Nearly P400M lost to ATM fraud from 2012 to 2013, says lawmaker

Nearly P400 million was lost to automated teller machine (ATM) fraud from 2012 to 2013, a lawmaker said on Saturday.

Citing figures from the Bangko Sentral ng Pilipinas (BSP), Pasig City Rep. Roman Romulo said in a statement on Saturday that a total of 2,872 cases have been recorded in those years.

In 2013 alone, some P220 million in deposits were looted, mainly due to "card-skimming" or the illegal capture of a cardholder’s PIN via a “skimming plate” sneakily installed by scammers on an ATM.

This amount was P45 million more than the P175 million ripped off in 2012, the lawmaker said.

Romulo is author of House Bill 5036, or the proposed ATM Theft Insurance Act, which seeks to require all banks to extend financial protection to their cardholders against losses due to fraud or robbery.

"Banks are duty-bound to safeguard customers and their deposits against all forms of attacks at all times,” he said.

Card-skimming not only allows thieves to access the depositor’s PIN –  it is also a way for them to steal the cardholder’s personal account details, thus giving them leeway to take out loans in the cardholder’s name.

He lauded the Philippine National Bank (PNB) for its ATMSafe – an insurance program that gives ample protection to its cardholders. — Jessica Bartolome /LBG, GMA News