State-owned Development Bank of the Philippines (DBP) called on account holders to claim their automated teller machine (ATM) card with the Europay, Mastercard, and Visa (EMV) chip technology to ensure secure banking transaction, a senior official said.
DBP president and chief executive officer Cecilia C. Borromeo said customers who are still using the magnetic stripe only card (non-EMV) are advised to visit their branch of account to claim the replacement EMV card to avoid inconvenience once the old card is deactivated by February 1, 2019 and can no longer be used in any ATM or POS terminal.
“We call on our valued DBP account holders to proceed to their servicing branch and obtain their EMV debit/ prepaid card,” Borromeo said. “DBP personnel are also ready to process requests for upgrading of existing magstripe card to EMV.”
The DBP EMV ATM card is equipped with a microprocessor chip that stores and protects cardholder information leading to more secure transactions, protect integrity of customer information, reduce card fraud, and enable the interoperability of payment networks.
DBP is the eighth largest bank in terms of assets and has a total branch network of 137 branches across the archipelago. It has an estimated depositor base of 800,000.
The issuance of an EMV-compliant card conforms with a 2014 directive of the Bangko Sentral ng Pilipinas that required all banks to shift to microchip-based cards and terminals to elevate the level of security standards in the Philippine banking industry. DBP is one of the first banks to comply with the directive when it started issuing the EMV cards back in 2016.
Borromeo said that DBP clients who have additional inquiry on the DBP EMV ATM card can contact (02) 818-9511 or e-mail email@example.com.