MANILA, Philippines – BDO Unibank Incorporated is urging its retail clients to shift to debit cards with the Europay Mastercard Visa (EMV) chip to ramp up protection against electronic banking fraud.
BDO executive vice president Edwin Reyes said clients can immediately get their debit card with the embedded EMV chip from their branch of account.
"The bank's objective over time is to effect a holistic approach to protecting the clients' accounts from fraud. But to achieve this, clients must obtain their EMV chip debit card which is now available at their branch of account free of charge," Reyes said.
For corporate or payroll clients, BDO said EMV chip debit cards would be made available at their respective human resource offices by December 31 this year.
Back in September, about 4,000 automated teller machines (ATMs) of BDO nationwide became EMV-certified.
This made BDO the first local bank to fully retrofit its ATM network, allowing EMV chip debit card transactions. (READ: PSBank to deactivate all non-EMV cards by September 1)
The bank, led by the group of tycoon Henry Sy Sr, also said other enhancements would be completed within the 1st half of 2018.
BDO plans to eventually deactivate the magnetic stripe-only debit card.
It was in 2016 when BDO started to make EMV chip debit cards available to its clients.
EMV is a global security standard for payment transactions that is more secure than a magnetic stripe-only card, where stored information is static and can be copied with relative ease by fraudsters.
BDO has more than 1,100 branches and over 3,800 ATMs nationwide.
It also has a full-service branch in Hong Kong as well as 26 overseas remittance and representative offices in Asia, Europe, North America, and the Middle East.
The Bangko Sentral ng Pilipinas (BSP) issued Memorandum No. 2017-019 last June, giving banks until June 30 next year to fully comply with the shift to the mandatory EMV technology.
The guidelines also clearly define the consequences for non-compliant BSP supervised financial institutions (BSFIs). Failure to comply would be classified as a serious offense, subject to monetary sanctions. – Rappler.com