BankFraudPH

BSP: Starting Dec. 2024, Financial Institutions (banks & ewallets) will be required to refund failed electronic fund transfers as follows:

Instapay: within 1 hour
Pesonet: within 2 hours

https://www.facebook.com/100064773907046/posts/889900286512427/?app=fbl

Anyone from RCBC Bankard marketing / processing team dept here who can help with NAFFL credit card application, kindly send us a private message.

Certain banks like BPI are now offering "cyber insurance" for online fraud protection / claims for some of their products and services which we think is long overdue.

You may check with your respective banks for its availability to suit your needs.

Note that the Philippine Deposit Insurance Corporation's (PDIC) role in reimbursing bank client monetary losses claims is limited only to bank closure and the likes. It does not cover losses due to theft and fraud among others.

Suspek na dawit sa 'credit card switching' arestado Arestado ng NBI Cybercrime Division ang isang suspek na sangkot umano sa credit card switching.

GCash now offers insurance against scam for only P30 good for a month, coverage is up to P15,000.

BDO Bank Accounts and Credit Card Holders Scam Victims CLASS SUIT (Planning Stage)

Summary of Requirements:

1. Signup here for us to evaluate the feasibility of a class suit based on extent of the claims. These covers scam victims from 2020 onwards only given the 4 years prescriptive period to file a civil case. This is non committal at the moment.

https://onedrive.live.com/view.aspx?resid=3E8BBDBC8DE2A9C0%2110628&ithint=file%2Cxlsx&wdo=2&authkey=%21AOLM4TotzizgjA0

2. Share your story in our FB group if you haven't done yet.

https://facebook.com/groups/bdohackingdeniedrefunds/

3. Lawyers from reputable law firms and competent Cybersecurity Experts are badly needed. Do message us if you are interested in taking the case then we can have exploratory discussions first preferably those who can offer pro bono services.

4. Like, Share and Comment to spread the word.

5. Tag well known personalities and media organizations for this cause to gain traction.

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BankFraudPH Statement on Prevailing Scams for a Particular Bank.

We are now considering reviving our Class Action Suit vs. BDO Unibank based on the framework we have established from the ongoing legal case that our organization is supporting:

https://www.rappler.com/technology/phishing-victims-class-action-lawsuits-banks/

In a nutshell, a Class Suit is a collective legal action that intends to alleviate the high cost of it as the complainants can join their resources together for this cause.

Class Suit FAQ is in our FB Group:

https://www.facebook.com/groups/bankfraudph/permalink/1111734495918300/?app=fbl

Our decision to consider the class suit is based on the following grounds:

1. Unabated occurrences of BDO scam incidents including purported hacking / victims losing money out of nothing. As high as over a million pesos was lost by a single victim alone. Current cumulative total over P7,000,000 encompassing 50+ victims as of writing.

2. Lopsided disposition of BDO over dispute claims rendering the victims helpless.

3. Insufficient authority of BSP and other gov't agencies to intervene vs erring Financial Institutions despite the implementation of the Financial Consumer Protection Act (FCPA). The remediatory bill being proposed by BSP called Anti Financial Accounts Scamming Act (AFASA) that will grant them additional powers to scrutinize the bank's disposition over victims' refund claims will take years to become a law if at all.

https://www.facebook.com/groups/bankfraudph/permalink/1711089479316129/

4. This (planned class suit) is in accordance with BSPs advise to pursue legal actions against unsatisfactory bank disposition then consequent denied refund claims of scam victims. See attached correspondence with BSP in the comment section.

Our initial requirements:

1. We are currently at the crowdsourcing stage of knowing how many are interested. You may signup in our shared worksheet and likewise testify your incident in our fb group

https://onedrive.live.com/view.aspx?resid=3E8BBDBC8DE2A9C0%2110628&ithint=file%2Cxlsx&wdo=2&authkey=%21AOLM4TotzizgjA0

https://facebook.com/groups/bdohackingdeniedrefunds/

2. Refer us to lawyers / firms and cybersecurity experts who will form part of the legal team if and when the class suit pushes through and they get enlisted. We will hold initial discussions first preferably those who can offer pro bono services.

3. Like, Share, Comment, tag your friends who have been victimized exclusive to BDO clients-turned victims only.

4. Tag well known personalities and media organization for this cause to gain traction

SCAM ADVISORY: There have been reports of SMS Spoofing / Smishing attempts perpetuated against Philippine National Bank using SMS Sender ID "PNB". Kindly take the necessary precautions to protect your accounts.

You may read more about how SMS Spoofing works in the attached graphics.

This is another form of smishing / text scam that can drain your bank accounts' fund. We don't even have a BDO account.

Be aware and stay vigilant.

GCash advisory here!
We apologize for the inconvenience. Yesterday, some customers may have noticed a deduction in their GCash accounts.
We assure you that an adjustment in their balance will be made within the day, and that funds will remain safe and secure with GCash. Thank you for your understanding!

IMPORTANT ADVISORY:

GCash is currently experiencing numerous complaints about unauthorized transfers. The purported hacking incidents happened just a few hours ago. GCash has no official announcement yet regarding this matter as of posting time.

We advise our community to withdraw your funds IMMEDIATELY from your GCash accounts for the time being until the eWallet addresses this concern.

You may search FB for "GCash Issue Now" to know more about such cases.

We have been receiving reports of BDO clients having unauthorized withdrawals and fund transfers from their bank accounts.

If you have been a recent victim then BDO failed to act on your request for refund, please sign up in the comment section as follows:

Name (optional), amount loss, latest incident date

Kindly organize yourselves and setup your GC then appoint your leader . We'll try to help you out. We also need to see how many of you are affected

Opinion: We think it's about time that banks are charged with "inconvenience fees" for unauthorized transactions / unscheduled downtime that affect their clients. In this day and age of digitalization, such system glitch can consequently lead to incidental monetary losses and missed opportunities on the depositors end. This is also only fair in accordance with the convenience fees that banks are requiring for certain services. Your thoughts, Bangko Sentral ng Pilipinas ?

In light of the BPI 0431 debit memo issue, given the bank's official advisory that even lead them to shut down their online services, we do hope that their remediation takes sooner than later. It's absurd to have unwarranted transactions in a bank regardless if it will be for adjustments. Further this, we enjoin our regulators to take the necessary measures anchored on the Financial Consumer Protection Act to mitigate such incident.

Scam Victims' Appeal for BSP to RETROACTIVELY ADJUDICATE REFUND CLAIMS vs. Banks

BankFraudPH's in need of competent volunteer writers who can craft an appeal / petition letter via CHANGE DOT ORG then addressed to BSP to make the Republic Act. No. 11765- Financial Products and Services Consumer Protection Act (FCPA) concerning the regulator's adjudication provisions to be retroactive for those with unsettled refund claims from their respective banks . We've decided to deputize so the claimants can organize it themselves better to represent the victims whose refunds are still left hanging in the air pre-FCP enactment. BankfraudPH will just guide the petitioners through the process of making and executing it. Bottomline, if the claimants wish to have the best chance of getting their money back, then they need to put effort to it.

Do comment your intent to write or simply PM us so we can move forward.

As it is, we have just received BSP's response that pending the IRR , the FCPA's retroactivity remains undecided.

Here's the possibility though of the retroactive nature of laws in general. Just read it through to give you a better idea of the FCPA's chances to it.

https://saklawph.com/retroactivity/

Rule on Retroactivity of Laws – SAKLAW As a general rule, laws shall have only a prospective effect and must not be applied retroactively in such a way as to apply to pending disputes and cases. This is expressed in the familiar legal maxim lex prospicit, non respicit (the law looks forward and not backward),[1] and is conformable to Art...

Fake Portable Airconditioners Proliferating via Facebook Ads...

A bit off topic but since it concerns digital payment channels, we're posting it here anyway...

We've seen these products pop up in our FB feed time and again. This is a scam as it claims it can cool a room then a viable alternative for Airconditioning Units in terms of electricity bills savings which its not. Aside from fakely using celebrities as its supposed to be endorsers, it also utilizes trolls to make artificial comments / testify that the product is good but it is not. We've reported this to Facebook so many times but it just keep morphing to another celebrity endorser.

That said, we've coordinated this matter with DTI Fair Trade Enforcement Bureau in reference to consumer rights:

"The Right to Information. The right to be protected against fraudulent/dishonest or misleading advertising/labelling/promotion and the right to be given the facts and information needed to make an informed choice"

You may email DTI if you have been scammed by this or other products:

[email protected]
[email protected]

In the meantime, let's make this as an information campaign for consumers to be more discerning then guard against being tricked into purchasing merchandise from unknown / bogus channels.

Only wishful thinking as of now on when additional Credit Card security measures can be implemented. Afterall, this entails banks to invest huge sum of money for their infra:

PASSWORD FOR ONLINE PURCHASES:

"A recent directive by the Reserve Bank of India makes it mandatory to have an additional authentication passcode verified by Visa or MSC (Mastercard Secure Code). This is in addition to the other information already on the card like name, card number, expiry date and CVV (card verification value) number.

So how do you get this new password? Credit/debit card users have to register online with their banks, giving personal and card details. They will then be given a PIN or password to be be used as an additional layer of security at the checkout point before completion of the transaction.

This will be known to the card holder only. So, even if somebody notes your card number, he can't misuse it for online shopping. "

Source: https://m.economictimes.com/wealth/personal-finance-news/credit-card-pin-a-must-for-online-shopping/articleshow/4836419.cms

PIN-BASED CREDIT CARD AUTHENTICATION FOR PHYSICAL STORE TRANSACTIONS

"Chip and PIN credit cards"

Source: https://www.bankrate.com/finance/credit-cards/chip-and-pin-credit-cards/

Credit card PIN a must for online shopping If you're an online shopaholic, make sure you have a personal identification number (PIN)/password for your credit or debit cards. Otherwise, forget about using them for internet shopping from August 1.

Here's the gist of the imminent launch of the Financial Consumer Protection Act (FCPA), foremost pertaining to the adjudication powers that now will be granted to financial regulators like the Bangko Sentral ng Pilipinas and the Securities & Exchange Commission among others. Much of those anticipated provisions are applicable to the bank scam victims' cases / grievances vs their respective banks then their consumer rights were presumably neglected. Even the bank waiver that should not be imposed upon the financial consumers in the first place per BSP is likewise highlighted in the Philstar article.

By the looks of it, the Implementing Rules and Regulations (IRR) is on its final stages already. However, it is still unclear whether its going to be retroactive / if the past cases prior to its launch will be accommodated. We then advise the bank scam victims awaiting for their cases' arbitration in this regard to continuously monitor then prepare for this eventuality if they qualify.

It's important to understand that BSP (& other regulators for this purpose) with the new powers that will be vested upon them will seemingly take the place of the legal trial courts . Consequently, any disputes of the adjudication outcome can be brought to the next level judiciary branch hierarchy which is the Court of Appeals then to the Supreme Court (if necessary) within the prescribed period. By the looks of it, this may operate just like the NLRC. Google defines "The National Labor Relations Commission is a quasi-judicial agency tasked to promote and maintain industrial peace based on social justice by resolving labor and management disputes involving local and overseas workers through compulsory arbitration and alternative modes of dispute resolution."

We will post subsequent updates about the FCPA once further information becomes available leading to its IRR formalization.

https://www.philstar.com/business/2022/06/27/2191089/bsp-strengthens-financial-consumer-protection

BSP strengthens financial consumer protection The Bangko Sentral ng Pilipinas is no longer allowing banks and financial institutions to let clients sign waiver of rights, lengthen prescription period, and calls for protection of customer data, as the regulator further strengthens the protection of financial consumers.

Reminding everyone who have stakes on the Financial Consumer Protection Act (FCPA) / bank dispute claims to keep a close watch on the implementing rules and regulations (IRR) so you may inquire then if you can refile your respective cases with BSP. It is yet to be known if it will be retroactive- meaning if past cases can still be accommodated.

Here's the FCPA news segment bearing BankFraudPH official statement that starts at the 1:03:20 mark.

https://m.youtube.com/watch?v=8eaKIozHLhE

LIVE: TV Patrol livestream | May 24, 2022 Full Episode Panoorin ang Kapamilya Online Live | May 24, 2022https://youtu.be/K_oiNFu6tzcTutukan ang mga pinakahuling istorya ukol sa COVID-19 at ilan pang mga nagbabaga...

BankFraudPH Official Statement About FCPA Passage

"We look forward to the implementation of the FCPA to uplift the welfare of our Financial Consumers not only as a deterrent for the propagation of monetary crimes, but also a level playing field with the fraud victims' dispute / refund claims of their hard-earned money from their respective financial institutions. Moreover, we expect our regulators, now empowered of adjudicating such complaints, to fairly exercise their authority over erring companies. "

https://news.abs-cbn.com/amp/business/05/17/22/duterte-oks-law-boosting-financial-consumer-protection

“No more of that kind of waiver once the FCP Act is law. You don’t just get to say ‘sorry, let’s move on’ if you mess up as a bank,” Congressman Salceda said.

That said, the Financial Consumer Protection Act may have already been implemented. Those with pending fraud dispute claims with your respective banks, be prepared to follow up with BSP's adjudication.

https://newsinfo.inquirer.net/1592534/jail-time-steeper-fines-for-illegal-online-lenders-scammers

BPI will be having another system maintenance activities over the weekend, March 18 x 19. The previous ones they did introduced all sorts of inconveniences to some of their clients including double charging on credit card transactions, failed but debited instapay fund transfers etc upon resumption of their services. This took about a week to resolve then. BPI never did released an official advisory regarding their intermittent services, consequently, the affected clients just learned of it the hard way. So we do advise BPI clients to indeed "plan your transactions ahead" better beyond their activity completion timeframe to let their system stabilize first then protect yourselves from subsequent inconveniences.

https://www.facebook.com/100064840982389/posts/338621311642566/?app=fbl

SCAM ALERT: LBC is currently investigating what looks to be a customer database breach with their 3rd party service provider.

"Ka-LBC, Please do NOT click on any links received via SMS. We are currently investigating this matter with our third-party service provider. "

https://www.facebook.com/groups/293053009421699/permalink/339352311458435/?app=fbl

'Formally titled “An Act Regulating the Use of Bank Accounts, Electronic Wallets, and Other Financial Accounts,” Under the bill, acts such as hacking, phishing, the use of “money mules”, and other cybercrimes will become punishable by law. Should this bill be passed into law, punishments for violators may range from P1 million to P5 million in fines and lifetime imprisonment.'

Source: https://mb.com.ph/2022/02/11/recent-online-bank-heists-driving-force-behind-anti-cybercrime-bills-ratification/

In Singapore, this is a major step to subdue the propagation of text scams (smishing) to their bank clients. Although some of our local telcos have already initiated their respective filtering of spam/scam messages, we would expect BSP to ultimately enforce such bank regulation of registering critical SMS Sender ID to further compliment their fraud-prevention drive.

"All major retail banks in Singapore will be required to register their alphanumeric identifications onto the new SMS sender ID protection registry, in the wake of the recent OCBC Bank SMS phishing scam. In addition, the Infocomm Media Development Authority (IMDA) will require SMS service providers and telcos to check SMS senders against the registry. This means that SMSes that try to spoof registered IDs will not be delivered, as the sender details would not match registry records."

https://www.facebook.com/109339549093889/posts/5817188424975611/?app=fbl

If you're (continuously) receiving phishing emails even though you don't have that particular bank account, it is very likely that you are still using Yahoo! Mail. In fact, at least 7 out of 10 of the phishing victims that we're assisting in BankFraudPH have been duped through the emails they have received from perpetrators through that provider. These spamming even hacking of Yahoo! Mail users are well documented which began around 2013-2014 when its database got hacked.

https://www.pcworld.com/article/411362/3-billion-yahoo-accounts-hacked-how-to-stay-safe.html

To date the compromised user information including username/passwords are extensibly being sold at the darkweb were illegal trades resides.

Here are some BankFraudPH tips to protect yourself from these persistent phishing threats:

1. Ditch Yahoo! Mail in favor of a more reliable provider with robust spam filter like GMail.

2. Use separate email for your financials including mobile banking / credit cards apart from your other stuffs like social media. Condition yourself that any email that you have received from your nonregistered (financials) emails are dubious and should be treated with utmost scrutiny.

3. Passwords should be regularly updated that are strong combos of alphanumerics & special characters.

4. Enroll a separate mobile number / OTP for your mobile banking and credit card transaction approvals. Only turn this on if you have triggered a purchase for approval yourself.

5. Centralize your transactions through your bank's proprietary app instead of using its websites online services, those (mobile banking apps) are relatively safer including biometrics & pin authentications as long as its downloaded & installed from Google Playstore or Apple Appstore.

This is great news . Now we await the President's signature and its IRR. We're optimistic this will make a world of difference how the financial institutions will be compelled to fairly treat the aggrieved financial consumers moreso with BSP's and other financial regulators' adjudgication provisions.

Bill protecting financial consumers now awaits President’s signature - BusinessWorld Online A MEASURE seeking to provide increased protection for financial consumers against cybercrime will now be sent to Malacañang for President Rodrigo R. Duterte’s signature.

“Aside from the required consumer protection assistance mechanism on the part of both the financial service provider and financial regulator, the financial regulators are now also equipped with adjudicatory powers for reimbursement of money within a certain threshold,” Poe also said.

“This would declog court dockets and give immediate relief to the ordinary consumers who simply cannot afford to wait for months to get their money back,” she added.

Additionally, Poe said the measure provides for appropriate criminal and administrative penalties “to ensure proper compliance with its mandates.”

“The financial regulator may likewise file an independent civil action on behalf of the aggrieved financial consumers for the protection of their rights as well as for public interest,” the senator said.

She then expressed hopes that the bill will “instill trust and confidence in our financial system.”

“As this Congress nears the end, let us be remembered as not only the Congress that faced the colossal challenges of the pandemic, but also the Congress that found ways to advance the welfare of the financial consumers,” Poe added.

https://newsinfo.inquirer.net/1545127/senate-bill-on-protection-of-financial-consumers-up-for-plenary-debates

Senate bill on protection of financial consumers up for plenary debates MANILA, Philippines — A proposed law that would protect the interest of financial consumers amid the “rapid expansion” of the country’s online banking systems is now up for plenary

BankFraudPH's take on selling of bank accounts as discussed with ABS CBN News that anyone who would sell allow their accounts to be used by complete strangers should not be called victims.: "When you surrender, when you give these things to another person, you are basically surrendering even your identity... You give these people authority to take over your bank account. It means they are going to perform transactions on your behalf,...I don’t think they are that stupid naman to sell their accounts knowing it can also be used for evil deeds,"

https://news.abs-cbn.com/business/01/21/22/more-regulations-needed-to-curb-money-mule-scheme-other-cyber-crimes-experts

If it was not for the BDO "Mark Nagoyo" hacking, our Institutions wouldn't have become alarmed over the propagation of "Money Mules". This also highlights the fact that Banks' (scam) advisories significantly lag what's already happening months, even years ago. "Money Mules" have become part and parcel of the illegal trade / nefarious activities vs banks and its clients since time immemorial.

So shall we bring along with us those UV gadgets to the ATM terminals to verify authenticity of dispensed bills given this pronouncement? 😂

The Bangko Sentral ng Pilipinas (BSP) yesterday urged Filipinos to carefully inspect bills dispensed by automated teller machines (ATMs). https://bit.ly/347wP98

It's Landbank's turn to be on the spotlight. Not as grand as BDO, but c'mon.. pati ba naman teachers nanakawan din.

https://newsinfo.inquirer.net/1544159/some-teachers-lose-p26k-to-p121k-each-due-to-alleged-bank-hacking

Some teachers lose P26K to P121K each in alleged bank hacking — group MANILA, Philippines — Some teachers lost at least P26,000 to P121,000 each after their Landbank accounts were allegedly hacked, the Teachers’ Dignity Coalition (TDC) said on Monday. TDC