PayMaya addressing customer reports on unauthorized transactions

MOBILE WALLET firm PayMaya Philippines is addressing concerns of users regarding unauthorized transactions using cards linked to their accounts.

“We have indeed received reports that some of our PayMaya customers recently experienced suspicious and unauthorized transaction attempts involving MasterCard, Inc. or Visa, Inc. cards linked to their PayMaya accounts,” PayMaya Head of Public Affairs and Communications Nick Bautista-Wilwayco said in an e-mail.

“Most of these transactions were unsuccessful as PayMaya’s anti-fraud system automatically detected and declined these attempts. For customers with unauthorized transactions, we are addressing these cases urgently,” she added.

Several PayMaya users on Thursday took to social media to inquire with the firm after they received notifications of these suspicious transactions, with some seeing their balance debited for payments to merchants with indecent business names.

“We would like to remind our account holders to keep their accounts secure by not sharing account and card details, passwords, and other personal information with any third party especially through phone, SMS, e-mail, social media, and website links…,” Ms. Wilwayco added.

Bangko Sentral ng Pilipinas (BSP) Deputy Governor Chuchi G. Fonacier said they have also reached out to PayMaya regarding these reports.

“The BSP is closely coordinating with the relevant BSP-supervised financial institutions on consumer-related concerns such as fraudulent and/or unauthorized transactions,” Ms. Fonacier said via text.

She said customers can submit their complaints to the BSP’s Consumer Protection and Market Conduct Office in case they are not satisfied with how financial institutions handle their concerns.

“Rest assured that BSFIs are bound to comply with applicable consumer redress/recourse mechanisms so that customers would be able to duly retrieve their funds,” Ms. Fonacier said.

PayMaya is a subsidiary of Voyager Innovations, Inc., the digital arm of PLDT, Inc.  Hastings Holdings, Inc., a unit of PLDT Beneficial Trust Fund subsidiary MediaQuest Holdings, Inc., has a majority stake in BusinessWorld through the Philippine Star Group, which it controls. — Luz Wendy T. Noble