Banks in the Philippines are set to comply with the central bank mandate of replacing the magnetic strip cards used in all automated teller machines (ATMs) in the country with the more secure EMV (Europay, Matercard, Visa) chip technology by 2017, thrift bank Sterling Bank of Asia said in a statement on Wednesday.
The thrift bank said Philippine banks have joined forces to combat the worsening problem of fraud involving ATM cards and are working double time to fully replace their magnetic strip cards into EMV chip cards.
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