Category: emv cards

PH Banks May Shift to EMV-based Cards Earlier Than Expected

Ronnie Bulaong Leave a comment

Contrary to what was previously reported, local financial institutions are reported to make the switch to EMV-based ATM and credit cards sooner than what was mandated by the Bangko Sentral ng Pilipinas which is due on January 2017.

In an interview with BSP Deputy Governor Nestor Espenilla Jr. with ABS-CBN, he mentioned that the local banks are “motivated” to upgrade to the new security standard in an effort to further lessen, if not totally eliminate fraudulent acts against their respective patrons.

bdo-atm-charge

As mentioned on our previous post, 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.

Espenilla also noted that though the upgrade will likely cost the banks a good amount of money, it will prove to be more cost-effective in the long run since they are less likely to deal with fraud-related incidents which, he as stressed out during the interview, should be shouldered the bank.

Source

The post PH Banks May Shift to EMV-based Cards Earlier Than Expected appeared first on YugaTech | Philippines, Tech News & Reviews.

PH Banks May Shift to EMV-based Cards Earlier Than Expected

Ronnie Bulaong Leave a comment

Contrary to what was previously reported, local financial institutions are reported to make the switch to EMV-based ATM and credit cards sooner than what was mandated by the Bangko Sentral ng Pilipinas which is due on January 2017.

In an interview with BSP Deputy Governor Nestor Espenilla Jr. with ABS-CBN, he mentioned that the local banks are “motivated” to upgrade to the new security standard in an effort to further lessen, if not totally eliminate fraudulent acts against their respective patrons.

bdo-atm-charge

As mentioned on our previous post, 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.

Espenilla also noted that though the upgrade will likely cost the banks a good amount of money, it will prove to be more cost-effective in the long run since they are less likely to deal with fraud-related incidents which, he as stressed out during the interview, should be shouldered the bank.

Source

The post PH Banks May Shift to EMV-based Cards Earlier Than Expected appeared first on YugaTech | Philippines, Tech News & Reviews.

PH Banks May Shift to EMV-based Cards Earlier Than Expected

Ronnie Bulaong Leave a comment

Contrary to what was previously reported, local financial institutions are reported to make the switch to EMV-based ATM and credit cards sooner than what was mandated by the Bangko Sentral ng Pilipinas which is due on January 2017.

In an interview with BSP Deputy Governor Nestor Espenilla Jr. with ABS-CBN, he mentioned that the local banks are “motivated” to upgrade to the new security standard in an effort to further lessen, if not totally eliminate fraudulent acts against their respective patrons.

bdo-atm-charge

As mentioned on our previous post, 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.

Espenilla also noted that though the upgrade will likely cost the banks a good amount of money, it will prove to be more cost-effective in the long run since they are less likely to deal with fraud-related incidents which, he as stressed out during the interview, should be shouldered the bank.

Source

The post PH Banks May Shift to EMV-based Cards Earlier Than Expected appeared first on YugaTech | Philippines, Tech News & Reviews.

Banks shift to EMV-based ATM cards to prevent cloning

Louie Diangson Leave a comment

Philippine banks are now beginning to shift from ATM cards with magnetic strip technology to those with EMV chips to further prevent ATM theft.

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 (see Wikipedia for more info). These cards can provide better security compared to magnetic strip-based cards.

bdo-atm-charge

“The difference between the two is that the information in the magnetic strip is static and permanent, and hence, easy to copy, while EMV chip is more dynamic. Every time you use it, there’s an algorithm being computed,” said Vicente de Villa III, director for BSP’s Supervisory Data Center.

The Bangko Sentral ng Pilipinas (BSP) has already issued Circular No. 808 that would require all banks in the country to use EMV cards by January 2017. It would be a costly move as ATMs need to be replaced as well to accommodate EMV Cards.

Banks are also looking at further limiting the limits on ATM withdrawals. “If the banks allow more limits, the more exposure it has. The banks are now thinking of limiting the limits of ATM withdrawals,” said Rene Natividad, vice president for operations of Bancnet. In 2013, at least Php220 million were stolen due to ATM theft.

{sources: Inquirer.net, ABS-CBN News}

The post Banks shift to EMV-based ATM cards to prevent cloning appeared first on YugaTech | Philippines, Tech News & Reviews.

Banks shift to EMV-based ATM cards to prevent cloning

Louie Diangson Leave a comment

Philippine banks are now beginning to shift from ATM cards with magnetic strip technology to those with EMV chips to further prevent ATM theft.

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 (see Wikipedia for more info). These cards can provide better security compared to magnetic strip-based cards.

bdo-atm-charge

“The difference between the two is that the information in the magnetic strip is static and permanent, and hence, easy to copy, while EMV chip is more dynamic. Every time you use it, there’s an algorithm being computed,” said Vicente de Villa III, director for BSP’s Supervisory Data Center.

The Bangko Sentral ng Pilipinas (BSP) has already issued Circular No. 808 that would require all banks in the country to use EMV cards by January 2017. It would be a costly move as ATMs need to be replaced as well to accommodate EMV Cards.

Banks are also looking at further limiting the limits on ATM withdrawals. “If the banks allow more limits, the more exposure it has. The banks are now thinking of limiting the limits of ATM withdrawals,” said Rene Natividad, vice president for operations of Bancnet. In 2013, at least Php220 million were stolen due to ATM theft.

{sources: Inquirer.net, ABS-CBN News}

The post Banks shift to EMV-based ATM cards to prevent cloning appeared first on YugaTech | Philippines, Tech News & Reviews.