Tips for secure ATM transactions

This week and next week are expected to be crucial, not only because companies distribute employee bonuses and 13th month pay and Filipinos abroad send cash gifts to their loves ones in the Philippines through the local banking system, but because people are doing their last minute Christmas shopping.

According to BancNet general manager Aris Zafra, interbank ATM transaction volume was expected to reach 3.5 million last Dec. 16, which is the Friday after the payday before Christmas.

Unfortunately, this period, he said, is a deep ocean of opportunity for cyber criminals.

Since banks are mandated by the Bangko Sentral ng Pilipinas (BSP) to be Europay-Mastercard-VISA or EMV-compliant by Jan. 1, 2017, and cyber criminals know that they stand little or no chance once EMV takes effect next month, Zafra said these thieves will be working on the double these days and now, more than ever, cardholders have to be vigilant when using ATMs.

EMV is a global standard for secure electronic payment transactions that uses chip technology instead of magnetic strip.

There are now over 19,000 ATMs and over 83 million ATM cardholders nationwide.

BancNet has warned against skimming devices, such as fake card readers that copy information on the magnetic strip at the back of a card and fake keypads that copy the cardholder’s PIN, hidden cameras that capture the keying in of PIN, shoulder suffers or persons that look over one’s shoulder as they key in their PIN, and strangers that pretend to help with a transaction.

For safe and convenient ATM transactions, BancNet has offered the following tips: • withdraw cash before the weekend; • do not withdraw all of your salary or bonus and instead, use the card to pay for shopping online or at physical stores that display the BancNet logo;

• choose ATMs at secure locations and watch your surroundings for suspicious persons;

• inspect the ATM for suspicious devices (the card slot, keypad, keypad cover, cash slot should not wiggle) and grope the underside of the keypad cover to check for tiny hidden camera; • change your PIN regularly; • online, be way of emails, links and bogus websites that ask for your PIN and bank account number;

• shop only at secure websites, such as those whose addresses or URLs start with “https” where the “s” stands for secure;

• do not disclose your bank account information and PIN on social networking sites;

• never access your bank account nor do transactions that require your PIN over public wifi networks; and,

• never give your bank details and PIN to unknown callers on your mobile. Not so Hidden Agenda