FIGHTING fraudulent financial transactions is not the sole responsibility of government regulators. It should be shouldered by all stakeholders of the financial system.
As the Bangko Sentral ng Pilipinas puts it, collective vigilance is needed to curb crooked dealings such as those in credit card usage.
Interestingly, scams in financial transactions soared amid the pandemic in 2020.
Other most common crimes involve unauthorized or disputed transactions due to disclosure of personal information and phishing e-mails based on personal account information and the use of one-time password (OTP), according to BSP Governor Benjamine Diokno.
He said the most common credit card complaint in 2019 was about disputed transactions while it was about credit card fees and charges in 2020.
It was learned payment networks follow a stringent protocol on the investigation on these frauds. In most cases, the charges of fraudulent transactions are normally reversed through a charge-back or liability shared mechanism.
As the BSP pushes for greater use of safe digital payments options, it has also increased their programs to educate the public to address risks related to the increased accessibility of innovative digital financial products and services.
Despite this however, let’s not be complacent. Let’s all be vigilant against dishonest in financial transactions.
San Miguel Corporation (SMC) is relentless in its support to former residents of Barangay Taliptip in Bulakan, future site of the P740-billion Manila International Airport project.
Recently, the conglomerate launched its community resellers program as part of the company’s continuing livelihood creation and training programs for them and their families.
Apart from the free skills and livelihood training from Technical Education Skills and Development Authority the company is already providing them, SMC is also organizing former residents into groups or cooperatives to start their own community reselling business, carrying Magnolia Chicken and Purefoods-branded frozen products.
On top of this, SMC will also provide additional community-based business skills training, which will allow former residents to enhance their income from the fishing trade.
The programs are just the most recent assistance provided by SMC to former Taliptip folk, which started last year with cash assistance granted to them for the construction or acquisition of new concrete homes on safer ground.
“We are fully committed to helping our Taliptip families become more capable of building a better future for themselves, by providing them all the support and training they need to get good jobs—preferably at our projects–or to pursue various businesses opportunities,” Ang said.
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