BSP raises alarm on rise in ATM, credit card fraud

Amid the rise in the number of “identity theft” cases, the Bangko Sentral ng Pilipinas (BSP) on Tuesday asked the public to protect their credit and ATM (automated teller machine) cards.

 

Over the past months the BSP has been receiving five to 10 inquiries  and complaints per day about identity theft, said Deputy Governor Johnny Noe Ravalo, who is in charge of the Financial Supervisor Research & Consumer Protection Sub-Sector.

 

Majority of the complaints involved unauthorized ATM withdrawals and credit card purchases, Ravalo noted. 

 

It's a must to protect you personal identification number (PIN) and passwords, he said.

 

The BSP official said ATM and credit card holders must avoid using  common number combinations like “1, 2, 3, 4, 5, 6,” as PIN code.

 

“Sa ngayong panahon na hindi na tayo pencil and paper, karamihan ng ating mga personal information encoded na in an electronic format… Ang critical dito ay ma-protektahan natin ang ating identity, otherwise pag-nagkaroon ng breach… merong nagpapanggap na sya 'yung tayo,” Ravalo said.

 

A victim of identity theft must immediately inform his or her bank or the credit card company, or else the card owner will have to take responsibility and settle the obligations transacted by identity thieves, Ravalo emphasized.

 

"Nakasaad kasi sa batas na ang liability nung individual, extends hanggang dun sa punto na na-report nyang stolen 'yung card,” the BSP official said.

 

Victims of identity theft may visit the BSP main office in Pasay during weekdays without any prior appointment, Ravalo noted.

 

Queries or complaints or may also be placed via the BSP website or by calling the HOTLINE 708-7087 during weekday office hours. – VS, GMA News