The Credit Card Association of the Philippines (CCAP) has further strengthened its advocacy for responsible credit card use and better protection for cardholders by rallying its member-issuers behind its ongoing campaign # FightBudol.
The country’s 18 major credit card players, including CCAP, marked Fraud Awareness Week from July 18-22 by simultaneously hosting social media campaigns aimed at educating and raising awareness among Filipino consumers about the fight against credit card fraud.
CCAP figures showed that fraudulent credit card activity through remote payment channels and other digital payment channels has increased by 21% in the country since the start of the global pandemic, which has forced customers to switch to remote payments and other digital payments to cope with face-to-face restrictions.
“Cases of fraud have increased due to the growing acceptance of various digital payment platforms, causing financial harm to the industry,” said CCAP Executive Director Alex Ilagan.
CCAP said consumers should be aware of these four modi operandi or new ways that scammers or fraudsters use to entice their victims:
Returned cards scam. This is a type of fraud in which the fraudster tricks the victim into returning the card by posing as a bank staff member and offering higher credit card limits and lifetime waiver of charges. annual fees. What you must do: Never give your card to anyone. Banks will never ask you to submit your credit card for replacements or upgrades. Properly dispose of your old credit cards by punching holes in their magnetic strip or chip to ensure they cannot be reused by anyone.
Account recovery. It was then that a fraudster called the bank’s customer service, with the aim of taking over and gaining access to a victim’s account. The fraudster will impersonate the customer, attempt to complete all positive identity checks, and request changes to the account, such as cell phone number and card delivery address. These changes aim to intercept one-time passwords (OTPs) sent by banks for e-commerce transactions. What you need to do: Be alert and read bank notifications about any changes to your credit card account. If you received such a notification or OTPs for transactions that you did not perform, immediately call your bank.