December 4, 2015
From Foursquare FAQ on EMV
Local banks Credit card companies and merchants have been urged to shift to EMV (Europay, Mastercard and Visa) technology by 2017 by the Central Banks. But many banks are seen to shift earlier because of the liability shift. The liability for fraudulent transactions for not using EMV shifts from the bank to the merchant.. The magnetic strip is subject to skimming and other CC/Card fraud
CB has urged local banks to shift to EMV as early as 2014
This is needed in US where half of fraudulent transaction take place. They shifted in October to EMV. With the US shifting to EMV, cant the Philippines be far behind.?
The EMV cards have chips and need to be inserted in the card reader. The Citibank card I have is EMV; The Metrobank card is still not EMV.