Beware of new credit card scams


Fraudulent credit card activity through remote payment channels and other digital payment channels has increased by 21% in the Philippines since the eruption of the COVID-19 pandemic, with customers turning to remote payments and other digital payments to address mobility restrictions, according to the Credit Card Association of the Philippines (CCAP).

CCAP, bringing together the country’s 18 major credit card players, is rallying member-issuers behind its ongoing #FightBudol campaign, strengthening advocacy for responsible credit card use and stronger protection for cardholders. Map.

CCAP marked Fraud Awareness Week from July 18-22 by simultaneously running social media campaigns aimed at educating and raising awareness among Filipino consumers on the fight against credit card fraud.

“Cases of fraud have increased due to the growing acceptance of various digital payment platforms, causing financial harm to the industry,” said CCAP Executive Director Alex Ilagan.

CCAP advises consumers to beware of these four modus operandi or new ways that scammers or fraudsters exploit to lure their victims:

1. Card surrender scam: here the fraudster tricks the victim into surrendering the card by pretending to be a bank staff member and offering higher credit card limits and lifetime waiver of charges. annual fees.

What to do: Never give your card to anyone. Banks will never ask you to submit your credit card for replacements or upgrades. Dispose of your old cards properly by punching holes in their magnetic stripe or chip to ensure they cannot be reused by anyone.

2. Account takeover: This is when a fraudster calls the bank’s customer service, with the aim of gaining access to a victim’s account. The fraudster will impersonate the customer, attempt to complete all positive identity checks, and request changes to the account, such as cell phone number and card delivery address. These changes aim to intercept one-time passwords (OTPs) sent by banks for e-commerce transactions.

What to do: Be vigilant and follow bank notifications regarding any changes to your credit card account. If you received such a notification or OTPs for transactions that you did not perform, immediately call your bank.

3. Phishing, vishing and smishing: These are tactics aimed at tricking victims into disclosing sensitive information. Phishing is done by email, vishing by phone and smishing by SMS. Fraudsters pretend to be from the bank and offer fake promotions, services or security checks. Once the victim discloses their card information, the fraudster can make unauthorized online purchases.

What to do: Keep your card details (especially card verification value or CVV and OTPs) confidential, even from callers pretending to be from your bank. Banks will never ask you for your CVV and OTP via call, text or email links. If you accidentally leaked your CVV and OTP to a third party, call your bank immediately.

4. SMS Spoofing: This is an advanced type of smishing fraud in which the fraudster is able to impersonate and send fake SMS using the SMS sender’s id or real name of the target bank. Using SMS aggregators or gateways, fraudsters can trick victims into believing that the SMS is legitimately coming from the bank.

What to do: Don’t click on unknown links sent via SMS, even if the sender ID appears to be from your bank. Your bank will never ask you for your CVV and OTP via SMS links. If you receive a text message that appears to be asking for your credit card information, ignore it.

“The fight against financial crime is a shared responsibility. Thus, we urge everyone to help us in our continued fight against these progressive fraudsters,” CCSI said. INQ

Through its #FightBudolMovement campaign, CCAP and its members continue to educate their credit cardholders on how to fight fraud. For more information, visit CCAP’s website: or follow CCAP’s Facebook page,, for more consumer advice.

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