Poe: Address ATM Fraud

Sen. Grace Poe has asked the Philippine National Police (PNP) to intensify efforts to halt automated teller machine (ATM) fraud and catch perpetrators.

"Lahat tayo ninenerbyos 'pag di makakuha ng pera sa ATM. Importante talaga at dapat tiyakin ang seguridad nito para sa kapakanan ng ating mga kababayan," Poe said during a joint committee hearing on the alarming increase in ATM fraud on Feb. 26.

The PNP presented the various modes of ATM fraud, which include a skimming plate placed on top of keypads to copy PIN codes of depositors to illegally withdraw money from bank accounts.

Poe opposed the proposal to decrease the withdrawable amount per day as it would adversely affect economic activity.

The Bangko Sentral ng Pilipinas (BSP) said it issued a directive requiring banks to shift from magnetic stripe to chip in their ATM cards to strengthen the system.

Poe also asked the PNP to submit a proposal to strengthen its capability to combat ATM fraud to ensure the welfare of depositors and the integrity of the banking system.

The BSP recorded 1,272 reports of ATM fraud in 2013, involving an estimated P220 million, while P175 million was lost to the scam in 2012.

The hearing was jointly conducted by the committee on public order and dangerous drugs; the committee on banks, financial institutions and currencies; and the committee on trade, commerce and entrepreneurship.