Unauthorized ATM withdrawals still rampant: BSP

MANILA - Cases of unauthorized withdrawals from automated teller machines (ATMs) are still the most common complaint received by the Bangko Sentral ng Pilipinas (BSP).

.

An estimated 11 consumer complaints are lodged with the central bank daily.

Since 2009, the BSP has handled about 33,000 inquiries and complaints. The number is seen to rise as hackers become more tech-savvy, the central bank said.

Many consumers continue to use passwords that are prone to hacking, such as "password" and one's birthdate, it added.

The BSP mandated banks in 2013 to migrate from credit card strip technology, which can easily be hacked, to chip technology. The deadline for the migration is on January 1, 2017.

The central bank said another common consumer complaint involves retailers' practice of offering lower prices for cash payments compared to credit card payments.

source:abscbnnews