MANILA, Philippines – Banks have recently been requesting customers to convert their existing debit cards into EMV chip cards. If you received such a message via text, email, or call, you might be wondering: What’s an EMV chip card? Why do I need to make the shift? How soon should I comply with this change?
EMV stands for Europay, MasterCard, Visa and it refers to the chip technology which is now the global standard for credit, debit, and prepaid card payments. Local banks are being mandated by the Banko Sentral ng Pilipinas (BSP) to fully shift to this technology by Q2 2018.
An EMV-enabled system is more secure than the traditional magnetic stripe found in most cards in the Philippines. The migration is part of the BSP’s move to make financial transactions more secure, convenient, and up-to-date for Filipinos.
For your protection and convenience
EMV chip card technology has enhanced security features such as encryption locks and keys to authenticate the card and cardholder’s transactions, to protect your data from being compromised.
Compared to magnetic stripe cards, EMV chip cards offer more protection against counterfeit fraud, skimming and other related attacks. It also ensures that your local card will be accepted in more payment terminals worldwide, as “chip-and-PIN” cards are already mainstream in other countries. It’s high time for the Philippines to follow suit, as fraudsters have refocused their efforts to countries which are still reliant on the traditional technology.
In 2013, the BSP released a circular requiring financial institutions to shift to EMV chip-compliant cards, point-of-sale terminals, and ATMs. All BSP-supervised financial institutions are required to migrate their payment networks to EMV technology by June 30, 2018.
Make the shift
Back in September 2017, BDO was the first local bank to retrofit its entire ATM network to allow EMV chip card transactions. Ahead of the BSP’s June 30 deadline, BDO will disable all magnetic stripe cards by Q1 2018.
As banks are mandated by the BSP to update all their terminals and payment systems, it is also every account holder’s duty to comply and keep their own account secure. For your convenience and your security, get your own EMV chip card as soon as possible.
BDO cardholders can pick up their EMV chip card anytime at their branch of account. They should also bring at least one valid ID.
Once you’re issued your EMV chip card, your magnetic strip card will be deactivated. BDO advises customers to cut it up and dispose of it immediately.
Migrating to the EMV chip card isn’t just for protection – it’s your bank’s first step in modernizing and upgrading its services for you. Make it your habit to ensure your own financial security, too. – Rappler.com