On Dec. 6, PAN CB established reports of fraud in electronic banking.
PAN CB issued Circular 2024-0087 re fraud events and attempts in Electronic Banking.
Modified structure, frequency, and means to send reports of electronic banking fraud.
Highlights
Circular 0063-2010 requires reports of fraud events and attempts detected in e-channels; and Circular 0016-2011 established the frequency for sending these reports.
Accordingly, PAN CB has considered it appropriate to modify structure, frequency, and means to send reports of attempted and incidental electronic banking fraud.
These reports aim to facilitate and standardize information sent by banking entities.
As of the close of Mar. 31, 2025, banking entities must send monthly basis data.
Data must be sent within the first 10 business days of the month after reported period.
PAN CB will promptly communicate the new structure and means of sending reports.
In the case of fraud with debit, credit and prepaid cards, bank must take measures.
Bank must notify potentially affected banks by its own means or through a supplier.
The banks affected by this type of fraud must collaborate immediately and effectively.
Effectiveness
Banking entities must send reports per said Circulars until Feb. 28, 2025.
As of Mar. 1, 2025, Circulars 0063-2010 and 0016-2011 will no longer apply.
