More secure transactions

In a bid to further strengthen the security on the conduct of financial transactions of its account holders and to reduce card fraud from counterfeit, lost or stolen cards, Philippine Savings Bank (PSBank) has put in place various countermeasures in its products, services, and systems.

One of the Bank’s major initiatives is the migration of its magnetic-stripe cards and automated teller machines to EMV technology.

EMV which stands for Europay, Mastercard, and Visa is the global standard for using credit, debit, and prepaid card payments using the chip card technology. Cards carrying the EMV chip are considered a more secure alternative to traditional magnetic-stripe payment cards as the EMV chip technology has been proven to significantly reduce cases of counterfeit fraud, skimming, and other related crimes.

PSBank is one of the banks that was able to shift seamlessly to EMV chip-compliant cards and ATMs by January 2017. The Bank started its information drive on free card replacements months before the central bank’s deadline.

To date, all new cards PSBank is issuing now are EMV chip-enabled–the PSBank Regular ATM, the PSBank Debit and Prepaid Mastercard, and the PSBank Flexi Mastercard.

“We started to issue the cards to our new clients and have started a free replacement of the existing cards of our account holders since the start of the year. But since October last year, we were already informing and reminding our clients to replace their cards with us come January 2017,” PSBank Marketing Group Head Emmanuel A. Tuazon said.

In the EMV primer it released, BSP said that “it is imperative for the Philippines to adopt EMV technology” as fraudsters have shifted their efforts to countries which are still highly reliant on the magnetic-stripe technology. BSP said the initiative hopes to address the increasing rate of counterfeit fraud, safeguard the interests of the public, and promote interoperability with international payment networks.

The EMV technology secures payment transactions with enhanced functionality in the areas of card authentication, cardholder verification, and transaction authorization.

“The PSBank chip-enabled cards support two of the cardholder verification methods—online PIN for ATM transactions and signature and PIN for POS terminals,” Mr. Tuazon said.

Nowadays, security threats are among the major hurdles of banks. One of which is ATM skimming, which entails capturing data from the magnetic-stripe on the back of an ATM card using devices that are often fastened in close proximity to or over the top of the ATM’s card reader. With this technology, fraudsters can easily gain access to the account holder’s funds.

ATM skimming is considered a global problem, which is why financial institutions are expected to improve the security of products and services while the public is urged to be wary of such crimes.

“With PSBank EMV chip-enabled cards our clients can continuously enjoy worryfree banking and protect themselves against ATM card fraud with its improved security feature,” Mr. Tuazon said.

He also noted that the shift to EMV technology is just one of the Bank’s security measures for its depositors.

“We also introduced the PSBank ATM Lock and launched a security awareness campaign to equip our clients with knowledge on how they can safeguard themselves against scams,” Mr. Tuazon said.

PSBank has encouraged its clients to always activate the PSBank ATM Lock, an added layer of protection which prevents unauthorized transactions in their account, through the PSBank Online or Mobile app.

Last year, the bank also carried out a consumer protection campaign called “Be Aware” that provides its clients with the necessary information to protect them and their money against scams.

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