BMAP reminds the banking public to claim their EMV card

THE BANK Marketing Association of the Philippines (BMAP) reminds the banking public in relation to the EMV-chip migration. Banks have produced the EMV cards and have intensified communication efforts through various channels to notify their clients on the claim dates and process. Bank clients are encouraged to visit their branch of account to claim their EMV-enabled card because magnetic stripe cards will be deactivated in due time.

Europay Mastercard Visa (EMV) is the global standard for credit, debit and prepaid card payments using the chip card technology. EMV chip-based payment card is more secure alternative to traditional magnetic stripe payment cards.

The Bangko Sentral ng Pilipinas, since 2014, pushed the banking industry towards full adoption of EMV technology to elevate security standards to prevent card fraud and skimming, and has mandated banks to fully shift to microchip-based cards and payment terminals by June 30.

“BMAP fully supports the BSP and the banking industry in raising awareness on the replacement of payment cards. While substantial percentage of claim has been achieved to date, the challenge is for the remaining bank clients to go to their issuing banks to claim their EMV cards,” said Ann Ducanes, BMAP president.

BMAP advises the banking public to likewise update their contact details and cooperate with their issuing banks for the replacement of their magnetic stripe cards with EMV-chip-compliant cards.

The EMV chip technology has been proven effective in significantly reducing counterfeit fraud and skimming attacks perpetrated in magnetic stripe payment cards.

The magnetic stripe contains data which can be copied by fraudsters via a skimming device. Unlike a magnetic stripe card, every time an EMV card is used for payment, the chip on the card generates a unique transaction code that cannot be used again. This feature, known as dynamic authentication, makes it difficult if not virtually impossible for fraudsters to counterfeit EMV cards.

The BSP has put in place the necessary regulatory and supervisory framework to enable the migration of the entire payment network to EMV technology. This is fundamental to BSP’s mandate to foster the development of safe, secure, efficient and reliable retail payment systems and uphold consumer protection.