Due to scam reports affecting automated teller machine (ATM) cardholders, Bangko Sentral ng Pilipinas (BSP) is planning to replace all existing ATM cards to the ones with Europay MasterCard Visa (EMV) electronic chips.
The EMV feature is expected to minimize hacking incidents involving ATM users. Local banks such as BPI and BDO initially deployed “shields” to cover keypads on ATMs in an attempt to protect consumers from small cameras installed by hackers.
EMV-enabled cards are not new to us as credit cards already have this feature. However, the Philippines is the only country in Southeast Asia who doesn’t have EMV feature on ATM cards making our country prone to hackers.
BDO and MetroBank already expressed their support for this plan though reports said that the upgrade may be costly on banks’s end.