Central bank warns of ‘remittance scam’

The scam is done by entities falsely claiming to be remittance service providers and by unscrupulous individuals outside the Philippines. They send money to the Philippines by using credit cards of other people without the cardholders knowing it.

Illegal use of someone else’s credit cards is a form of electronic theft, which has increased over the years as people use more modern ways to transact business.

The BSP said some of these entities and people doing fraudulent money transfers recruit agents in an initial recipient country like the Philippines, who are then tasked to send the money to another country where the final recipient is located.

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