Digital finance platform Maya has joined an inter-agency working group convened by the Department of Justice to operationalize enforcement measures under the Anti-Financial Account Scamming Act, company officials announced at an anti-fraud symposium at the University of the Philippines Diliman.
The Technical Working Group on Financial Cybercrime Concerns unites the DOJ Office of Cybercrime, the Bangko Sentral ng Pilipinas, the Department of Trade and Industry, the National Telecommunications Commission, telecommunications providers and financial institutions. The coalition is tasked with establishing operational channels to trace fraudulent funds, coordinate cross-institution verification and freeze illicit accounts.
Enacted as Republic Act No. 12010, AFASA grants the central bank and partner financial entities statutory authority to halt suspicious digital transactions, combat money mule networks and fast-track criminal cyber investigations. (Read More: Maya: Customer Trust Is Reshaping Cybersecurity in Digital Finance)
Kristoffer Rada, head of corporate affairs at Maya, said during the DOJ CyberReady Campus Tour that statutory frameworks depend on fast cross-sector execution to shield consumers effectively.
“Laws and plans work when we can put them into practice,” Rada said. “A safer digital space needs everyone around the table.”
Financial institutions typically observe heightened transaction volumes and corresponding spikes in financial fraud during the fourth quarter. Maya urged account holders to verify merchant credentials before authorizing payments and reiterated that financial institutions do not solicit one-time PINs or passwords.
To assist with account monitoring, the digital bank maintains consumer security settings that permit account owners to view active login sessions, adjust fund transfer thresholds and freeze linked payment cards upon detecting irregular account activity.
Maya also collaborates with the Cybercrime Investigation and Coordinating Center through its Scam Safe initiative, along with industry efforts involving the Philippine National Police and the Securities and Exchange Commission. (Read More: PLDT Chairman Manuel Pangilinan Eyes 2027 Dual-Market Listing for Maya)
“We should not have to choose between greater financial access and stronger protection,” Rada said. “The Philippines needs both.”
Disclosure: AI is used to assist in developing this article.
This article is published on BitPinas: Maya Joins DOJ Cybercrime Task Force to Implement Anti-Financial Scamming Law
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