Check this article and follow the tips to guide you on how to protect your ATM and Credit Cards from theft and leave you with nothing but the cards alone.
As the Holidays come to near, thieves also make their way to make more money, from the traditional pickpocket up to the more modern ATM and credit cards scam, but here are some tips that you could use to protect your accounts from “invisible hands”.
Common police stories go: ATM card holders find their accounts swept out through a bank notice or in their next transaction when all the while the card has remained tucked in their purse. There are also some instances when withdrawals have been recorded as ATM transactions but none of these were done by the cardholders themselves.
The Bangko Sentral ng Pilipinas (BSP) recently issued a directive enjoining all parties issuing ATM and credit cards to follow the Europay MasterCard Visa (EMV) standard staring January 1, 2017.
Under the EMV, there will be a network-wide upgrade of ATMs, POS terminals, switches, credit cards and ATM/Debit cards.
As part of the security upgrade, new ATM and credit cards will be issued to cardholders. Aside from the magnetic stripe at the back, their new card will nor have an EMV chip embedded in it.
The EMV chip is the primary means of verifying the cardholder’s identity and has multiple levels of security compared to the single level given by the current magnetic stripe.
The EMV Chip provides secure authentication of the card and cardholder at the ATM and POS terminal, aside from the cardholder’s Personal dentification Number (PIN) and cryptographic algorithms.
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