Credit card companies said the passage of the SIM card registration law will reduce cases of fraud and other illegal activities amid a proliferation of crimes targeting the financial sector since the start of the COVID-19 pandemic.
The Credit Card Association of the Philippines (CCAP) has welcomed the law which would require mobile phone subscribers to register their cards and present documents to verify their identity.
The association said fraudulent credit card activity had jumped 21% since March 2020, with the sharp increase amplified by the widespread shift to online transactions due to mobility restrictions.
“Over the past two years, since the acceleration of digital payments due to the global COVID-19 pandemic, CCAP has pushed telecom industry players, regulators and lawmakers to adopt stronger measures and to enact laws against fraudulent SIM-related activities,” the association said. in a report.
He was among the groups that lobbied for the SIM Card Registration Act or Republic Act No. 11934.
“We have fully supported the ideals of the SIM Registration Act and that, despite its disapproval in December 2021, we have continued to follow through on any interim measures that we can implement through the service companies. telecommunications and the National Telecommunications Commission,” said CCAP President Rolando Ebreo. said.
Ebreo has high hopes that the law will fulfill its purpose of preventing or reducing fraudulent activity.
“With the SIM Registration Act, we are ready as a nation to combat this malice and once again add a layer of protection for our Filipino consumers,” he said.
“This will help mitigate, if not prevent, fraudulent messages containing links used to trick victims into disclosing their information. It is a realization of our drive to institutionalize measures that protect our customers,” he said. added.
Meanwhile, CCAP executive director Alex Ilagan said they would also focus on educating customers about scams aimed at compromising their financial accounts.
Ilagan further highlighted the important partnership between the industry and Bangko Sentral ng Pilipinas to provide credit card debt relief through the Interbank Debt Relief Program.
“As the effects of the pandemic linger, CCAP and its members will continue to work together to provide more liberal debt restructuring or forbearance programs to allow cardholders in financial difficulty to repay their obligations and regain good credit,” he said.
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