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Contrary to what was previously reported, local financial institutions are reported to make the switch to EMV-based ATM and credit cards sooner than what was mandated by the Bangko Sentral ng Pilipinas which is due on January 2017. Philippine banks are now beginning to shift from ATM cards with magnetic strip technology to those with EMV chips to further prevent ATM theft. It would be a costly move as ATMs need to be replaced as well to accommodate EMV Cards. Banks are also looking at further limiting the limits on ATM withdrawals. The banks are now thinking of limiting the limits of ATM withdrawals," said Rene Natividad, vice president for operations of Bancnet. In 2013, at least Php220 million were stolen due to ATM theft. Read more in our articles including "PH Banks May Shift to EMV-based Cards Earlier Than Expected" and "Banks shift to EMV-based ATM cards to prevent cloning".

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Frequently Asked Questions

What is atm cloning?

Contrary to what was previously reported, local financial institutions are reported to make the switch to EMV-based ATM and credit cards sooner than what was mandated by the Bangko Sentral ng Pilipinas which is due on January 2017. Philippine banks are now beginning to shift from ATM cards with magnetic strip technology to those with EMV chips to further prevent ATM theft.

What have you covered about atm cloning?

It would be a costly move as ATMs need to be replaced as well to accommodate EMV Cards. Banks are also looking at further limiting the limits on ATM withdrawals. The banks are now thinking of limiting the limits of ATM withdrawals," said Rene Natividad, vice president for operations of Bancnet.

Where can I find articles about atm cloning?

Our coverage of atm cloning includes: "PH Banks May Shift to EMV-based Cards Earlier Than Expected"; "Banks shift to EMV-based ATM cards to prevent cloning"; "Google adds new video editing tools to Android 17". Each article provides unique insights and information.