Financial Crime World

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Protect Your Credit Card from Fraud in the Philippines

As a cardholder, you are the only authorized user of your credit card. However, with the increasing number of credit card fraud cases in the Philippines, it’s essential to take extra precautions to keep your card information safe.

Preventing Credit Card Fraud

Here are some tips to help you prevent credit card fraud:

  • Keep Your Credit Card in View When Paying: Always keep an eye on your credit card when making payments, especially at restaurants, supermarkets, or gas stations. Make sure it’s swiped correctly and there are no other unnecessary items on the counter or people who can capture your PIN or credit card info.
  • Never Post Card Details Online: Avoid posting your personal and financial information on social media. Remember that fraudsters are skilled at finding missing digits on credit cards, guessing credit card expiry dates, and locating credit card issuer ID numbers.
  • Only Shop at Trustworthy Websites: When shopping online, look for websites with a gray padlock symbol (Site Identity button) to the left side of the address bar. This ensures that everything is encrypted and you’re connected securely to the website.
  • Review App Permissions on Your Mobile: Check your mobile app permissions one by one and delete apps whose privacy and security policies don’t make sense. Regularly perform a scan for viruses and other vulnerabilities on your device, and invest in legitimate protection software.
  • Use Your Card Only at Trustworthy Locations: Use your card only at ATMs or locations that are secure and trustworthy. For example, it’s wiser to use an ATM inside a mall compared to an external ATM without a security guard in sight.
  • Avoid Using Public Wi-Fi: Public Wi-Fi is not recommended for financial transactions since it’s not secure. Hackers may use it to access your sensitive data.

What to Do If You’re a Victim of Credit Card Fraud

If you think you’ve been victimized by credit card fraud, here are the steps you should take:

  • Call Your Bank ASAP: Inform the banking representative about the irregular transactions and ask them to cancel the existing card. The bank may send a new card with a different account number, CVV, and expiration date.
  • Change Your Login Credentials: Exercise heightened caution by changing your account usernames and passwords for all credit cards and e-commerce accounts.

Reporting Credit Card Fraud in the Philippines

If you’re a victim of credit card fraud, report it to the Philippine National Police’s Anti-Cybercrime Group:

Punishment for Credit Card Fraud in the Philippines

Under Republic Act No. 11449, individuals who commit credit card fraud can face a penalty of life imprisonment and a fine of up to ₱5 million.

Final Thoughts

Credit card fraud is a serious issue in the Philippines, but with proper precautions and knowledge, you can protect your credit card data. Always think before you click, and do your research to stay safe online.