Section 3Sec./Art. 3

Definition of Terms. - As used in this Act:

(a) Account Owner refers to the person to whom a Financial Account belongs or under whose name the account was opened or registered;

(b) Electronic communications refers to phone calls, short message service (SMS), social media platform-enabled messages, electronic mail (email), technology-powered instant messaging, and other messages sent via electronic means;

(c) Electronic wallet or e-wallet refers to an electronic instrument or device that can store digital value;

(d) Financial Account refers to an account used to avail of products or services offered by Institutions such as:

(1) An interest or non-interest-bearing deposit, trust, investment, or credit card account;

(2) Other transaction account maintained with a bank, non-bank, or financial institution;

(3) E-wallet; and

(4) Any other account used to avail of financial products or services defined under Section 3(c) of Republic Act No. 11765, or the "Financial Products and Services Consumer Protection Act".

(e) Fraud Management Systems (FMS) refer to a comprehensive set of automated and real-time monitoring and detection systems to identify and block disputed, suspicious, or other online transactions;

(f) Institutions refers to banks, non-banks, other financial institutions, payments and financial services providers under the jurisdiction of the Bangko Sentral ng Pilipinas (BSP);

(g) Mass mailer refers to a services or software used to send electronic communications to an aggregate of fifty (50) or more recipients;

(h) Multi-Factor Authentication (MFA) refers to an authentication method that requires two (2) or more verification factors to gain access to a resource; and

(i) Sensitive identifying information refers to any information that can be used to access an individual's Financial Accounts such as usernames, passwords, bank account details, credit card, and e-wallet information among other electronic credentials, and other confidential and personal information.