BY February 1 BDO Unibank would have completed the shift to the EMV standard for its debit cardholders.
As a result, the magnetic stripe currently found at the back of old automated teller machine debit cards will be disabled, and clients will no longer be able to transact on any ATM or point-of-sale (PoS) terminal.
Banco de Oro has been advising clients to get their EMV debit cards since these became available in the third quarter of 2016. For those who still have the magnetic stripe card, they are encouraged to have them
replaced at the various BDO branches on or before January 31.
BDO has already made its ATMs nationwide EMV-certified last year. PoS terminals found in supermarkets, restaurants, shopping malls and other establishments are converting into EMV, as well.
The regulatory requirement to shift to EMV, or the Europay, Mastercard and Visa standard, is part of the banking industry’s move to provide clients wider protection against fraudulent activities usually carried out in electronic banking channels.