MANILA - EastWest Bank said Monday it would deactivate magnetic stripe debit cards on Dec. 4 and advised clients to avail of more secure chip-based cards.
The chip-based or EMV card replacements are free. Those with payroll accounts are advised to coordinate with their employers, EastWest said in a statement.
"Debit cards with EMV chips are safer to use as they provide layers of security protection against skimming and transaction fraud," said the bank's senior executive vice president and retail banking head Gerardo Susmerano.
Non-EMV cards will be deactivated at 11:59 p.m. on Dec. 4, it said.
The Bangko Sentral ng Pilipinas gave banks until June next year to switch to chip-based cards to fight fraud.