Credit card companies in the Philippines say a scam which involves swapping SIM cards to bypass one-time password checks is the most rampant scheme during the COVID-19 pandemic
MANILA, Philippines – Credit card firms urged telecommunication companies and regulators to address credit card fraud stemming from SIM card swap schemes, as incidents rose 21% amid the coronavirus pandemic.
The Credit Card Association of the Philippines (CCAP), which comprises 18 major credit card players in the country, sent letters to Globe Telecom and Smart Communications, as well as the National Telecommunications Commission (NTC) and the House of Representatives, noting that the industry “has been experiencing high volumes of fraud cases causing financial detriment.”
CCAP said the “Virtual Account Take Over” scam had the highest number of incidents. The scam involves taking over and gaining access to the one-time passwords or OTPs of customers, enabling criminals to perform OTP-validated online transactions.
CCAP urged the telcos to tighten their existing Know Your Customer (KYC) processes when onboarding new prepaid and postpaid customers, particularly during the identity verification process where customers request to change mobile numbers when declaring a lost or stolen mobile unit.
“We respectfully request that this be addressed urgently. Perpetration of a successful unauthorized SIM swap will affect both the telcos’ and the banks’ customers, resulting in financial losses, loss of public trust and confidence, and close scrutiny from the regulators,” CCAP said.
CCAP also pushed for the immediate enactment of House Bill No. 5793 and Senate Bill No. 2395, measures on SIM card registration which were approved on third and final reading in both chambers of Congress.
The bills aim to create a system of sale and registration of SIM cards and to help law enforcers track down those who use mobile phones to engage in criminal activities.
CCAP also urged the NTC to establish ways for consumers to immediately report phone numbers being used for malicious intent. – Rappler.com
Click Here For The Original Source .
Recently, SEC Chair Gary Gensler issued fresh warnings about cryptocurrencies amid Bitcoin's surge to a…
Pay Dirt is Slate’s money advice column. Have a question? Send it to Athena here. (It’s anonymous!) Dear…
By Virma Simonette & Kelly Ngin Manila and Singapore14 March 2024Image source, Presidential Anti-Organized Crime…
Technology has disrupted many aspects of traditional life. When you are sitting at dinner and…
Reports of suicides, missing bodies, sexual kompromat and emptied bank accounts as fake sangomas con…
A South African woman has been left with her head in her hands after she…