Sunday, July 1, 2007

Don't Lose your Credit Cards!

A number of credit card holders were recently victimized by a "salisi" thief when their office was intruded by the robber. They only realized that their wallets were lost toward the end of the work day, and immediately they reported the incident to their respective credit card companies. However, it was too late. A shopping spree for the thief and his friends! P100,000 worth of purchases have fraudulently been made using the credit cards.

The victims wrote to the Bangko Sentral to report about the incident. Unfortunately, the bank regulator couldn't do much. Here is BSP's reply...

"As regard your concern on the charges made to your credit cards prior to reporting these lost, we regret to inform that inasmuch as your disputed concerns are contractual in nature, the Bangko Sentral cannot settle such cases as it is not within its authority to do so."

"We suggest that you try once more to request the banks to reinvestigate your cases and for them to look more kindly on your predicament as they might find a more suitable solution to your problem. If the banks will not agree to reverse the charges, as they most likely will, the next best course of action is to ask for more reasonable and affordable paying terms."

"Lastly, may we take this opportunity to remind you to please carefully read all terms and conditions before entering into contracts, be extra vigilant in handling your credit cards and to report loss of the card as soon as possible, to avoid similar situations from recurring."

I just wonder why some credit card issuers who previously issued cards with pictures have stopped offering these photocards. This would have been a pretty good security feature that could have prevented fraudulent transactions.
I also propose that regulators come up with a policy that allows credit cards to only be used upon presentation of a valid ID with picture. Also, it is noted that most retail establishments are very lenient in accepting credit cards as mode of payment, oftentimes neglecting signatures, and so these establishments must also take the blame for allowing fraudulent transactions to take place.

5 comments:

THErapist said...

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Kat said...

Naku tingin ko same suspect yan dun sa robbery sa office namin dati. Nanakawan yung 2 managers namin tas nagamit yung credit cards nila in a snap.

Ang alam ko lang na mahigpit is yung Citi. Pag maxed out yung card in one transaction, tatawagan ka muna to verify na ikaw talaga yung may-ari ng card. Pero for maxed out lang yun.

kegler747 said...

Citibank changed by cc twice kse daw nagtransact ako sa isang online site na na-hack daw. Ang alam ko lang naman na online site na binilhan ko ay cebu pacific. Citibank dont want to confirm it is really cebu pac when i called them.

Dexter said...

i paid quite a hefty amount in one lunch out just the other day. after a few minutes, an officer from AIG credit card called me up via mobile phone to confirm if i indeed made the transaction. kudos to AiG! Job well done!

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