Building roads, bridges and communities is crucial to the economy, but so is ensuring a sound financial system. Even minor loopholes can be exploited by criminals seeking to steal people’s money. That’s why I advocate for stronger regulations targeting scammers, including those behind financial cybercrimes.
Modern technology empowers thieves—and it’s our responsibility to enact laws that stop them. Unchecked financial scams can devastate families and the entire economy. Social media users report falling victim to these online thefts, and many police stations lack cybercrime units to assist them.
The impact goes beyond immediate financial losses. It can erode trust in financial institutions and the market, hindering growth and distorting market environments. When investors are cheated, they become less likely to participate, leading to a decline in investment, a crucial driver of economic progress.
Several deceitful individuals were using technology to mislead the public for their own interest. Recently, a deepfake video targeted my father, former Senate President Manuel Villar. The perpetrators used AI to manipulate an old video, making it appear that he was endorsing a fraudulent investment scheme.
The video is fake and there’s no such investment outlet. It turned out that the perpetrators of the crime used an old footage of my father and digitally altered it, using AI to change what he was saying. I would like to reiterate that the video is fake, and there is no s.