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Showing posts with label ATM. Show all posts
Showing posts with label ATM. Show all posts

Tuesday, January 03, 2017

DOES YOUR ATM IN THE PHILIPPINES HAS EMV CHIP OR THOSE WITH MAGNETIC STRIP? YOU NEED TO KNOW.

EMV cards is said to be more secured compared to the magnetic strips that are widely used in ATM cards and some credit cards. ATM card scheming and card fraud has long been a problem for banks and cardholders. To get rid of it, the Bangko Sentral ng Pilipinas , in 2013, has issued a directive to the banks in the Philippines to replace the magnetic strips on the ATM and credit cards they are issuing with EMV (Europay, Mastercard, Visa) chips, which is  according to the Head of BSP Core IT Specialist Group, Melchor Plabasan. According to Mr. Plabasan, the EMV chip embedded in the card is more secured and is, according to him, virtually impossible to be copied or scheme. "Every time the chip is used in the (ATM) terminal, it automatically sends a dynamic code," Plabasan added. As of this report, the banks are in a huge backlog about the BSP deadline. Out of 8.5 million credit cards and 76 million ATM debit and prepaid cards that has to be replaced, they only made replacement on roughly 50%  of it. BSP said that the public can still use the old cards with magnetic strips and there is no need to panic about the January 1, 2017 deadline. However, most of the ATM machines or terminals are already been upgraded to accommodate cards bearing EMV chips in it and no longer accept cards with magnetic strips.   The BSP has issued a warning to the banks who are still not being able to replace the cards with EMV embedded cards, should any fraud or scheming arise and there had been an unauthorized transaction, the bank will be held accountable and pay the lost or damages if the client submits a proper report.    Meanwhile, the BSP is reminding all old notes holder that the  old bank notes has already been demonetized since Dec. 31, 2016. But the OFWs who are not in the country can still be exchanged until 2017 but they need to be  registered online.  Read the details here:    Some hearsay about demonetization and the new bank notes. They are absolutely false! These hearsay has been falsified by  BSP Regional Director Leonides Sumbi.                   Only the new design series paper bills issued since 1985 until 2010 will not be accepted by January 1, 2017.  As long as the paper bill is a new generation cureency series, the one that was released since December 2010, the signature of the previous or current President should not matter.   Although BSP has ordered banks to replace ATM cards with EMV chip, this doesn't mean that ATM cards with magnetic strip will not be accepted anymore starting January 1, 2017 although some ATM terminals might not accept it.



EMV cards is said to be more secured compared to the magnetic strips that are widely used in ATM cards and some credit cards. ATM card scheming and card fraud has long been a problem for banks and cardholders. To get rid of it, the Bangko Sentral ng Pilipinas , in 2013, has issued a directive to the banks in the Philippines to replace the magnetic strips on the ATM and credit cards they are issuing with EMV (Europay, Mastercard, Visa) chips, which is  according to the Head of BSP Core IT Specialist Group, Melchor Plabasan.
According to Mr. Plabasan, the EMV chip embedded in the card is more secured and is, according to him, virtually impossible to be copied or scheme.
"Every time the chip is used in the (ATM) terminal, it automatically sends a dynamic code," Plabasan added.
As of this report, the banks are in a huge backlog about the BSP deadline. Out of 8.5 million credit cards and 76 million ATM debit and prepaid cards that has to be replaced, they only made replacement on roughly 50%  of it.
BSP said that the public can still use the old cards with magnetic strips and there is no need to panic about the January 1, 2017 deadline. However, most of the ATM machines or terminals are already been upgraded to accommodate cards bearing EMV chips in it and no longer accept cards with magnetic strips.



The BSP has issued a warning to the banks who are still not being able to replace the cards with EMV embedded cards, should any fraud or scheming arise and there had been an unauthorized transaction, the bank will be held accountable and pay the lost or damages if the client submits a proper report.



Meanwhile, the BSP is reminding all old notes holder that the  old bank notes has already been demonetized since Dec. 31, 2016. But the OFWs who are not in the country can still be exchanged until 2017 but they need to be  registered online.




Some hearsay about demonetization and the new bank notes.
They are absolutely false!
These hearsay has been falsified by  BSP Regional Director Leonides Sumbi.

EMV cards is said to be more secured compared to the magnetic strips that are widely used in ATM cards and some credit cards. ATM card scheming and card fraud has long been a problem for banks and cardholders. To get rid of it, the Bangko Sentral ng Pilipinas , in 2013, has issued a directive to the banks in the Philippines to replace the magnetic strips on the ATM and credit cards they are issuing with EMV (Europay, Mastercard, Visa) chips, which is  according to the Head of BSP Core IT Specialist Group, Melchor Plabasan. According to Mr. Plabasan, the EMV chip embedded in the card is more secured and is, according to him, virtually impossible to be copied or scheme. "Every time the chip is used in the (ATM) terminal, it automatically sends a dynamic code," Plabasan added. As of this report, the banks are in a huge backlog about the BSP deadline. Out of 8.5 million credit cards and 76 million ATM debit and prepaid cards that has to be replaced, they only made replacement on roughly 50%  of it. BSP said that the public can still use the old cards with magnetic strips and there is no need to panic about the January 1, 2017 deadline. However, most of the ATM machines or terminals are already been upgraded to accommodate cards bearing EMV chips in it and no longer accept cards with magnetic strips.   The BSP has issued a warning to the banks who are still not being able to replace the cards with EMV embedded cards, should any fraud or scheming arise and there had been an unauthorized transaction, the bank will be held accountable and pay the lost or damages if the client submits a proper report.    Meanwhile, the BSP is reminding all old notes holder that the  old bank notes has already been demonetized since Dec. 31, 2016. But the OFWs who are not in the country can still be exchanged until 2017 but they need to be  registered online.  Read the details here:    Some hearsay about demonetization and the new bank notes. They are absolutely false! These hearsay has been falsified by  BSP Regional Director Leonides Sumbi.                   Only the new design series paper bills issued since 1985 until 2010 will not be accepted by January 1, 2017.  As long as the paper bill is a new generation cureency series, the one that was released since December 2010, the signature of the previous or current President should not matter.   Although BSP has ordered banks to replace ATM cards with EMV chip, this doesn't mean that ATM cards with magnetic strip will not be accepted anymore starting January 1, 2017 although some ATM terminals might not accept it.


EMV cards is said to be more secured compared to the magnetic strips that are widely used in ATM cards and some credit cards. ATM card scheming and card fraud has long been a problem for banks and cardholders. To get rid of it, the Bangko Sentral ng Pilipinas , in 2013, has issued a directive to the banks in the Philippines to replace the magnetic strips on the ATM and credit cards they are issuing with EMV (Europay, Mastercard, Visa) chips, which is  according to the Head of BSP Core IT Specialist Group, Melchor Plabasan. According to Mr. Plabasan, the EMV chip embedded in the card is more secured and is, according to him, virtually impossible to be copied or scheme. "Every time the chip is used in the (ATM) terminal, it automatically sends a dynamic code," Plabasan added. As of this report, the banks are in a huge backlog about the BSP deadline. Out of 8.5 million credit cards and 76 million ATM debit and prepaid cards that has to be replaced, they only made replacement on roughly 50%  of it. BSP said that the public can still use the old cards with magnetic strips and there is no need to panic about the January 1, 2017 deadline. However, most of the ATM machines or terminals are already been upgraded to accommodate cards bearing EMV chips in it and no longer accept cards with magnetic strips.   The BSP has issued a warning to the banks who are still not being able to replace the cards with EMV embedded cards, should any fraud or scheming arise and there had been an unauthorized transaction, the bank will be held accountable and pay the lost or damages if the client submits a proper report.    Meanwhile, the BSP is reminding all old notes holder that the  old bank notes has already been demonetized since Dec. 31, 2016. But the OFWs who are not in the country can still be exchanged until 2017 but they need to be  registered online.  Read the details here:    Some hearsay about demonetization and the new bank notes. They are absolutely false! These hearsay has been falsified by  BSP Regional Director Leonides Sumbi.                   Only the new design series paper bills issued since 1985 until 2010 will not be accepted by January 1, 2017.  As long as the paper bill is a new generation cureency series, the one that was released since December 2010, the signature of the previous or current President should not matter.   Although BSP has ordered banks to replace ATM cards with EMV chip, this doesn't mean that ATM cards with magnetic strip will not be accepted anymore starting January 1, 2017 although some ATM terminals might not accept it.


EMV cards is said to be more secured compared to the magnetic strips that are widely used in ATM cards and some credit cards. ATM card scheming and card fraud has long been a problem for banks and cardholders. To get rid of it, the Bangko Sentral ng Pilipinas , in 2013, has issued a directive to the banks in the Philippines to replace the magnetic strips on the ATM and credit cards they are issuing with EMV (Europay, Mastercard, Visa) chips, which is  according to the Head of BSP Core IT Specialist Group, Melchor Plabasan. According to Mr. Plabasan, the EMV chip embedded in the card is more secured and is, according to him, virtually impossible to be copied or scheme. "Every time the chip is used in the (ATM) terminal, it automatically sends a dynamic code," Plabasan added. As of this report, the banks are in a huge backlog about the BSP deadline. Out of 8.5 million credit cards and 76 million ATM debit and prepaid cards that has to be replaced, they only made replacement on roughly 50%  of it. BSP said that the public can still use the old cards with magnetic strips and there is no need to panic about the January 1, 2017 deadline. However, most of the ATM machines or terminals are already been upgraded to accommodate cards bearing EMV chips in it and no longer accept cards with magnetic strips.   The BSP has issued a warning to the banks who are still not being able to replace the cards with EMV embedded cards, should any fraud or scheming arise and there had been an unauthorized transaction, the bank will be held accountable and pay the lost or damages if the client submits a proper report.    Meanwhile, the BSP is reminding all old notes holder that the  old bank notes has already been demonetized since Dec. 31, 2016. But the OFWs who are not in the country can still be exchanged until 2017 but they need to be  registered online.  Read the details here:    Some hearsay about demonetization and the new bank notes. They are absolutely false! These hearsay has been falsified by  BSP Regional Director Leonides Sumbi.                   Only the new design series paper bills issued since 1985 until 2010 will not be accepted by January 1, 2017.  As long as the paper bill is a new generation cureency series, the one that was released since December 2010, the signature of the previous or current President should not matter.   Although BSP has ordered banks to replace ATM cards with EMV chip, this doesn't mean that ATM cards with magnetic strip will not be accepted anymore starting January 1, 2017 although some ATM terminals might not accept it.



EMV cards is said to be more secured compared to the magnetic strips that are widely used in ATM cards and some credit cards. ATM card scheming and card fraud has long been a problem for banks and cardholders. To get rid of it, the Bangko Sentral ng Pilipinas , in 2013, has issued a directive to the banks in the Philippines to replace the magnetic strips on the ATM and credit cards they are issuing with EMV (Europay, Mastercard, Visa) chips, which is  according to the Head of BSP Core IT Specialist Group, Melchor Plabasan. According to Mr. Plabasan, the EMV chip embedded in the card is more secured and is, according to him, virtually impossible to be copied or scheme. "Every time the chip is used in the (ATM) terminal, it automatically sends a dynamic code," Plabasan added. As of this report, the banks are in a huge backlog about the BSP deadline. Out of 8.5 million credit cards and 76 million ATM debit and prepaid cards that has to be replaced, they only made replacement on roughly 50%  of it. BSP said that the public can still use the old cards with magnetic strips and there is no need to panic about the January 1, 2017 deadline. However, most of the ATM machines or terminals are already been upgraded to accommodate cards bearing EMV chips in it and no longer accept cards with magnetic strips.   The BSP has issued a warning to the banks who are still not being able to replace the cards with EMV embedded cards, should any fraud or scheming arise and there had been an unauthorized transaction, the bank will be held accountable and pay the lost or damages if the client submits a proper report.    Meanwhile, the BSP is reminding all old notes holder that the  old bank notes has already been demonetized since Dec. 31, 2016. But the OFWs who are not in the country can still be exchanged until 2017 but they need to be  registered online.  Read the details here:    Some hearsay about demonetization and the new bank notes. They are absolutely false! These hearsay has been falsified by  BSP Regional Director Leonides Sumbi.                   Only the new design series paper bills issued since 1985 until 2010 will not be accepted by January 1, 2017.  As long as the paper bill is a new generation cureency series, the one that was released since December 2010, the signature of the previous or current President should not matter.   Although BSP has ordered banks to replace ATM cards with EMV chip, this doesn't mean that ATM cards with magnetic strip will not be accepted anymore starting January 1, 2017 although some ATM terminals might not accept it.



Only the new design series paper bills issued since 1985 until 2010 will not be accepted by January 1, 2017. 
As long as the paper bill is a new generation cureency series, the one that was released since December 2010, the signature of the previous or current President should not matter.


Although BSP has ordered banks to replace ATM cards with EMV chip, this doesn't mean that ATM cards with magnetic strip will not be accepted anymore starting January 1, 2017 although some ATM terminals might not accept it like the cases mentioned in the GMA 7 report.

©2016 THOUGHTSKOTO

Saturday, November 28, 2015

HOW TO AVOID LOSING MONEY FROM THE ATM SYNDICATE


VICTIMIZING OFWs, THEIR FAMILIES and THOSE FILIPINOS WITH ATMs. 
"A type of fraud which occurs when an ATM is compromised by askimming device, a card reader which can be disguised to look like a part of the machine. The card reader saves the users' card number and pin code, which is then replicated into a counterfeit copy for theft."
Do you have ATM or your love ones are using ATMs when withdrawing and paying bills? A very common modus now a days and there are a lot of complaints already regarding this as reported in the videos below. So many people will receive bonuses and will spend for so many gifts this holidays, and OFWs will be sending money for their loveones. 




©2015 THOUGHTSKOTO

Thursday, September 17, 2015

Depositors in Philippines Lose Money After Online Transactions


 Many depositors in the Philippines had been complaining about losing their money after transacting online or using online banking system...

Online banking can actually be a convenient way of transacting with our banks. You can process payments for your utilities, or send and transfer money anytime you need to. 

One  depositor lost more than Php 100,000 after she used online banking. Turned out the website she used is fake and her money has been transferred to another account according to bank investigation. 





Bank fraud like phishing or scheming are very rampant in Philippines right now. In cases of scheming, where bank websites and atm machines were compromised money is usually returned to their depositor. However if it is phishing, or where account information was given to scammers they will not take responsibility for that. 



The Central Bank of the Philippines is also investigating on this. They are encouraging depositors to reach out to them if the depositor and the bank cannot settle the case. 



©2015 THOUGHTSKOTO

Thursday, August 27, 2015

WATCH: OFW Lose Php 200,000 After Her Bank Account Went Dormant


How important is your savings to you? Many OFWs are opting to put their hard -earned money in savings account to become their safety net in case of contingency. For some it has become some sort of investment where they keep their retirement fund.

But what would you do if that savings account turned empty without you making any withdrawals?
No matter how careful we are, unexpected things could happen. Just like Janica, an OFW who opted for a savings account thinking that her passbook is safer than an account with ATM. As an OFW, she saved and placed her money in the bank and  she did not make any transaction for 4 years. By the time she checked her account and her passbook which is supposed to have a balance of Php 200,000. All the money is gone and she was told by her bank that her account had become dormant, but the question remains. If her account became dormant, the bank is supposed to deduct a certain amount for penalty but that penalty is not supposed to equate to Php 200,000, not even for 4 years. 
video

In Saudi Arabia we usually get notifications through sms/text if there is any withdrawal or any kind of transaction in our account. Online access to our account also passes through verification by sending one time access code on our mobile. We hope this kind of security could also be implemented in the Philippines.



We have heard several stories already about bank accounts being hacked in the Philippines specially those with ATM. Bank fraud is very common not only in the Philippines, it can happen anywhere and anyone can be a victim.


In order to protect yourself from this:

Never lend your card to anyone.
As much as possible never leave your receipts, better dispose it properly.
Never let anyone have access to your card number.
Never give information about your card over the phone as much as possible unless you are confident that the transaction you are initiating is with a reputable company.




©2015 THOUGHTSKOTO

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