What Can Victims of Bank Fraud Do?

With lockdown implementations still in place in many locations around the world, many people have resorted online for their shopping and transactions. This makes practically everyone at risk of becoming a victim of online banking fraud.

Cybercriminals and scammers employ a number of techniques in order to lure in their prey. Bank fraud schemes come in the form of calls, SMS messages, emails, or even private messages on social media. Even the most tech-savvy and well-versed on social media can become a victim.

If you ever fall prey to an online bank account fraud, here’s what you can do:

1. Inform your bank

No matter the bank fraud scheme, it’s important to let your bank know right away that your account has been compromised. If the scammer has your details and is trying to impersonate you, the bank can check if the scammer has texted or emailed them with your details. Typically, banks freeze compromised accounts, including bank accounts, credit cards, and debit cards to prevent further transactions from happening.

If you suspect fraud, call the Metrobank Contact Center at (02) 88-700-700, 1-800-1888-5775, or email us at customercare@metrobank.com.ph using "Report on Possible Fraud" as subject.

2. Call the vendor

If the cybercriminal used your details to make fraudulent purchases, you have to coordinate with the vendor to track and list down the transactions made. You will be needing this to dispute the charges made in your name.

3. File an official report

Your official report will be used as the basis for the investigation. You will need to be as accurate and descriptive as possible, especially in bank impersonation and phishing scheme cases. Include the date, place, time, and circumstances of the incident. Also mention the final legitimate transactions you made. If possible, provide evidence that the succeeding transactions were made by the scammer to have a better claim on your case. Having more details in your report will not only strengthen your case but will also give the bank a step ahead of the scammers.

4. Review the changes

You only have twenty (20) days to raise any issues in your transactions upon receiving the billing statement. Failure to do so makes the fraudulent transactions irreversible.

5. Change your account details

Change all of your account details on your online banking apps, such as your username, password, and PIN. As a safety measure, use a new password that you have never used before. If you have used the hacked password on your other accounts, you might as well change those too, right away. If you do not feel comfortable using your old account, you can ask your bank to suspend it completely.

6. Apply for a new account

You can request for a new account or a new card and ask for a fund transfer. Ensure to exercise the utmost diligence despite this and continue to monitor your new accounts daily.