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 fraudulent credit card transaction without the active participation of government agencies.
he PIA reports that the President issued Executive Order No. 573, creating an Anti-Fraud Task Force composed of the National Bureau of Investigation (NBI) and the Philippine National Police (PNP) to strengthen Republic Act 8484, or the “Access Device Regulation Act of 1998?.
The occurrence of credit card fraud is increasing and acquiring banks incur huge losses and suffer stunted credit card sales, ultimately threatening the survival of the credit card industry, including the negative repercussions in the domestic economy, the President said in the order that she signed Wednesday.
She said credit card fraud was a “form of economic sabotage as it creates a bad image for the country in the global market” at a time when the government was moving to boost tourism.
The Credit Card Association of the Philippines (CCAP) earlier appealed to Malacanang to give more teeth to its laws against fraudsters using illegally obtained information from credit cards, obtained mostly through store or restaurant personnel.
Although credit card fraud is not as widespread in the Philippines as in other countries – constituting less than one percent of credit card transactions here – the CCAP said there was a need for safeguards because of the inadequate security features of most credit cards in the country.
Of course, credit card fraud is present in our country. In the cases I’ve handled, a SINGLE fraudulent transaction amounted to millions of pesos. This task force addresses the dilemma whether a credit card company, which oftentimes absorbs the loss, should spend more money in prosecuting alone – without the active participation of government agencies – a frudulent credit card transaction.
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.
See also: Credit cards – How to Stay Ahead of Runaway Credit Card Debt; Credit cards and unfair collection practices; What would you do as a credit card company?
Related Posts:- What would you do as a Credit Card Company?
- Cash price vs. credit card price
- Credit cards and unfair collection practices
- Insolvency and Criminal Cases
Tinkering with internet tools comes with the bonus of better understanding how existing laws apply to the third wave - that of technology, particularly the internet. This is also a great medium to disseminate and discuss ideas across borders, time, color or creed. 
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sir, maraming salamat po… more power!
Gud day! Sir ask ko po sana, gusto ko mag complain sa anonuevo collection agent na kausap ko, na c tina but hindi ko alam full name nya. Pwede po ba makahingi ng format ng complain letter at till now meron tumatawag sa akin, iba naman name nya but the same taga anonuevo pa rin. At papano ko ilalaban ung naibayad ko na p10k last October 13, 2010
gusto ko rin po maiayos na makapagbayad ng tamang proseso. Saan ko pwede cend complain ko. Maraming salamat!
gud pm atty.,
may utang din po ako sa credit card at hnd ko po iyon mbyaran. ngpapadala po cla ng demands letter sa bhay at ntatakot po ung family ko dhil bk daw po mkulong ako. ndito po ako sa middle east ngaun at sb nila possible daw po akong mapauwi kung hnd ko babayaran ang utang ko. possible po ba un? ung molaer law firm cla ung naniningil sa citibank ko, at nkita ko dito na scam lang un. ano po ang dapat kung gawin? thank you po.
gen,
alam mo ng scam. bakit ka pa makikipag-usap sa mga scammers??
ung parents ko po ung nkakausap nila sa pinas, ntatakot po cla. pero mula ng mbasa ko po itong column nyo khapon,pinaliwanag ko po sa knila at sb ko wg ng entertain. thank you po ulit.
sir scam din po ba ung molaer law office? cningil po nila ako regarding sa eastwest ko.ngpadala po kc cla ng pulis sa bhay nmin at ntakot ung pamilya ko.may ibingay pong no.pr twgn ko tg prosecotor office dw cya,edit ung name tapos bnigay nya ung name ng atty.arturo shacita un dw may hwak ng kaso ko.ng twgan ko cya ns korte n dw ang kaso at sa nbi at dfa.posible daw akong mpauwi kc ns middle east po ako ngaun.umabot dw sa 157k ung utang ko pero 60k lng nmn ung credit limit ko.pngbabayad nya ako ng 70k pr mhugot dw ung kaso ko tapos ng lumaon naging 52k n lng.ntakot po ung pamilya ko ky ng pauna cla ng byad sa eastwest bank ng 20k. babayaran ko pa po ba ung 32k?ganon din po sa metrobank sa cabio law firm naman un,nkpgbayad din po ako ng 5k,at may balanse pa po akong 23k. ipinangutang pa po un ng pamilya ko. ano pong dapat kung gwin? salamat po.
hindi dapat magpunta ang pulis sa bahay mo para sumingil ng credit card na utang. ireport mo ang tarantadong pulis na iyon sa PNP at sa city hall, kung san lugar nakatira pamilya mo. peke ang pulis na iyon.
ignore mo lang ang mga sulat ni molaer at cabio. scam collection agency ang mga hayup na iyon. huwag kang magbayad kahit isang sentimo. huwag kayo makipag-compromise sa mga iyon. sabihin mo sa pamilya mo na huwag matakot kasi scammers lang kausap nila.
DITO SA PINAS, WALANG NAKUKULONG DAHIL LANG SA UTANG SA CREDIT CARD. HINDI KA DIN MAPAPA-UWI O MATATANGGAL SA TRABAHO.
thank you po sir. sayang nga po ung naibayad ko na 25k na inutang pa ng pamilya ko. anyway atleast ngaun mo naliwanagan na ako. more power po at god bless po.
MY KASALANAN DIN KAU DAPAT HNDI N KAU UMUTANG SA BANGKO, WALA NGANG NAKUKULONG SA UTANG PERO ANG ALAM KO NSA BAP ANG PANGALAN NG HNDI NGBABAYD SA CREDIT CARD AT MATAGAL BAGO MATANGGAL YUN, MAKAAPEKTO PO B YUN KUNG SAKALING UMUTANG ULIT CLA SA BANGKO? ANG KAPATID KO PO KASI AY MAY UTANG SA BANGKO.
JELL
sir ask ko lang poh. may utang poh ako sa rcbc cc ko. online poh akong nag apply sa card na eto at wala akong naipasang any docs pero after ilang weeks nagulat ako na approve at dumating na yung card. hindi ko na poh nabayaran ngayon kasi gipit poh talaga ako. nagtetext poh cla na for filing as civil case under r.a. 8484 na poh kapag di ako nakapag settle for 2 days. ano poh ang gagawin ko? kinakabahan na poh ako. pls reply poh..tnx
I have the same problem like the others who posted their comments here.been so confused and worried, even feared of the humiliation when they kept on calling in the office. Just yesterday I received a text claiming that they are from the credit card bureau and that a case will be filed against me (RA 8484). They even stated in the text that within 24 hrs of not hearing from me they will send their investigating team SOP. How true is this?I have not anymore my card for two years yet for the past years I’ve been religiously paying my debt from my two cc companie, it was only last march that I stopped paying them. I am not so sure if the one who texted me is from citibank since I started again paying my hsbc when they knew my whereabouts and been calling my workplace.
Another problem is that ,though I am paying Hsbc for the last 5 months, they still pressure me to pay a higher amount.They even seaid that they will send people from my office to investigate my capacity to pay?I am afraid of being humiliated by them.please help me
dear sir lito
alam nyo po nabasa ko lahat ang mga notes, comments nyo na umaabot na ng 3 pages…. karamihan ng mga nagpost dito ay katulad po ng nangyari sakin much more po yata kasi mga bad words na ang sinasbi..
me utang din po ako sa cc but actually, natapos ko na po bayaran ang hsbc, standard chartered, luckily cleared na po ako sa kanila…. but unfortunately after my husband’s operation that cost more than haf a million nahinto at naapectuhan ang finances ko which nakaapekto rin sa iba ko pang c.cards
ngayon, since last year hinaharass na ko ng certain mr. alberto of molaer office, nung una nakakabayad nako dahil ok naman ako kausap til sabi nila na 100 plus na ang utang but me anmesty offer of 15k tapos na ang utang ko… yun ang inuunti unti ko sana but pag naka miss ako ng payday payment.. ayun grabe na ang salita sakin ng walanghiyang alberto nayun!!! ang ginawa ko nagcomplaint ako sa eastwest bank at sinabi ko ang harrassment na ginagawa sakin at di ko na malunok.. come october ill stop paying again since nawalan ng work ang husband ko at now january eto na naman siya, bago na ang salita nya ang tanong lagi ay kung buhay pa daw ako at pinagtatguan ko ba daw sya… may God masusumpa mo kasi nahihigh blood po kami dito sa office… ano po ba ang dapat ko gawin sa albertong yun…. SALAMAT PO SIR NG MARAMI!!!
donie,
The first thing you should know is that there is no imprisonment for credit card debt. Walang makukulong dahil sa utang sa credit card.
Second, hindi ka kriminal dahil ikaw ay may utang sa credit card. Hindi totoo ang mga kasong sinasabi sa iyo ng collection agency.
Ang dahilan kung bakit ka hinaharass ng tarantadong alberto ay kasi kinakausap mo pa siya. Pag tawag sa iyo, bagsakan mo ng telepono. At kung makasagot ay officemates mo, ipa transfer mo ang call sa iyo. At pagdating sa iyo ng call, bagsakan mo ng telepono ang ulol na alberto. Hindi ka tatantanan ng animal na si alberto dahil nakakausap ka pa niya. Ewan ko naman sa iyo kung bakit winawalanghiya ka na ay nakikipag usap ka pa. Kung sinabi mo na masusumpa mo si alberto, bakit nagtitiyaga kang kausapin siya at makinig sa masasamang sinasabi niya. Sa totoo lang, donie, hindi kita maintindihan sa kilos mo.
Ang isa pang dahilan kung bakit ka hinaharass ng bobong si alberto ay kasi nagbayad ka pala. Ibig sabihin, may pera ka palang ibabayad sa utang kung ikaw ay ihaharass. Alam ni alberto na takot ka kaya tuloy tuloy ang ginagawa niyang kahayupan sa iyo. Tumigil ka nang magbayad. Bakit, donie, nagtatrabaho ka ba at si Mr. mo para sa ikagiginhawa ng low I.Q. na si alberto?
Patigasan ‘to ng mukha. Kung matatakot ka pa din, talo ka. Kung lalaban ka, as I suggested above, panalo ka. It’s all up to you. Make your choice.
Sir, may nakpagsabi po sakin na eventually yang mga collecting agency na yan eh e magooffer ng settlement. Yung payment naman daw po diretso sa bank ng cc mo then after that po the bank will issue a certificate na clear ka na from your debts sa cc. totoo po ba to?
dear sir,
ask ko lang po if scam din un icon capital at first maharlika collection management inc.? nagpadala po kc ng demand letter ang first maharlika containing that may utang ako sa rental sa isang malaking mall nakapangalan saken un dati kong pinapasukan na nag close na since 2003 pa..paano po un nangyari? sana po masagot nyo ako.
salamat po,
worried lady
Good day sir! we have the same situation ni natz n ngpost d2 nung Dec. 9,.,
Sa takot na maeskandalo at sa kakulitan ng Anonuevo collector, I paid 10k as initial payment ng utang ko,. and now they keep on forcing me to pay d full amount,. eh wala naman akong malaking halaga,. sa bawat pag uusap namin, lagi ko pinoprose na kaya k lng bayaran ung original ko na utang pero installment basis dahil masyado pa ring malaki,., pero always sagot nila kelangan in full,.
Gustuhin ko man i settle ung utang ko, hind ko makakaya kng ipapipilitan nila na bayaran k ng buo,.
Advise lng po ko kng anong mas mabuting gawin nagyon,.,
Thank you so much.
zen,
kindly read this blog:
http://money.wikinut.com/The-Lies-I-Heard-From-My-Credit-Card-Debt-Collectors-in-the-Philippines/.p7bd9c5/
Recently, me and my husband is harasses by these collecting agencies. There was one letter which we received that they will get our Real Properties, as if me Property kami except the one mortgaged from Pag-Ibig. And di ko lang talaga nagustuhan was they kept on calling my younger sister from work informing my sis that I have a pending complaint at this Police station and that I have a hearing on this date where I/We haven’t received any notices! I know my utang kami and its our obligation to pay, pro harassment can’t help!
May officemate din nagsabi sakin na bayad na ang bank because of the insurance at lawyer pa nagsabi sa kanya nun. I have 5 cc na puro interest nalang at yung annual fee nila ay pinapatungan pa interest kahit pa reverse ko ayaw nila so nde nako nagbayad khit piso .Ayaw ko na kasing gumamit ng cc sbi ng HSBC need ko daw i swipe 5 times in a month para magreverse cla.ano yun ?para lumaki yung balance ko at interesan na nman nila.sa dmi ng binayad ko sa kanila na sila pa inuuna ko sa needs ko i believe mtgal nako bayad sa kaliit liit na balance ko pero pinaabot nla ng 60 k sa mga ano anong charges.
Hi all…like others naka recieve din ako ng Email galing sa Collectors Agency with Threats…Sa case ko naman..Nung umalis ako ng UAE 2004 at nag trabaho sa Japan..yung sahod ko sa UAE HSBC pa rin pinapadala..pero bigla na lang sinabi nila na kailangan kong bayaran ang CC ko ng buo tapos i close ko na…napahiya pa nga ako sa isang Restaurant kasi denied ang CC ko..kaya tinawagan ko ang UAE HSBC at nag complain tapos nun binawas nila lahat ng charge ng CC ko sa Savings account ko hangaang 0 na account ko dun 2004 pa yun…several days ago lang nag surface itong email no to…bale kinaliutan ko na yung CC ko tapos ngayon magbayad daw ako ng 20,000 AED….Any advise please..
Gud Pm Sir,
Ask lang po may nagpadala ng Final Demand sa kin CASES CORPUS & ASSOCIATES. . scammers din po ba sila? saying that they will be conducting an occular visit at my home and office. Ano po dapat ko gawin. . nahihirapan po kasi ako makabayad eh. .
thank you po
I’m not yet a lawyer, but I have read a Supreme Court decision handed in September 2009 capping the limit of credit card interest to less than 24% per annum. If I’m not mistaken, it involved a doctor and the ponente was Justice Carpio.
What’s the significance of this to you? Very simple: If they sue you, they will be forced to reduce their penalty/interest charges to 24% or less. It means further that the next time they threaten to sue you, tell them “be my guest”.
One thing you must remember: A bank will not put good money on a bad deal. Pursuing a case will take a long time and will cost them money. That is why very often, banks sell your debt to collection agencies in what is called “factoring”. This is a very clever way of getting back the bank’s principal and leaving it to the agency to collect the balance, which becomes the latter’s profit.
Having said that, try to negotiate for a payment scheme that you can manage. The outstanding balance may be atrocious now, but the fact remains that you owe the bank/collection agency money, which you must pay. I also had a similar problem in 2008 with my two HSBC cards, but I was able to convince the collection agency to cancel 75% of the interest charges. You just have to hold out and let them know that you are willing to face them in court, if need be. Of course, once you already have a good deal, pay your debt.
Finally, don’t worry about going to jail. You won’t UNLESS — and this is something you have to remember — you hide from the collection agency or transfer to another place without leaving a forwarding address. Under the Access Device Law, doing so raises the presumption of fraud, which carries a penalty of jail time.
So the next time someone calls you about your credit card bill, entertain the caller, and if he/she threatens to sue you, tell them _________! (that’s right, “BE MY GUEST”).
May utang po ung mom ko sa BDO n cc nia she said it was only 13k tapos ngaun 30k+ na dahil dun sa interest. Maraming beses na nagpapadala ung MOLAER FIRM ng letters na kung di daw magbabayad huhulihin sya w/in 5 days since the letter was recieved tapos sabi pa sa letter na pati ung spouse ng nangutan will be liable. ..thanks po dun sa mga replies sa others who r complaining ngaun nawala na kahit papano ung tensyon ko na baka kunin nila ung mom ko anytime..
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