Fraud Credit Card Transactions

[takumi]

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I need you opinion on these or sa mga naka experience.

Last Sept. 28, naay nangawat sa akong card without my knowledge. Naay nag pretend nga tenant nga mu rent sa akong balay. Since nag inquire man, so nakig storya ko. Ga taxi ra to siya padung sa subdivision. Then nilakaw na ang taxi driver. Sige namo storya, sige kog gunit sa akong bag kay stranger lagi akong ka storya. Now, after nya check sa balay, mu rent daw sya sa akong balay. So nagka negotiate nami. karon humana man negotiation, so need nako mugawas kay kuhaon pa nako akong anak. Since wala man syay ride, nya layo man main road, so alangan man pud ako siyang palakton. So I said sakay nalang siya nako. Nagdali lagi ko kay need na nako kuhaon akong anak, ingon siya sa likod lang daw siya lingkod para daw akong anak sa atubangan nalang. Ingon ko atubangan nalang oi, mura man tag driver, but insist jud siya likod lang daw siya. Akong bag pirmi man na tapad nako. Maybe mao na to nga time ga maneho siyag ku-ot sa akong bag kay busy man kog drive. Then nagpa drop siya sa Ayala around 2pm. Then kuha nako akong anak, then uli na sa balay.

Sus, mga 3:52pm nanawag nako ang Metrobank ga purchase ba daw ko ani nga mga items on that day. Na shocked ko kay wala jud ko ga purchase ato nya naa na baya ko sa balay nya wala jud ko nitikang ug ayala. Didto nako ni ukay sa akong bag nga nawala na akong pitaka nga naay Metrobank Card ug akong Driver's License. Sus maria! Gigamit akong card purchased sa Ayala mall cebu, mga 5 transactions, 2 small amounts nga less than 1000. Then 3 big amounts ranging from 20k-39k basta nag total ug 60k tanan. Sure ko katong bayhana gakuha kay siya ra jud akong kaistorya atong adlawa. Hibung pud ko nga akong credit card special baya to kay naa man nay online ang Metrobank muhatag free photo nga gusto nimo ibutang sa among card, pirmi jud na family pictures namo akong ipa-print sa card. Katong babai nangawat, tambok ra ba kaayo nga lagom. Ka gamay ra ba nako nga babai. Niwang pa jud ko, nya d pud ko parehas ato ug dagway, layoooo ra kaayo! Hibung pud ko ngano ang merchant wala man nangayo ug identification sa card holder nga usually if dinagko nga purchases, pangayo-an man jud kag I.D. ana para sure imoha ng card. Sa Sm City gani, naa ra koy gipalit sa Havaianas ha, tag 900 nga tsinelas, gipangayo-an man gani kog ID. Gidayg gud nako ang cashier, then she replied, gi brief man jud mi sa BDO mam kay kami man makabayad kung fraud trabsactions.

Told Metrobank, I never purchase those items. Last fraud transaction was 3:48pm...They called me mga 2 minutes later informing me of the fraud (meaning sila mismo naka notice nga fraud ang transaction kay laliman ka ga sunod ang purchase, di baya ko tig purchase ingon ani kadagko nya sunod pa jud), then I called Metrobank right away around 3:58pm. So 10 minutes ra gikan sa akong pag report ang last fraud transaction.

Now, ni file kog dispute sa Metrobank kaning 5 items nga fraud transactions. wala jud nako gigamit na akong metrobank card to think nga mao jud ta ni akong main card pirmi gamiton kay pwerte na nako kadugay nga client ani nila. Until ma settle ni ang fraud, d jud ni nako gamiton. Akong gibayran last kato ra akong mga gipang-purchase and never intend to pay those fraud purchases!!!

Laliman ka 2002 pa ko card holder ani nila ha. Bisan kas-a wala jud ko na delay sa akong mga responsibilities to pay ON-TIME! Then karon mao ra ni ilang letter ehatag nako after an agonizing month of waiting:

THANK YOU FOR INFORMING US OF YOUR CONCERN REGARDING YOUR METROBANK MASTERCARD NO. XXXXXXXXXXXXX

WE ARE COMMITED TO EXERT ALL EFFORTS TO PROTECT YOU FROM UNAUTHORIZED USE OF YOUR CREDIT CARD. AS SUCH, YOUR CARD WAS IMMEDIATELY BLOCKED BY OUR FRAUD AGENT LAST SEPT. 28 UPOM RECEIVING YOUR REPORT AT 3:58PM.

HOWEVER, YOUR CARD WAS USED FOR SEVERAL TRANSACTIONS PRIOR TO YOUR REPORT.

BASED ON THE TERMS AND CONDITIONS GOVERNING THE USE OF CREDIT CARDS ISSUED BY METROBANK CARD WHICH YOU IMPLICITLY AGREED UPON YOUR ACCEPTANCE OF YOUR CARD SHALL CONTINUE TO BE LIABLE FOR ALL USAGES PRIOR TO THE CARD'S RECEIPT OF ADVISE OF THE FACT OF THE CARD'S LOSS OR THEFT, INCLUDING BUT NOT LIMITED TO FRAUDULENT TRANSACTIONS AND/OR FORGED SIGNATURES BY ANY PERSON. THEREFORE, WE WISH TO ADVISE YOU THAT THE TRANSACTION IDENTIFIED ABOVE WILL FORM PART OF YOUR OUTSTANDING BALANCE.

Galagot jud ko sa letter! Can please someone enlighten me how to fight for this? Kay bisan kamo sa akong lugar, mubayad kaha mo ani Please gusto ko mga tarong ug opinions lang. Salamat kaayo.

[necrotic freak]

Kung madakpan tong bayhana kasohan to siya ug RA8484, Access Devices Regulation Act of 1998.

Pero kay matud pa sa Metrobank bayaran gyud to nimo ang na purchase prior sa imong pag report nila, so bayaran gyud to nimo ang 60k pesos sa next billing statement nimo. Pero kung dili jud ka gusto maka bayad, then do not pay them.

Dayon, magpa register dayon ka diri. Support group na siya para sa mga credit card defaulters nga gipang harass sa banko.

Log in

Basa2x sa ilang forum daghan mo tabang nimo diha ug unsaon pag diskarte. Manila based na pero naa pod taga cebu diha.

[takumi]

nanawag dayon ko sa metrobank pag dawat nako ron sa letter. ingon sila pwede daw ko mu re-battle ani. so ni explain na pud kog balik through email. huwat na pud ko sa tubag.

[starcatch]

weew...malasa jd...ayaw bayad ts oi..if sa akong card to na hitabo dili jd nako bayaran..bahala na...amnesty nlng..

[cesar_jr12]

ahaka gud.. pwede ra diay magamit lain CC sa lain taw? dba naa mana signatory?

[cebu.opportunities]

^ hmmm, scary if naay mo tubag sa question above ky awaton unya sa uban.

pero yeah, daghan ways pra makagamit sa CC sa lain tao pero hopefully di moabot sa bad hands.

[jhamkha]

ahaka gud.. pwede ra diay magamit lain CC sa lain taw? dba naa mana signatory?

dpnde mn kung wla kay signature sa luyo sa imo CC ok ra nila and naa pd uban pangitaan rkag I.D kung n.match ang signature and pic.

[SnowPH]

Last fraud transaction was 3:48pm...They called me mga 2 minutes later informing me of the fraud. I called Metrobank right away around 3:58pm. So 10 minutes ra gikan sa akong pag report ang last fraud transaction.

First of all, I want to express my sympathies.. @takumi

In your case, I believe there's no other way or option but to pay the demanded charges for those 5 items fraudulently purchased. You can write a rebuttal letter like what you said you did but it's more like a hopeless case. As far as I'm aware of, all the banks here in the Philippines stipulate under their contracts or 'Terms and Conditions' that purchases (fraudulent or not) MADE PRIOR to the time of report of loss or theft will hold the CC holder FULLY liable to the exact amount of charges made by the unauthorized user EVEN IF the signature of the CC holder is proved to be forged. Failure to pay will result to breach of contract and the bank will definitely file a case. Unlike in the US, there's a limit as to how much a CC holder will pay the bank for fraudulent charges regardless of the exact amount or charge made on the card by the unauthorized user. (I know.. Philippine law lacks protection for CC holders in this circumstance and it really suck bigtime!)

Basically, you agreed to the contract (aware or unaware) since you signed it. So.. it's really unfortunate.. (I'm not sure) BUT I believe the bank will give you full amount refund for the cost of the fraudulent transactions IF that b!tch is identified and proven to have made the fraudulent purchases. Hopefully, that time comes and di na ikaw ang gukdon sa bank but siya..

Good luck and God bless..

[takumi]

I found this blog. I couldnt imagine philippine law never protect us well regarding cc's

I wrote the post below about 3.5 years ago, and I am posting it again today for a number of reasons, one of which is that I am in the middle of another credit card situation and am working it out as I type this. However, I wish to reiterate (to a much larger audience/readership of Marketmanila.com today) several risks that put the onus or burden on the consumer rather than the credit card company. I am getting so sick and tired of credit card companies charging what are in my opinion close to usurious interest rates, using profits from responsible consumers to fund unusually high delinquent accounts and yet still make very high profits, AND effectively placing the bulk of the risk of loss on the consumer even in cases of theft, forgeries, etc. I wish whoever wins the May elections for President will support a NEW consumer rights bill with respect to credit cards… it would affect/protect some 2+ million productive members of Philippine society and force big business/banks/credit card companies to act in a manner consistent with other countries with extensive credit cards businesses around the the globe.

Here’s a bit of a reminder in case you have had blinders on lately:

!. If your current credit card company charges a 3.50% Monthly (compounded) interest rate on outstanding balances, you are effectively paying an annualized interest rate of 51.11%!!! Considering that the best deposits on your funds today are probably yielding some 2-3% per annum, that translates to a gross spread for banks of some 48.00% per annum! If you are a prime customer, and are only being charged 3.00% per month, then the annualized rate is 42.58%! If you miss making a monthly payment on time, the late fees and interest rates of some banks at 7.5% are EQUIVALENT to an annual rate of over 130%!!! These rates are comparable/even far worse than what pawnshops charge and other forms of “fringe” financing. It is interesting to note that the term “USURY” is often defined as “charging excessive or exorbitant rates of interest”. Now when are lawmakers going to decide what is usurious or not? Calling any credible congressmen… I would be willing to volunteer my analytical and financial background for FREE if you want to make these credit card laws more consumer friendly!

2. Credit card companies in the Philippines appear to have very high loan losses on credit card outstandings, estimated between 15-20%, so it seems that the credit quality of borrowers is something that banks don’t seem to strictly manage. Why should good customers who have paid their bills on time, be penalized with high interest rates to make up for an unusually high delinquency rate? Having said that, even if 20% of all outstandings aren’t paid back, since the card companies are charging some 40%+ in interest, they STILL potentially make a lot of money on their credit card businesses.

3. The Philippines is one of the few countries where the credit card companies have CLEVERLY managed to get LEGISLATION that is ANTI-CONSUMER in that if your credit card is stolen and used by a thief, it is the CARDHOLDER who is liable for the charges until the credit card company is verbally or in writing advised of the loss. Therefor, no merchant, no credit card company has the legal incentive to PROTECT its clients, rather they have the RIGHT to go after innocent cardholders, more on this, read below…

The general intelligent wisdom is that one should carry “plastic” or credit cards instead of cash, so that if you are pickpocketed or murdered and your wallet is stolen, then the thief gets your cash and possibly attempts to use your credit cards. In most intelligent, logical and consumer friendly societies, any fraudulent use of your credit card would not be your liability and the credit card companies swallow the loss and use their insurance or their specific reserves to cover such instances. That makes sense, right? In fact, credit card companies in the United States specifically tell you that you are only liable for say $50 in case of theft, whether or not you had the chance to call the card company before the thief got to use your card. That would be a reason why one would carry plastic instead of cash. But we live in the Philippines, the land of occasionally utterly stupid, senseless and bizarre credit card and other laws put in place or perpetuated or unchanged by some idiots who themselves have been reported to charge on their local credit cards outrageously expensive watches for their teeny bopper kids while they “serve” their countrymen…

What am I blathering about? It seems that in the Philippines, if you own a credit card and it is stolen, the cardholder is completely liable for all the fraudulent charges up until your credit limit unless you have already phoned the credit card company to warn them you have lost your card. So what if your card was stolen from your hotel room or gym locker room while you were playing tennis and you didn’t notice the loss till the next day? Yup, you got it. It’s completely YOUR ass that is on the line. In other words, if you don’t inform the card company, they hold you liable for the losses, and that is the ridiculous law at the moment. In other words, it is actually potentially far more costly for you to carry a Philippine credit card as you could lose thousands and thousands depending on your credit limit rather than just the cash in your wallet.

When I learned of this pathetic situation a few months ago when acquaintances lost their wallets and thieves racked up massive bills on their behalf, I intentionally started to leave most of my local credit cards at home. I didn’t put a post on the matter then as it would seem like I was just harping at a law that is impossible to change. But events in the past 24 hours lead me to post this warning for the benefit of my readers and your friends. I kid you not. If you have say a PHP100,000 limit on your card and someone else charges on it, you will be required to pay that PHP100,000 or be in violation of the law as it is currently written; in fact, in theory, you would be the criminal with the liability to the credit card company.

Never mind that your card was stolen, that the charges were fraudulent, that the signatures are false and that you had an unusual level of charge activity…it is YOUR ass on the line. And for that privilege you pay a hefty annual fee and a nearly usurious (in my opinion) 3.5% per month interest charge on any outstandings (that translates to over 50% in compound annual interest for those of you who never bothered to calculate it!). So what good is the local credit card if your potential liability is worse than the cash in your wallet Why can’t lawmakers read this and do something about it? Where do all those annual fees go if not to put measures in place to protect customers? Out-bloody-rageous, if you ask me.

Here are Marketman’s serious tips to help insulate you from unnecessary credit card losses; please forward to your friends if you care about them:

1. Check your local credit limits right this instant. If the total credit limits far exceed your normal or even peak usage, call your credit card companies IMMEDIATELY and ask them to lower your limits to a level you can truly manage.

2. When you go out and it is not likely that you are going to max out your cards, do NOT bring all of your local cards with you…leave some safely put away at home.

3. Every evening when you get home, check your wallet to make sure all of your credit cards are in their slots, if not, call the credit card company immediately even if you are unsure where your card is. It’s easier to have a new one issued than to risk a PHP50,000 charge on your stolen card.

4. In a restaurant, always leave those faux leather jackets/folders that they use for credit cards OPEN on the dining table, this will make you more cognizant of the fact that you may have left your card still in the jacket.

5. Beware of unsolicited increases to your credit limits, reject these unless you really use the additional limits. Just think, if 500,000 consumers are given a PHP20,000 increase that is PHP10 billion more in open credit limits and if only 1% are subject to fraud, that is a potential PHP100 million that the credit card companies can come after clients like you and me for!

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Is there any other means "diskarte" how to get away from this stypid philippine law on cc?

[emailroy2002]

oh my God.

this banks are money guzzlers. i hate having credit cards.

now i only have none!

its not safe..