Higher penalties now await bank account hackers, credit card skimmers

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Hacking a banking system can now land you in jail for life due to a new law imposing stiffer penalties for access device fraud.

The harshest penalty, that of life imprisonment with a fine of up to P5 million, is reserved for the hacking of an entire banking system, skimming of at least 50 payment cards, and access device fraud that affected at least 50 online banking accounts, credit cards, payment cards, and debit cards.

- 2 to 20 years in jail plus fine equivalent to twice the aggregate amount of affected bank accounts. Possession of 10 or more counterfeit access devices, but not proven to have accessed any account or gained any credit

 

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