MANILA - BDO Unibank, the country's largest lender, on Tuesday urged clients to shift to chip-based or EMV cards to better protect themselves against fraud.
The Bangko Sentral ng Pilipinas gave banks until the end of June 2018 to switch to EMV from magnetic stripe cards. BDO said it started issuing chip-based cards as early as the third quarter of 2016, with those for payroll accounts available by the end of this year.
"The bank's objective over time is to effect a holistic approach to protecting the clients' accounts from fraud. But to achieve this, clients must obtain their EMV chip debit card which is now available at their branch of account free of charge," BDO executive vice president and transaction banking head Edwin Reyes said.
The bank said ATM machines and point of sale terminals would also be upgraded to accept the EMV standard.
In June this year, BDO admitted before a Senate investigation that 7 of its ATM machines were "compromised" in a skimming attack, wherein data from cards' magnetic stripes are stolen and used for unauthorized transactions.