Arroyo moves to check credit card fraud

President Gloria Macapagal Arroyo on Wednesday ordered Justice Secretary Raul Gonzalez to create an Anti-Fraud Task Force (AFTF) to boost the drive against credit card fraud and other fraudulent practices. Mrs Arroyo, through Executive Order 573, said the AFTF will include representatives from the justice department, the National Bureau of Investigation (NBI), and the Philippine National Police (PNP). Gonzalez will appoint the body’s head and deputy. "The high level of credit card frauds creates a bad image for the country in the global market, prompting government to exert efforts to effectively counteract such form of economic sabotage in order to promote tourism in the country," Mrs Arroyo said. The President said fraud is threatening the survival of the credit card industry, which would have an adverse impact on the economy. The task force will help in the implementation of Republic Act 8484, or the Access Devices Regulation Act of 1998, which regulates the issuance and use of credit cards. The President noted in her EO that while credit cards make it convenient for consumers to engage in commercial transactions, "the occurrence of credit card frauds are increasing and acquiring banks incur huge losses and suffer stunted credit card sales." -GMANews.TV