The Bangko Sentral ng Pilipinas (BSP) has reported that the Philippine National Police has filed more than 500 cases under the Anti-Financial Account Scamming Act since the law took effect last year.
According to BSP General Counsel Roberto L. Figueroa, the police alone have filed more than 500 cases.
The BSP expects to see an increase in cases following the signing of an information-sharing agreement with the Department of Justice.
The BSP has warned banks that fail to meet the law's security requirements could face full restitution for customers who lose money due to noncompliance.
The BSP continues to discuss with banks the upgrading of fraud protection systems to prevent financial account scamming.
