PaymentsJournal
No Result
View All Result
SIGN UP
  • Commercial
  • Credit
  • Debit
  • Digital Assets & Crypto
  • Digital Banking
  • Emerging Payments
  • Fraud & Security
  • Merchant
  • Prepaid
PaymentsJournal
  • Commercial
  • Credit
  • Debit
  • Digital Assets & Crypto
  • Digital Banking
  • Emerging Payments
  • Fraud & Security
  • Merchant
  • Prepaid
No Result
View All Result
PaymentsJournal
No Result
View All Result

Thrilla in Manila: Credit Card Hacking Gets Tough in the Philippines

By Brian Riley
June 4, 2019
in Analysts Coverage, Compliance and Regulation, Credit, Digital Assets & Crypto, Fraud & Security, Fraud Risk and Analytics
0
5
SHARES
0
VIEWS
Share on FacebookShare on TwitterShare on LinkedIn
Tips to Help Consumers Avoid Becoming Victims of Loan Scams

Tips to Help Consumers Avoid Becoming Victims of Loan Scams

This article is not about the famous Muhammad Ali versus Joe Frazier bout in 1975, but rather a tough play on ATM, credit card, and related fraud as the Filipino  Senate codifies severe penalties for financial theft.

The Manila Times reports:

  • The Senate has approved on third and final reading a measure that seeks to classify the hacking of bank systems as economic sabotage, punishable by life imprisonment and a fine of up to P5 million.

My kind of laws!

  • On top of stiffer penalties, the scope of RA 8484 has been expanded to include automated teller machine (ATM) fraud through skimming, hacking of the banking system, and counterfeiting of credit or debit card.
  • Under the bill, the hacking of a bank’s system, skimming of 50 or more ATM cards or online banking accounts, credit cards and debit cards constitute economic sabotage, a non-bailable offense carrying penalties of life imprisonment.

For smaller thieves, there are similar punishments

  • Imprisonment of 12 to 20 years and a fine not less than P500,000 will be meted against anyone in possession of 10 or more card skimming devices and can access at least one account.
  • An offender found in possession of 10 or more counterfeit access devices or similar gadgets even though not proven to have accessed any account shall be subjected to six to 12-year jail term and a fine of P300,000.

And for the micro-criminals:

  • The fraudulent use of a credit card, meanwhile, shall be punishable with imprisonment of four to six years and a fine of twice the value of the fraudulently obtained credit.

Those limits are stiffer than this woman received in her two years suspended sentence by the state of Iowa on two counts of unlawful use of a credit card. In the Philippines, that would be 4-6 years in the slammer.  And for these unlucky Asian students at the University of New Hampshire who had the great idea of paying $56,407.50 on nine hot cards would have more than enough time to earn a Masters degree before release from jail.

Overview by Brian Riley, Director, Credit Advisory Service at Mercator Advisory Group

5
SHARES
0
VIEWS
Share on FacebookShare on TwitterShare on LinkedIn
Tags: Credit CardFraud Risk and AnalyticsPhilippines

    Get the Latest News and Insights Delivered Daily

    Subscribe to the PaymentsJournal Newsletter for exclusive insight and data from Javelin Strategy & Research analysts and industry professionals.

    Must Reads

    payment api

    Open Banking Has Made Payment APIs a Burgeoning Revenue Stream

    June 12, 2026
    payment card innovation

    Serving a Segment of One: The Race to Stay Top of Wallet

    June 11, 2026
    healthcare payments

    The Healthcare Payments Industry Has a Perception Problem

    June 10, 2026
    continuous KYC

    The Future of KYC Is Layered—and Data-Driven

    June 9, 2026
    tokenized deposits

    As Crypto Challengers Emerge, Banks Turn to Tokenized Deposits

    June 8, 2026
    physical digital debit

    Whether Physical or Digital, Debit Cards Are a Payments Mainstay

    June 5, 2026
    agentic commerce

    Separating Hype from Reality in Emerging Payment Trends

    June 4, 2026
    agentic commerce

    Searching for Trust in Agentic Commerce

    June 3, 2026

    Linkedin-in X-twitter
    • Commercial
    • Credit
    • Debit
    • Digital Assets & Crypto
    • Digital Banking
    • Commercial
    • Credit
    • Debit
    • Digital Assets & Crypto
    • Digital Banking
    • Emerging Payments
    • Fraud & Security
    • Merchant
    • Prepaid
    • Emerging Payments
    • Fraud & Security
    • Merchant
    • Prepaid
    • About Us
    • Advertise With Us
    • Sign Up for Our Newsletter
    • About Us
    • Advertise With Us
    • Sign Up for Our Newsletter

    ©2026 PaymentsJournal.com |  Terms of Use | Privacy Policy

    • Commercial Payments
    • Credit
    • Debit
    • Digital Assets & Crypto
    • Emerging Payments
    • Fraud & Security
    • Merchant
    • Prepaid
    No Result
    View All Result