Handling Credit Card Scams in the Philippines: A Q&A Guide
Question:
I got scammed using my credit card. What should I do, and what are my legal rights in the Philippines?
Answer:
What is the first step if I suspect fraudulent activity on my credit card?
Immediately report the suspected fraudulent activity to your credit card provider. The sooner you report the activity, the higher the chance that further unauthorized transactions can be prevented. Your provider can freeze your account or issue a new card to avoid future unauthorized transactions.
Are there any laws that protect me against credit card fraud?
Yes, Republic Act No. 8484, also known as the "Access Devices Regulation Act of 1998," criminalizes credit card fraud and provides measures for the protection of consumers. If you are a victim, you may file a complaint under this law.
What is my liability?
Per the "Access Devices Regulation Act," the cardholder's liability for any unauthorized transaction is limited to Php 50,000, provided that the cardholder immediately reports the unauthorized transaction to the issuer.
What documents do I need to file a complaint?
You would usually need the following:
- Proof of Identification
- Credit card statement showing unauthorized transactions
- Police Report
- Affidavit of Loss or Unauthorized Transaction
Should I also file a police report?
Yes, filing a police report can serve as additional documentation to support your case. It is often required when reporting the matter to your credit card company or when filing a formal legal complaint.
What are the likely actions of the credit card company?
Upon notification, the credit card company will typically:
- Freeze your current card to prevent further transactions.
- Investigate the unauthorized transactions.
- Issue a new card, if applicable.
Can I take legal action against the perpetrator?
If identified, you can file a case under Republic Act No. 8484. Penalties for violators under this Act include imprisonment and/or a fine.
What about my credit score?
If you report the fraud promptly, your credit card company will usually rectify the unauthorized transactions, and these should not affect your credit score in the long run.
Is there anything else I can do?
After resolving the immediate issue, take preventive measures such as updating passwords and being vigilant when sharing personal information. It's advisable to continuously monitor your account statements and immediately report any irregularities.
Conclusion:
Credit card scams can be distressing, but timely and appropriate action can mitigate the damages. Familiarize yourself with Republic Act No. 8484 and exercise vigilance to protect yourself from future scams.