bpi atm skimming | Prepys' Homepage

In light of the recent series of ATM skimming, the Central Bank has reiterated its message for people to be careful when making withdrawals in ATM machines.

EMV stands for Europay, MasterCard and Visa. EMV cards have chips embedded inside them which contain information required to authenticate credit and debit card transactions.

The main advantage of EMV-based cards over its predecessor is the information on magnetic strip on the former is dynamic as opposed to static. This added level of complexity makes it more challenging for hackers and skimmers to copy the information on the card.

The Banko Sentral ng Pilipinas have mandated that all banks switch to the EMV chip on all their ATM cards before January 2017.

The post BSP gives banks until January 2017 to switch to EMV chip ATM appeared first on YugaTech | Philippines News & Tech Reviews.

News have been spreading the entire week that dozens of BPI customers have reported unauthorized withdrawals from their ATM accounts. The missing amounts range from a few thousand pesos up to Php60,000 and a lot of the victims point to an ATM machine at the Powerplant, Rockwell Mall.

Just a while ago, we also noticed that BPI has started sending out email alerts whenever there is a withdrawal made in its ATM machines. The email alerts are almost instantaneous and contains details about the amount, date and time, ATM Terminal ID and location.

This additional security allows bank customers t be alerted of any ATM transactions but does not really prevent incidents of ATM skimming from happening again.

The post BPI starts sending withdrawal alerts after ATM skimming appeared first on YugaTech | Philippines News & Tech Reviews.