Over P500M lost to credit card fraud in 2016 —bank exec

Some P507 million were lost in fraudulent credit card transactions recorded in the country in 2016, and most of were done online.

"Credit card lang ito, total losses of P507 million, wala pa 'yung ATM card (fraud) diyan," Gerry Santos, assistant vice president of Philippine Bank of Communications (PBCOM), said in his presentation during the 4th National Summit on Cybercrime.

He is a member of an anti-fraud working group created by fraud officers and managers in the banking industry.

"The trend is going online—online fraudulent transaction from credit card, to ATM, to debit card, to prepaid cards. Puro online ngayon ang pumapasok, yun ang trending ngayon," Santos said.

"Mako-compromise yung information sa cards mo online, ginagamit yung data ng card account, last three digit of your bank account card," he added.

Santos did not present the 2016 figures for ATM fraud but said that in 2013, some P220 million ATM card fraud losses were reported and P400 million in 2014.

"Noong 2015 nawala sa limelight yung ATM card fraud, wala yatang nagreport pero I tell you its much higher in 2015, mas mataas pa sa P600 million," he said.

He added that about 80,000 transactions last year were fraudulent cases but it was not reported to the Philippine National Police Anti-Cybercrime Group or other law enforcement authorities.

"Hindi lahat umabot sa ACG, sa law enforcement authorities, naiiwan lang sa amin, sa bangko. So what are we going to do with that," Santos said.

He said this is due to limitations in reporting requirements.

"Ang mandate kasi is for every P20,000, you have to report it. Ang cut off is P20,000 so below that amount, the bank may or may not report it. Kaya yesterday I raised that issue  na di lang lower, regardless of the amount, basta fraudulent (dapat ireport)," Santos said.

To avoid being a victim of fraudulent transactions, he advised online consumers to make sure that they will only transact with trusted and legitimate sites.

He added that if there are emails or calls supposedly coming from their bank asking for information, they should call their bank.

"Kapag hindi sila masagot, doon ka na magduda, call your bank are you trying to get in touch with me kasi maraming nabibiktima ng ganyan. Advice ko sa mga consumers be aware sa telemarketing prompt trying to get your personal information," Santos said. —NB, GMA News