BDO to finish first phase of chip-based card switch on Feb. 1 | ABS-CBN
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BDO to finish first phase of chip-based card switch on Feb. 1
BDO to finish first phase of chip-based card switch on Feb. 1
ABS-CBN News
Published Jan 25, 2018 01:57 PM PHT
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Updated Jan 25, 2018 02:40 PM PHT
MANILA - The Philippines' largest lender, BDO Unibank, said it would complete the shift to chip-based or EMV cards for the first batch of clients by Feb. 1, ahead of the mid-year deadline set by the central bank.
MANILA - The Philippines' largest lender, BDO Unibank, said it would complete the shift to chip-based or EMV cards for the first batch of clients by Feb. 1, ahead of the mid-year deadline set by the central bank.
The EMV cards were available as early as the third quarter of 2016, BDO said, as it advised clients to have their magnetic stripe cards replaced before Jan. 31.
The EMV cards were available as early as the third quarter of 2016, BDO said, as it advised clients to have their magnetic stripe cards replaced before Jan. 31.
The Bangko Sentral ng Pilipinas gave banks until June 30 this year to adopt the chip-based technology as part of efforts to protect consumers.
The Bangko Sentral ng Pilipinas gave banks until June 30 this year to adopt the chip-based technology as part of efforts to protect consumers.
Fraudsters steal data from the magnetic stripes of existing cards which can be used for unauthorized transactions, in what is called a "skimming" attack.
Fraudsters steal data from the magnetic stripes of existing cards which can be used for unauthorized transactions, in what is called a "skimming" attack.
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