Watch out for new credit card scams

Fraudulent credit card activities via remote and other digital payment channels have increased by 21 percent in the Philippines since the COVID-19 pandemic erupted as customers shifted to remote and other digital payments to deal with mobility restrictions, according to Credit Card Association of the Philippines (CCAP).

CCAP, comprising the country’s 18 major credit card players, thus rallies member-issuers behind its ongoing #FightBudol campaign, strengthening the advocacy toward responsible use of credit cards and enhanced protection of cardholders.

CCAP marked Fraud Awareness Week on July 18 to July 22 by simultaneously mounting social media campaigns that aim to educate and raise awareness among Filipino consumers on fighting credit card fraud.

“Fraud cases have been on the rise due to the growing acceptance of various digital payment platforms, causing financial detriment to the industry,” says CCAP executive director Alex Ilagan.

CCAP advises consumers to watch out for these four modi operandi or new ways scammers or fraudsters exploit to lure their victims:

1. Surrendered cards scam: Here, the fraudster tricks the victim into surrendering the card by posing as a bank personnel and offering higher credit card limits and lifetime waiver of annual fees.

What to do: Never surrender 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…