For BPI Direct clients: Shifting magnetic stripe to EMV card
For us millenials, we have witnessed how the world was changed by technology. It made our life easier, faster and more efficient. Gone are the days that people prefer to put their money in the piggy banks. Instead they put it in the banks so that it could earn an interest.
With times getting tough especially for a country labeled as a third-world, security is a very much topic of concern when it comes to anyone. It is and will always be a first priority, be it with regards to physical safety of oneself or for that hard-earned cash.
When news broke about rampant cases of fraud and theft, I was worried. Call it being paranoid but who can't help it? Magnetic stripe cards can be cloned into another card which can be used so that criminals can withdraw your money directly from the ATM and take your money.
Way back in 2016-2017, I first learned in an article by CNN that all over the Philippines, banks are mandated by the Bangko Sentral ng Pilipinas (BSP) to shift their magnetic stripe cards into a EMV card. An EMV card has more security and makes it hard for criminals to copy your information. And so I emailed mine as I was eager to replace mine. They replied that they would informed me as to where and how to claim the new card.
Fast forward May 2018, I was browsing the bank's website when I found that they have EMV updates and I have yet to receive an email. I browse on their site on how to claim the EMV card, but the problem was: I am BPI Direct client. I later found out upon further research that BPI Direct has no branch. So what could I do?
I read again the reply to my email and might have overlooked the advice to update my mobile number. The only way to change it is through visiting any branch of the bank you're with. And so I did and found out that I haven't updated my mobile phone number for more than a decade which I found weird because I remember complying 2 years ago when they have an announcement that their clients must update their information. So what was that then?
Anyhow, after updating mine at a branch I took the liberty to asked the officer about my dilemma. He said that they first prioritize the BPI clients and then next will be the BPI Family Savings and the BPI Direct clients. Hopefully, they will send me an e-mail as I know that the BSP had set a deadline for the banks to comply till end of June 2018.