STOP
fraudulent transactions in real-time
AFASA Compliance Starts with Scalable, Secure Landing Zone
Take the First Step in Fighting Cyber Fraud!
AFASA 101
Financial institutions will agree that digitalization is not always rainbows and butterflies. With tech advancements come cyber risk that are becoming more and more sophisticated. While it provides speed and convenience for customers, the same is enjoyed by perpetrators that hide behind anonymity.
The enactment of the Anti-Financial Account Scamming Act (AFASA), or Republic Act No. 12010, is a radical step towards combating cyber fraud. It officially gives the Bangko Sentral ng Pilipinas (BSP) and financial institutions the legal "teeth" to fight scammers who use phishing, social engineering, and "money muling" to steal funds.
With AFASA, the BSP and financial institutions easily can:
LOOK
for traces of disputed funds to recover fraudulent transactions
LISTEN
to and cooperate with law enforcement by sharing critical account information through an expedited, court-order-free process to ensure swift justice.
In short, AFASA makes it harder for fraudsters to scam using digital medium.
Play Your Part in Fraud Defense
The law gives banking and financial institutions the power but without the proper partner, financial institutions face higher cost and higher risk.
Higher Cost
AFASA compliance require high tech. Patching legacy system to meet modern standards, temporary fixes, manual 24/7 fund tracing and demand for security experts will incur costs.
Higher Risk
If a banking intuition's security measures are deemed insufficient under AFASA's standard, the BSP can issue heavy fines or even suspend licenses for failing to play its part.
Don’t wait until you’re exposed. Cyber criminals don’t wait for deadlines and the BSP don’t play with compliance.
Step #1: Get Your Landing Zone Right
Skip wasting millions on temporary fixes. AWS Landing Zone is a well-architected and multi-account environment that is already secure, scalable, and compliant by default.
With AWS Landing Zone, banking and financial institutions can:
- Deploy Advanced Fraud Management Systems (FMS): With built-in "Service Control Policies" (SCPs), blocking unauthorized IP addresses or suspicious devices can be done before it reaches core banking app.
- Centralized Data View: Via the AWS CloudTrail and AWS Config, security teams have a bird’s eye view of account transactions, making it easier to trace and freeze suspicious assets.
- Dedicated Security Accounts: A Well-Architected cloud framework allows you to grant law enforcement limited, read-only access to scam data without exposing your entire bank's customer database.
We are Committed to Help You
SoftwareOne can help you see where you stand with our AWS Gap Assessment, a structured review that compares your current cloud setup against your target state, defined by AWS Best Practices or Regulatory Standards like the AFASA or BSP Circulars.
*For eligible companies. Ask us about your eligibility!
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Share a few details about your business challenge, and we’ll get right back to you.