MANILA – The enactment of the SIM registration law will help curb credit card fraud and boost digitalization in the country, the Credit Card Association of the Philippines (CCAP) said on Monday.
President Ferdinand Bongbong Marcos Jr earlier signed Republic Act No. 11934 or the SIM Registration Act, which was expected to address SMS-linked and other types of scams.
Since the start of the pandemic, there was a 21 percent increase in fraudulent credit card activities, CCAP said in a statement.
The law is “a major step in removing the impediments towards digitalization, of pinpointing where the problem really lies… It is a realization of our desire to institutionalize measures that protect our customers,” CCAP Chairman Rolando P. Ebreo said during the CCAP’s 42nd anniversary forum.
“With the SIM registration law, we are set, as a nation, to combat that malice and to once again add a layer of protection for our Filipino consumers. It will help mitigate, if not prevent, scam messages that contain links used to lure the victims into giving out their information,” he added.
CCAP Executive Director Alex Ilagan said the group had also launched consumer awareness campaigns to educate the public on emerging scams to fight credit card fraud.
CCAP is working with the Bangko Sentral ng Pilipinas and other agencies and stakeholders for consumer protection, debt relief and credit education.
Meanwhile, the Department of Information and Communications Technology said the implementing rules and regulations of the SIM registration law will be out 60 days after the measure’s effectivity.
SIM registration seen to curb credit card fraud | ABS-CBN News, October 17, 2022