Friday, March 29, 2024

With credit card fraud up 21%, Gordon calls for signing of SIM card registration bill

Citing that credit card fraud rose by 21 percent during the pandemic, re-electionist senator Richard J. Gordon urged on Wednesday, Jan. 12, the House of Representatives to expedite the passage of a counterpart measure mandating SIM card registration.

Sen. Richard Gordon

“We call on our colleagues in Congress to act on this measure as there has been a sharp rise in fraud caused by SIM card swap schemes, committed by new-age criminals who are out to milk innocent customers,” he said in a statement.

Gordon is unaware, however, that the lower chamber already passed on third and final reading its version of the bill last Dec. 6, 2021. This was ten days before the Senate even approved its own counterpart measure.  

Gordon, who chairs the Senate Committee on Government Corporations and Public Enterprises, said the measure has become even more urgent during this pandemic where people are struggling to make both ends meet.

The Credit Card Association of the Philippines (CCAP), an organization of 18 major credit card firms, wrote to the National Telecommunications Commission (NTC) and telecom firms Smart Communications and Globe Telecom after SIM card swap-related cases rose by 21 percent during the pandemic.

The CCAP relayed that criminals resorted primarily to the “virtual account take over” scam where hackers gain access to the credit card owner’s mobile number, allowing them to intercept the one-time password (OTP) needed to authorize online transactions.

It called on the NTC and the two major telecommunication players to immediately address the issue as the continued commission of crime affect customers’ trust with banks and the telecom companies themselves.

Gordon said the proposed SIM Card Registration Act will allow authorities to zero in on fraudsters and their numbers through the mandatory registration of SIM card numbers.

“Once there is a law that mandates telecom companies to screen and record every SIM card owner’s pertinent details, we can make sure that the syndicates behind the online credit card fraud will be held responsible,” he pointed out.

“Unauthorized SIM swaps like this is another crime that authorities should also be able to look at seriously. We call on the NBI and PNP Cybercrime divisions to investigate and track down these criminals,” he added.

The Senate has submitted a consolidated report of the bill requiring several government agencies to formulate the necessary guidelines in the proper implementation of the SIM card registration process.

Failure or refusal of the owner to register their SIM card will result in denial of sale by retailer or loss of load credits after 30 days.

Meanwhile, Gordon also warned Social Security System (SSS) members and their employers to take extra precaution against scammers amid the recent rise in the number of fraudulent incidents.

He urged SSS members and their employers alike not to disclose sensitive information with others.

“We call on SSS members and employers not to divulge personal information such as their social security number, date of birth, and the like to people claiming as SSS employees,” he said.

Gagamitin lang ng mga kawatan na ito ang inyong impormasyon upang makapanloko at nakawin ang inyong pinaghirapang pera. Gusto niyo ba pagsapit ng araw wala kayong pension,” he added.

It may be recalled that numerous incidents of fraud and theft from bank account shareholders were reported last December, many of which were lured from a fraudulent e-mail that looked legitimate in a process also known as ‘phishing.'”

The SSS has also warned the public against joining social media groups that claim to aiding on various online transactions for a nominal fee, despite these services being available for free.

Gordon discouraged people from patronizing such illegal activities, for fixers are not responsible for any hitches that may arise in the performance of transactions.

“Considering there is a pandemic right now, we should be more patient in the processing of our papers. Going to fixers is never the answer because you are condoning illegal activities,” he pointed out.

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