There’s no such thing as perfect security when it comes to banking but latest advancements have helped improve banking technology which in turn has allowed banks to conduct transactions with utmost confidence.
And yet, the curious case of card fraud still occurs daily, what could be the reason? It’s simple, the technology is there but we really haven’t had the chance to utilize it. Some of us are just unaware and others may be a bit hesitant, therefore we stick to what’s been there, making us a perfect target for thieves.
But little do we know that a simple card upgrade can be an effective solution against card fraud. We’re talking about the EMV (Europay, MasterCard and VISA) technology. Some of us have been quite familiar and confident with the good ol’ magnetic stripe technology—we’re talking about that horizontal black stripe in the back of our cards.
To be absolutely clear about it, though they are frequently targeted for skimming, magstriped cards remain secure and protected. But as you may soon learn through this article, the EMV technology just takes the security of your cards to a whole new level, making it a no-brainer for all banks to use the superior defense against card fraud.
8. EMV chip is the global standard
Believe it or not (you really should believe us), the EMV chip is the global standard worldwide that’s used in cards, point of sale terminals and ATMs. Basically, all those sensitive transactions we conduct every day.
7. A more stylish/elegant look
Honestly, those cards with the black magnetic stripes are starting to look outdated and unstylish and perhaps some of you may have overused your cards that they have started to look worn out. By upgrading to the EMV card, you get the chance the get a more stylish and current-looking card, you can just flash at every opportunity. Not to mention the fact, that your card is protected from skimming and other kinds of card fraud.
6. Every transaction is sacred
EMV-chip powered cards have become the toast of banks worldwide thanks to their additional security features. This is how it works, whenever you use your EMV card for say, shopping or dining, it creates a unique code for that transaction. So if some unscrupulous elements try to skim and copy the data from your card, the data they would get would no longer be acceptable in any other transaction, making any skimming efforts, quite futile. That’s the genius of the EMV.
5. BSP now requires cards to have EMV chips
Card skimming has become one of the most worrying forms of card fraud. In 2013, the Bangko Sentral ng Pilipinas (BSP) reported that about P220 million was lost due to card fraud. This prompted the agency to issue a circular that will protect Filipino depositors and card holders against the risk of card fraud. The BSP said all banks should upgrade their cards to be compliant with the EMV technology beginning January 1, 2017, and for this, the BSP deserves a high five.
4. When to upgrade? Is it free?
Go to your local bank and inquire but it’s your lucky day if you’re an existing RCBC MyDebit, MyWallet, My Wallet Visa and Telemoney My Wallet Visa cards because RCBC’s transition to EMV is now in the works, and the best part is that it’s for FREE, yes, f-r-e-e! So you better keep your eyes glued to RCBC’s official FB and Twitter accounts so you can be among the first ones know about the updates on the cards’ official release date.
3. Take it to the next level
If you’re dropping by at RCBC then why take it to the next level by getting an RCBC Bankard? It has plethora of rewards program which allows card holders to earn points, AIRMILES and earn cash rebates. And on top of that is its newest All-in Rewards Program which allows card holders to earn points from partner establishments on top of the points they’ve already earned from their rewards program.
2. Ease your budgeting woes
And did you know that RCBC Bankard has a tool called Spend Monitor? It’s an SMS alert feature that notifies its user if they’re about to reach their predefined monthly budget. It also has the Spend Analyzer where it summarizes all transactions from monthly and year-to-date spending according to categories.
1. Have some Peace of Mind
After all that been said about the EMV technology, what really makes it a standout and the preferred card security system is the cards’ ability to guard against skimming and other forms of card fraud. This allows you to just go about your everyday routine without worries, and without second-guessing your transactions. With the EMV-powered RCBC MyDebit, MyWallet, My Wallet Visa and Telemoney My Wallet Visa, you can now shop, dine, save money or receive remittance, while having complete peace of mind.
Do you have questions about the newest EMV chip? Call RCBC’s customer service now at 877-7222 or visit the RCBC branch nearest you.