Congress News: INSURANCE FOR ATM THEFT PUSHED The House Committee on Banks and Financial Intermediaries is now in receipt of HB 5036 or “The ATM Theft Insurance Act of 2014.” HB 5036 is “An Act mandating all banking institutions to offer Automated Teller Machine Theft (ATM) Insurance to all clients, prohibiting fraudulent claims relative thereto, providing penalties and for other purposes.” “The rampancy of incidents of the so-called card-skimming, where hundreds of millions of pesos are lost by bank customers to syndicates involved in the duplication of cards and acquiring the personal identification numbers (PIN) of unsuspecting ATM cardholders, is now alarming,” stressed its proponent, Rep. Roman T. Romulo of Pasig City. Romulo noted an increasing number of incidents of card holders being brought to nearby ATM and forced to withdraw money at gunpoint. “Sadly, common victims are employees whose hard earned salaries are deposited by their employers to their individual ATM accounts or students who are away from their families and receive their allowances or tuition fees through ATMs,” Romulo lamented. (PRIB/dpt)
Posted on: Sun, 12 Oct 2014 13:10:16 +0000
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