Senate To Investigate Credit Card Fraud, Unauthorized Bank Transactions
SENATE – The Senate will be conducting a probe into the the cases of credit card fraud and other unauthorized bank transactions.
The said activities revealed the lack of necessary mechanisms under current laws to ensure consumer protection, according to a report from GMA News.
Vice chairperson of the Senate committee on banks, financial institutions and currencies Senator Sherwin Gatchalian made the statement after he fell victim to the unauthorized use of his own credit card to purchase P1 million-worth of food deliveries.
“Mula noong ibinunyag natin ang pambibiktima sa aking credit card hanggang ngayon ay hindi humihinto ang pagdagsa ng mga reklamo na natatanggap ng aking opisina mula sa mga biktima ng unauthorized online bank fund transfers at credit card transactions,”
“Hindi alam ng mga kawawang biktima kung saan nila maidudulog ang kanilang mga hinaing. Dagdag pa rito ang kawalan ng mabilis na proseso para matugunan agad ang kanilang mga reklamo,”
VISIT: Senator Gatchalian Seeks Help From NBI After Hacker Used His Credit Card
Gatchalian added that the inquiry will focus on probing into the efforts of Bangko Sentral ng Pilipinas and other banks in safeguarding consumers against criminals.
He also said that he is considering filing a bill mandating consumer protection and education as the primary and strategic objectives of financial regulators in order for them to be able to address address financial inclusion and reduce incidents of credit card fraud.
Based on the report, this would save victims of fraudulent and unauthorized bank and credit card transactions from a lengthy litigation process from a lengthy litigation process.
“It’s like a double whammy for the victims who already lost their hard-earned money to fraudsters and then spend some more just so justice could be served,”
“Aside from consumer protection, there are a number of issues that need to be addressed especially on the aspect of cyber security — the challenges and best practices. Banks are very attractive targets for hackers and scammers especially during this time of the pandemic,”
What do you think of this report? How will you react to this? Let us know more about it in the comments below.
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