P507M lost to credit card fraud in 2016

Filipinos lost nearly P507 million to credit card fraud last year, a banker said at a conference held by the Philippine National Police’s Anti-Cybercrime Group (ACG) on Wednesday.

Gerry Santos, a member of an informal group of bank managers guarding against fraud, said “total loss” from credit card fraud reached P506,850,866.97, with an estimated 80,000 cases not reported to the police.

“This is for 2016 only and it just involves credit cards,” Santos said, noting that the figure does not involve ATM card fraud.

“I think [that at] the first ACG summit in 2013, they presented ATM card loss at P220 million. In 2014, it became P400 million. In 2015, it somehow escaped the limelight but I tell you it’s much higher,” Santos said, adding that ATM fraud reportedly reached more than P600 million.

Scam complaints

He noted that since last year, the ACG has received a total of 555 online scam complaints, 44 of which were reported since the beginning of 2017.

Most of the victims were into online buying and selling, as there were around 80,000 transactions involving fraudulent cases last year, he said.

Santos added that the loss from online fraud involving the use of stolen credit card information amounted to P263,664,139 last year.

“That’s where the trend is. Your credit card information is compromised online. And then, (the fraudsters) use your card account’s information online,” he said.
Protection measures

To protect themselves from online fraud and identity theft, consumers should make sure they know the person or entity they are giving information to over the internet, he advised.

“Monitor your accounts and monthly statements thoroughly, ensuring that all the activity is accurate. If your account statements are late, immediately contact your bank to ascertain if and when they are mailed,” Santos said.

Online shoppers should also check the “privacy policies” of online merchants and avoid dubious websites.

Bank customers should also be wary if they get e-mails supposedly coming from their bank and asking for personal information.