Credit card companies set database to combat fraud

CEBU CITY — The Credit Card Association of the Philippines (CCAP), whose 14 members have realized the need to share information, is setting up a database that will help them and law enforcers curb domestic and cross-border credit card fraud.

The database contains a list of "negatives," which refer to suspected fraudsters and delinquent borrowers, and is targeted for completion this month, said Gene A. Abao, vice-president for security and disputes resolution of Hongkong and Shanghai Banking Corp. Ltd.

"We are getting a server for the database. We have targeted this for completion in March. Now that CCAP has an office, the database will be housed there," Mr. Abao said in an interview at the sidelines of the Southeast Asia Cross-Border Fraud Meeting here.