The Aboitiz-led Union Bank is looking to secure its cards with EMV, or Europay MasterCard Visa chip technology. The move is set to be ahead of its original schedule, in compliance with the stricter regulations. Such regulations are aimed at increasing security features of automated teller machines.
The purpose of this is to decrease the chances of credit card fraud. The domestic banking industry has to beat a deadline for January 2017 in order to upgrade their information technology operations. The meeting of this deadline is also necessary to replace their old ATMs with those compatible with EMV chip-enabled cards.
