Question & AnswerQ&A (EXECUTIVE ORDER NO. 573)
The Department of Justice (DOJ) is tasked to create the Anti-Fraud Task Force and to designate its head and deputy.
The Anti-Fraud Task Force shall be composed of representatives from the Department of Justice (DOJ), the National Bureau of Investigation (NBI), and the Philippine National Police (PNP).
The creation of the Anti-Fraud Task Force was necessary due to the increasing occurrence of credit card frauds, which cause huge losses to acquiring banks, threaten the credit card industry's survival, harm the domestic economy, and create a bad image for the country internationally.
The Anti-Fraud Task Force helps implement Republic Act No. 8484, known as the Access Devices Regulation Act of 1998.
Republic Act No. 8484 regulates the issuance and use of credit cards as access devices and aims to curtail credit card frauds and the proliferation of fraudulent cards.
The Secretary of Justice is responsible for designating the head and deputy of the Anti-Fraud Task Force, receiving reports of its activities with appropriate recommendations, and reporting the same to the Office of the President for information.
The Executive Order No. 573 took effect immediately upon its issuance.
The consequences include huge financial losses for acquiring banks, stunted credit card sales, threat to the survival of the credit card industry, negative repercussions in the domestic economy, and damage to the country's reputation in the global market.
Credit card fraud creates a bad image for the country in the global market, which can negatively affect tourism. Government efforts to counteract such economic sabotage aim to promote tourism in the country.