Gatchalian seeks inquiry on state of financial consumer protections

After his credit card was hacked, Senator Sherwin Gatchalian on Monday urged the Senate to conduct an inquiry into the state of financial consumer protections in the country.

In his privilege speech, Gatchalian recalled how he became a victim of financial cyber-thieves.

“If banks want to avoid listening to the complaints of consumers who have entrusted them with their life savings then we will call them here to the Senate and make them listen,” the senator said.

Earlier this month, Gatchalian said his credit card was accessed and used by a hacker to purchase a million-pesos worth of food deliveries.

Due to this, Gatchalian said his office has become “a sort of unofficial financial consumer protection desk” over the past weeks. He said almost 100 complaints have so far reached his office.

Among the complaints were cases of phishing, unauthorized transfers and withdrawals from deposit accounts, and payment card theft.

With this, Gatchalian said it is unfortunate that the reports they received imply that the action taken in his complaint is the exception, not the norm.

“It is evident that the desperate pleas of many of my fellow victims of access device fraud and financial cybercrimes have fallen upon deaf or uncaring ears,” he said.

“It is our solemn duty as elected representatives of the people to give voice to their concerns and ensure that their grievances are acted upon.” — DVM, GMA News