News

PH banks to switch to chip-based cards amid fraud fears

Philippine banks will adapt chip-based cards on all debit and credit cards and the possibility of using biometrics to secure banking transactions and strengthen defenses against fraud attacks.

Europay Mastercard Visa (EMV) cards are said to be more secure than magnetic stripe, which are used globally.

Banks are set to shift to EMV cards until June 30, said Bankers Association of the Philippines (BAP) Nestor Tan said Wednesday, January 10, 2018.

“Banks are slowly moving into other forms of authentication. We are seeing banks in other countries and we are looking at piloting here the use of biometrics. We are not yet there. But that’s another step towards protecting consumers,” said Tan.

He also stressed that cardholders should be careful with whom they share their information.

BDO Unibank recently faced complaints about unauthorized withdrawals and purchases through debit cards transactions done without the customer’s knowledge.

Meanwhile, Bank of the Philippine Islands warned its clients over fake login sites for its online banking service.

The Bangko Sentral ng Pilipinas and BAP are now executing further investigations on fraud attacks.

Related Articles

Back to top button
Close