Section 16Sec./Art. 16

Confidentiality of Information. - Credit card issuers, their officers, employees and agents shall keep strictly confidential the data on the cardholder, except under any of the following circumstances:

(a) When disclosure of information is with the consent of the cardholder;

(b) When the customer information is released, submitted or exchanged with credit information bureaus, industry association, or card association;

(c) Upon orders of a court of competent jurisdiction or any government office or agency authorized by law. or under such conditions as may be prescribed by the Monetary Board of the BSP;

(d) When disclosure to third party service providers is necessary for the sole purpose of assisting or rendering services to the credit card issuer in enforcing its rights against the cardholder;

(e) When disclosure to third parties such as insurance companies is necessary for the sole purpose of insuring the credit card issuer from cardholder default or other credit loss, and the cardholder from fraud or unauthorized charges; and

(f) When disclosure to third parties is for the purpose of investigating fraud or unauthorized activities or mitigating risk involving card issuance, use and acquiring.

The recipient of information described herein shall likewise be bound to preserve confidentiality of the cardholder data.