There’s no official data about this but based on anecdotal evidence, the incidence of skimming in the Philippines has risen. Bankers admit that “skimmers” are indeed becoming bolder and more creative in stealing money through automated teller machine (ATM) scam.
It’s not just because people are awash in cash during the Christmas holidays. There’s a narrowing window of opportunity for these “fraudsters” to ply their trade now because, come Jan. 1, 2017, the entire payment network of the Philippine banking system would have shifted from the traditional magnetic stripe to the more secure EMV (Europay Mastercard Visa) system.
Banks, thus, now have to invest even more in providing security for their ATM systems and try to bust the skimmers before they further gnaw on people’s hard-earned savings. One banker said the skimmers have become more high-tech, employing the tiniest of gadgets to steal people’s PIN codes. After all, replicating the magnetic stripes is of no use unless the fraudsters are able to get hold of the bank account holder’s PIN code.
Another banker said there was one case when skimming had been aided by an insider in a bank branch in a province. It was the acquiring bank—a jargon for the financial institution which processes electronic payments—that had raised the red flag after detecting certain abnormal patterns in ATM transactions of clients of the said bank.
Since December 2013, the BSP has been closely working with key industry players to come up with a viable strategy to comply with the EMV migration requirement. All cards issued and card-accepting devices should be EMV-compliant in a year’s time. As expected, skimmers have likewise been working double time. Doris Dumlao-Abadilla
12th Bull Run
IT’S UNCERTAIN whether the local stock barometer will end higher for the seventh straight year in 2015, what’s certain is the Philippine Stock Exchange’s holding of its 12th annual marathon “Bull Run” on Jan. 10 at 4 a.m. in Bonifacio Global City.
“We would like our investors and the general public to kick off 2016 by giving importance to their physical and financial health. We hope that participants of the PSE Bull Run will benefit from a good run and develop interest in stock investing,” said PSE president Hans Sicat.
Participants can register for the 21K Challenge, 16K Trial, 10K Race or 5K Dash categories. There will also be a 21K Team Category Competition open to groups with a minimum of 10 runners. Interested participants may register online at www.adeventsmnl.com, at the PSE Library or during mall hours in Chris Sports Glorietta 3, SM Megamall and SM North Edsa Annex.
All 5K, 10K, 16K, and 21K runners will receive finishers’ shirts. Finishers in the 16K and 21K categories will also get medals.
A “Biggest Delegation Award” will also be given. To qualify for this special citation, groups should enlist a minimum of 25 runners.
But of course the PSE won’t pass up the opportunity to promote equity investing. On racing day, the PSE will have a booth where Bull Run participants can sign up for its free stock market 101 seminar. Doris Dumlao-Abadilla
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