Second largest Universal Bank hit by an internal fraud - another woman did it

Ad Majorem.....Wealth Builders

Rizal Philippines
July 21, 2017

                                The suspect, Ma.Victoria Lopez hides face while presented at press con

                                  ABS CBN - how the NBI caught the lady executive in MBTC scam
The second largest bank in terms of resources was hit by an internal fraud and allegedly perpetrated by a woman. with a rank of  vice president.  earning about P250,000 a month.  Losses were estimated to be P900 million but could be as high as P2.5 billion.  The lady officer has been arrested by NBI and was alleged to be not cooperating.

She was alleged to have siphoned off amounts from the credit line of URC and has been transferring the loot to other accounts.   The NBI as advised and the officer was caught in an entrapment operation.   Another lady a branch manager was involved in the money laundering  case at RCBC.

The lady officer could be tried for qualified theft and violation of banking laws.  The scam involved unauthorized drawdown from the credit line  of a bank client.  The suspect was caught shifting the interest payment to the subject bank loan (we were hit by same type of scam;  the suspect is still scott free)

The Metrobank shares dipped 4% at the stock market. But Col Financial still recommended a buy for Metrobank. Metrobank assured the public that the amount involved would not affect its P1.9 billion resources.

Again we emphasize control, proper hiring emphasizing I of PIC (Integrity) and never be complacent that women are incapable of committing crimes.

Banks ATM card to shift to EMV earlier than 2017 from current magnetic strips

Ad Majorem.....Wealth Builders

Rizal Philippines
December 4, 2015

From Foursquare FAQ on EMV

                                              Contact EMV card reader

Local banks Credit card companies and merchants have been urged to shift to EMV (Europay, Mastercard and Visa) technology by 2017 by the Central Banks.  But many banks are seen to shift earlier because of the liability shift.  The liability for fraudulent transactions for not using EMV shifts from the bank to the merchant..  The magnetic strip is subject to skimming and other CC/Card fraud

CB has urged local banks to shift to EMV as early as 2014

This is needed in US where half of fraudulent transaction take place.  They shifted in October to EMV.  With the US shifting to EMV, cant the Philippines be far behind.?

The EMV cards have chips and need to be inserted in the card reader.   The Citibank card I have is EMV; The  Metrobank card is still not EMV.

                                          Contactless (proximity reader)