The Philippine Senate has approved the bill seeking to punish hackers who attempt to access banks and online bank accounts as well as the perpetrators of ATM skimming with life imprisonment and heavier penalties.
According to a report by Rappler, Senate Bill 6710, which amends RA 8484 or the “Access Devices Regulation Act of 1998, declares the hacking of bank systems as well as the skimming of ATMs as a form of economic sabotage.
Those engaging in hacking of a bank system and skimming 50 or more ATM cards or online banking accounts, credit cards, and debit cards will be sentenced to life imprisonment and fines from P1 million to P5 million.
Those possessing 10 or more card skimming devices and was able to access at least one account will be facing 12 to 20 years of imprisonment and a fine not less than P500,000 while offenders who were unsuccessful in accessing any account will be penalized with 6 to 12 years imprisonment and a fine of P300,000.
Offenders of credit card fraud will be facing 4 to 6 years in prison, and a fine of twice the value of the fraudulently obtained credit while those in possession of counterfeit devices, device-making or altering equipment will spend 10 to 12 years in prison and a fine of P500,000.
The said bill was approved with 20 affirmative, 0 abstention, and 0 negative votes.
(Photo source: maccablo.com/ express.co.uk)