#emv cards

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. As mentioned on our previous post, the main advantage of EMV-based cards over its predecessor is the information on magnetic strip on the former is dynamic as opposed to static. Philippine banks are now beginning to shift from ATM cards with magnetic strip technology to those with EMV chips to further prevent ATM theft. EMV stands for Europay, MasterCard and Visa. EMV cards have chips embedded inside them which contain information required to authenticate credit and debit card transactions (see Wikipedia for more info). These cards can provide better security compared to magnetic strip-based cards. "The difference between the two is that the information in the magnetic strip is static and permanent, and hence, easy to copy, while EMV chip is more dynamic. 808 that would require all banks in the country to use EMV cards by January 2017. 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".