An ATM card is commonly the main cause of identity theft. Many ATM card users were complaining about losing funds in their savings account. This is the reason why many banks are encouraging their clients to switch to EMV chip enabled card.
For your information, there are machines capturing destroying regular ATM cards. If in case you’re withdrawing using your regular ATM card and it happened that your card was captured by the machine, the best thing to do is to report the incident. If the bank representative suggests changing your ATM card to the one that is EMV-enabled, then do so.
What is EMV chip all about?
As the technology advances, identity fraud is becoming very common. To prevent unscrupulous people to get your personal information, many banks decided to enhance the security of their clients by encouraging them to use EMV card. It has added security for debit and credit card users.
Using an EMV card, it is ensured that purchasing online would be safer and no one can intercept the information that you’ll give.
Here are some reasons why you should switch to EMV chip enabled card:
- EMV makes your transactions secured
By using EMV-enabled cards, purchasing and payment transactions become more secured. Unlike the old version of ATM cards, the skimmers won’t be able to intercept or get your information and clone your card.
The information in the EMV cards was stored in microprocessor smart chips. The data were protected as they are encrypted. If the information is encrypted, it would be difficult to copy or acquire your data without using a specific technology.
Likewise, the EMV card holders can choose from different verification options that’s why identity thief can’t easily copy and fake the information.
- EMV supports contactless, contact, and mobile transactions
EMV technology is designed for contactless transactions that allow cardholders to transact business by just tapping the card against the terminal. If you’re making payments in grocery counters, the EMV card is inserted into the terminal throughout your transaction.
Mobile wallet payment is the best thing about EMV technology. You can transact business by simply waving your smartphones over the terminal.
- EMV follows global standard
The Bangko Sentral has obliged banks that effective June 2018 all clients must be using EMV cards. That’s why if you’re still using the ordinary ATM card, you must visit your bank and request for the EMV card.
- Secured information storage
The EMV chips can store more information in a secured manner. It does not rely on your signature in determining your identity. There are more options to choose from to avoid identity fraud.
- It can operate even in offline mode
You can use EMV card even in offline mode because EMV terminals can easily configure the PIN codes even offline. This means that you can transact with your bank without waiting for online connection of banking systems.
Don’t wait for the rush. Visit your bank and inquire how you can replace your old version of ATM card into the EMV-enabled card. Otherwise, your magstripe ATM card will captured by the machine if you will transact beyond June 2018.