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BANK FRAUD DO'S

BANK frauds in this digital age have become more rampant than ever. From the traditional card skimming method to bank impersonation via text or email, bank frauds operate in ways that blindside many people, even vigilant ones.

So, the Bankers Association has come up with the appropriate response should you be a victim of bank fraud.


  1. Call your bank Regardless of whatever scheme, it’s important to call your bank first, since they will be able to tell you more about the transaction (if there was one). In the case of bank impersonation, you can always check with your bank if they’ve emailed or texted you regarding your account lately. Banks like BDO can also have the card blocked during the investigation period to prevent further charges.

  2. Call the vendor If the fraudster used your card to purchase something, you can call the vendor and try to track down the transaction. By talking to the vendor, you may get additional assistance while trying to dispute the charge.

  3. File a report Write a report for your bank detailing the incident, especially in cases of bank impersonation and phishing schemes. BPI, in particular, will ask for details regarding the place, date, time, and circumstances of the incident, or the last purchase made prior to the loss/theft of the card. Details like these will not only help you process the case, but also help the bank stay alert and warn other customers in turn.

  4. Dispute the charges Any charge on your account that you may feel is not valid can be disputed, but this depends largely on the bank. For example, Metrobank allows for disputes within 20 days upon receiving the billing statement. The charge will no longer be disputable after that time period.

  5. Change your password and PIN numbers Inform your bank that you will be changing your PIN numbers and update the password on your mobile banking apps as well. Make sure not to use the same passwords on your banking, social networks, and email accounts.

  6. Apply for something new You should request for a new card or transfer into a new account if you are feeling unsafe with your current account. Banks also recommend freezing accounts while cases are ongoing to prevent further losses. In any case, you should monitor your new account carefully. 



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