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July 21, 2024

BMAP bares a P540 million fraudsters loot bag traced to the digital shift in 2021

The Bank Marketing Association of the Philippines (BMAP) reiterated its commitment to ramp up the fight against fraudsters and online scammers as financial losses reached P2 billion over the past few years.

The newly elected BMAP officers vowed to work closely with the Bangko Sentral ng Pilipinas (BSP) and with industry associations to enhance and promote the welfare of the industry and the banking public.

The organization of banking institutions established in February 1974 recently partnered with the Bankers Association of the Philippines (BAP) on an anti-scam initiative to raise and promote the public’s cybersecurity awareness under the #FightFraudTogether campaign.

Aside from championing and seeking to elevate the practice of bank marketing and communications in the country, the 35-strong BMAP also acts as the voice of the industry on matters concerning customer interests.

Standard Chartered Bank head of corporate affairs, brand and marketing Mai Sangalang was elected president for 2022-23.

Other officials include Robinsons Bank first vice president for marketing group Janette Abad Santos as vice president, BPI vice president and head of corporate affairs group Owen Cammayo as secretary, RCBC senior vice president and head of retail banking customer acquisition and retention division Emmanuel Mari Valdes as treasurer, China Bank head of marketing communications department Mary Ann Reyes-Ducanes as auditor.

Elected directors include Mike Villa-Real of Philippine Veterans Bank, Judith Songlingco of Philippine Business Bank, Hannah Lopez of BDO Unibank, Estela Calderon of Metrobank, Tanya Ansaldo-Deakin of Security Bank, and Yayu Javier of Avanza Inc.

During a recent hearing conducted by the Senate committee on banks, financial institutions, and currencies, BSP Governor Benjamin Diokno said victims of fraud and scams took a P2 billion hit in a span of three years.

For 2021 alone, consumers lost P540 million amid the massive shift to digital channels due to mobility restrictions brought about by the COVID-19 pandemic. Data showed a total of 42,456 complaints were elevated to the BSP Consumer Assistance Mechanism for 2020 and 2021.