Credit card fraud and how to protect yourself

Filipinos need to be on the lookout for Internet scams as the prolonged-pandemic has become an opportunity for fraudsters to steal their hard-earned money.

In a recent study by global information and insights firm TransUnion, attempts to commit digital fraud against consumers in the Philippines increased during the coronavirus pandemic.

Based on TransUnion’s Global Consumer Pulse study, 44 percent of Philippine-based consumers have been targeted by digital fraud.

Fraudsters are always on the move to exploit, particularly the credit card. According to the Credit Card Association of the Philippines (CCAP), online fraud is a major danger for card owners and even people who are considering applying for one.

While credit cards provide a flexible and effortless method of payment, this ease of use also makes it easy for fraudsters to take advantage of. You can avoid being defrauded, however, as long as you are aware of how credit card fraud in the Philippines happens and how you can prevent it from happening.

Knowing the modus operandi of fraudsters is already winning half the battle, as you can avoid being deceived and having your information stolen. Familiarize yourself with the most common methods of credit card fraud is very important.

Lost or stolen cards: This happens when the credit card is stolen from your bag, pocket, or wallet. The thief will then use your card to make purchases in physical stores or online.

To prevent it, treat your credit card like cash and be vigilant in keeping your card safe. If your card gets stolen or lost, call your bank immediately to deactivate the account.