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

Thursday, November 24, 2016

OFW LOSES 200K IN ATM SCAM






As much as possible, we Overseas Filipino Workers wants to save for our family and our future. And it pains us when our savings or hard-earned money falls into the hands of thieves.

This is what happen to a 47-year old OFW who became victim of automated teller machine (ATM) scam in Cebu City.

Eniel Ybañez, a resident of Barangay Lutopan in Toledo City, said he discovered on Saturday that P200,000 was missing from his ATM account.



Eniel Ybañez (CDN PHOTO/SANTINO BUNACHITA).

He just discovered that someone made anauthorize withdrawals when he checked the bank.

The P200,000 is a part of his P278,000 savings while working at Qatar for two years as construction worker.

Ybañez went home last May.

The last time he withdraw from his ATM was on November 11 at the South General Hospital in Naga City when he only took P4,000.



READ MORE:


















They said, "It is better to be safe than sorry." This is really true most especially in our hard-earned money or income. What happens to Eniel Ybañez of Cebu is some kind of ATM fraud when the fraudster took his money from his ATM account, of course, without his knowledge.

Using ATM is one of the most convenient ways of handling our money, but we should also take important security measure to avoid being a victim of fraud.

Here are different kinds of ATM fraud we should be aware!

1. ATM Card Skimming

The card reader is installed in the right part of the ATM's card slot. The reader can capture the data in the magnetic strip of the card.

Once you insert your ATM card, data will automatically be captured. This scam is more popular in credit card because criminals can gain more compared to ATM cards.




(WATCH:Red Alert: How to avoid ATM Scheming?)


2. Salisi Gang

Also known as “Ipit Gang” or “Laglag Barya Gang”. Known to be common when there is a long line of cardholders at the ATM or during paydays.

When cash is being dispensed by the ATM, a member of a gang will drop coins and ask help from the cardholder.

When a cardholder tries to help by picking up the bills, another gang member will immediately get the cash waiting at the cash out shutter and then flee as fast as he can.

3. Cash Trapping

Cash trapping is done by the group called “Ruler Gang”.

A member of the gang will install a specially fabricated “ruler” device onto the cashout shutter of the ATM and leaves it there. This device looks exactly like the cash out shutter of the machine. When an unsuspecting cardholder tries to withdraw, the cash will be trapped inside.

When the cardholder leaves thinking there is a problem with the machine, the gang will remove the device with the cash still glued on it using their special prying tool.

(WATCH:Top 5 tips for avoiding ATM scams)



4. Fake assistance

Be careful when someone is offering a help especially inside the ATM both. This is may be another ATM fraud targeting elderly and those new in having ATM cards.

When the suspects spotted their victim, they will appear to be very helpful and offer assistance, but in reality, they are memorizing the card number and your PIN.

With this information, the can easily transfer funds to their own bank account using the internet or mobile phone or a clone ATM card.

With the card number and PIN, the gang can easily transfer the funds to their own bank account using the internet or mobile phone or a clone ATM card.

So the next time you do a transaction with ATM machine, be sure to do it in safe places such as inside the banks or malls.



©2016 THOUGHTSKOTO

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