Since the COVID-19 epidemic broke out, fraudulent credit card operations through remote and other digital payment channels have surged by 21% in the Philippines as customers turned to these methods to deal with mobility issues, according to the Credit Card Association of the Philippines (CCAP).
Thus, CCAP, which is made up of the 18 biggest credit card companies in the nation, mobilizes member-issuers behind its continuing #FightBudol campaign, boosting the advocacy for responsible credit card use and improved cardholder safety.
From July 18 to July 22, CCAP observed Theft Awareness Week by launching parallel social media initiatives to inform and increase awareness among Filipino customers about preventing credit card fraud.
According to CCAP executive director Alex Ilagan, “Fraud cases have been on the rise due to the growing acceptance of various digital payment platforms, causing financial detriment to the industry,”
The CCAP warns customers to be on the lookout for these four new tactics used by con artists to seduce their victims:
Scam of surrendered cards: Here, the fraudster poses as a bank employee and offers the victim increased credit card limits and a lifelong remission of yearly fees in order to deceive the victim into giving over the card.
To read our blog on “Credit cards and bank accounts used to trade cryptocurrencies have been frozen by FIA,” click here
