The EMV technology reduces, if not eliminate, potential fraudulent activities, as a result of card skimming and counterfeiting. Information in a magnetic stripe card can be easily copied and cloned by fraudsters. More secure than a magnetic stripe card, the EMV is a global security standard for payment transactions. According to BPI, the deactivation of the card will protect its customers by reducing the risk of counterfeit fraud and will further improve the security of their account. In an advisory, the Bank of the Philippine Island (BPI) said that it will deactivate all ATM or debit card without EMV chip on February 18.
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