference in a computer system/server or information and communications system; or any access in order to corrupt, alter, steal, or destroy using a computer or other similar information and communication devices, without the knowledge and consent of the owner of the computer or information and communications system, including the introduction of computer viruses and the like, resulting in the corruption, destruction, alteration, theft or loss of electronic data messages or electronic documents. ”
Nograles lamented that despite government initiatives to address issues in cybersecurity and bank fraud, such as the enactment of RA 10175 or the “Cybercrime Prevention Act of 2012” and RA 10173 or the “Data Privacy Act”, the audacity and sophistication by which criminals perpetrate their fraudulent activities remain a challenge to the banking industry.
“Given the unabated incidents of cybersecurity crimes, stringent parallel remedial measures must be employed immediately to strengthen the banking industry’s resilience against cyber attacks, prevent cybersecurity threats, and avert possible economic impacts,” he said. (JCC)
Source: Latest Politics News Today (Politics.com.ph)
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