Section 2Sec./Art. 2

Declaration of Policy. - The State recognize the vital role of banks, non-bank financial institutions, other payment service providers, and the general banking public in promoting and maintaining a stable and efficient financial system. The State also acknowledge that with the increased use of electronic and digital financial services, there is a need to promote awareness on the proper use of Financial Accounts and to protect the public from cybercriminals and criminal syndicates who target Financial Accounts or lure Account Owners into becoming accessories or perpetrators of fraudulent activities. The State shall undertake measures to protect all persons from cybercrime schemes by regulating the use of Financial Accounts and preventing their use in fraudulent activities.