Credit card fraud is present in our country, although its prevalence is subject to debate. In the cases I’ve handled, a SINGLE fraudulent transaction amounted to millions of pesos. A newly-created task force addresses the dilemma of whether a credit card company, which oftentimes absorbs the loss, should spend more money in prosecuting a frudulent credit card transaction without the active participation of government agencies.
Under Republic Act No. 8484 (the “Access Device Regulation Act of 1998″), in case of loss of an access device (a credit card, for instance), the credit card holder must notify the issuer or the credit card company of the details and circumstances of such loss upon knowledge of the loss. Full compliance with this procedure would absolve the credit card holder of any financial liability from fraudulent use of the credit card from the time the loss or theft is reported to the issuer.
(Read the full story at the Forum. See also: Credit cards - How to Stay Ahead of Runaway Credit Card Debt.)
has there really been a case when one was locked up because of credit card? ra 8484. i lost my job, and i have not been able to pay for my card for about 5 months. i have been receiving text messages regarding them filing for a case against me, or that they have sent a person for ocular inspection. thanks. hoping for your immediate response.
is there any law that states or defines the creditors’ limitation in terms of collections? when is it considered HARASSMENT?
is there really an existing team well equipt to combat this kind of scam?.. how come they haven’t catch any big fish until now?.
Me nakukulong po ba sa utang sa card? khit po willing k naman magbayad? pano po 45k lang utang mo tpos sabi nila is 130k na, possible po b un? lalo po kasi kming di makakabayad kung ganon ang gagawin nila, tulong naman po. tnx