THE Bangko Sentral ng Pilipinas (BSP) Dumaguete branch has warned credit card users not to entrust their cards to any shops or restaurants for swiping without them watching.
BSP Financial Literacy Learning Center manager Dr. Greg Baccay III cited this advice in a Kapihan forum on “Consumer Protection” in observance of the National Consumer Welfare Protection Month this October.
Baccay pointed out that the personal information details in the card might be copied and gives the pilferers or thieves an access to use the card for online purchases.
“When your credit cards are being swiped, make sure to follow and see the employee swiping. What we usually do at the restaurant we just give it or entrust to the employees,” the BSP official said.
However, the BSP now requires the banks to follow the one time password (OTP) system that messages the card owners first before a transaction online; banks however have not adapted this system yet.
Baccay also addressed several issues regarding common frauds and scams including text scams, ATM skimming, ponzi/pyramiding scheme, spurious investments, identity theft, phishing, spoofing, Nigerian scams, budol-budol, and dugo-dugo scams.
The BSP also cautioned automated teller machine (ATM) users not to fall prey to fraudsters, although Baccay said the banks have improved its security measures to prevent ATM skimming.
Card skimming is illegally copying of information from the magnetic strips found on ATM cards.
“Do not subject yourself to high risk, if you withdraw money in ATMs located in a dark place, these may be suspicious of having an attached skimming device,” said Baccay.
The central bank also warned bank clients to be careful against phishing and spoofing, fraud acts by asking personal information through emails such as username, password, account number, card number, or birthday.
In case of being victimized, the BSP advised the public to verify or report the case to their bank immediately. /PR
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