BSP warns public vs high-tech card fraud PDF Print E-mail
Sunday, 26 March 2017 14:56

By R.G ANTONET GO

The Bangko Sentral ng Pilipinas (BSP) Zamboanga city is asking the public to handle their automated teller and credit cards carefully as these are susceptible to high-tech fraud.

“Yung mga credit cards at ATMs they should treat that as cash kasi kapag nawala yan, nawala na din yun amount doon sa loob,” said Hermogenes Buenaflor, BSP Zamboanga Head of Economic and Financial Learning Center.

The BSP reminder came after a series of high tech fraud incidents involving Phishing and others using the internet.

Phishing is the attempt to obtain sensitive information such as usernames, passwords, and other credit card details by the perpetrator who disguises himself as a trustworthy entity in electronic communication.

Buenaflor reminds credit card users to transact only on safe websites.  He also reminds the public to keep credit card details confidential.

Buenaflor also advises ATM users to ask their providers to change cards with magnetic stripes to Europay, MasterCard and Visa which uses the EMV chip.

Magnetic stripe contains unchanging data which can be easily copied by those committing fraud via a simple and inexpensive skimming device.

The EMV chip, meanwhile, generates a unique transaction code everytime it is used for payment which cannot be used again.

This feature, known as the dynamic authentication, makes it difficult for criminals to counterfeit EMV cards.  (RGAAGo)