China Bank (PSE: CHIB) announced on Tuesday that customers can claim their new EMV (Europay, MasterCard, and Visa)-enabled Automated Teller Machines (ATMs) cards until Jan. 31. The bank said old cards will be deactivated starting Feb. 1.

China Bank said in its press release that clients only need to go to their branch of account to claim the new EMV-ready cards for free. The bank did not indicate any further extensions of the said deadline.

China Bank said that this was in compliance with the requirements of the Bangko Sentral ng Pilipinas (BSP) to adapt the most recent advancement in automated banking. It added that it has provided new clients with cards that are already EMV-ready since August 1.

BSP Mandate

The BSP issued the BSP Circular no. 808 on August 2013. This was intended to enhance the information technology risk management for all banks and other BSP-supervised institutions.

Aside from China Bank, other local banks such as Banco de Oro (BDO), PBCom, HSBC, Bank of the Philippine Islands (BPI), and Security Banks have since complied with the BSP mandate. These banks also gave their clients until Jan. 31 to redeem their new EMV-ready cards for security purposes.

EMV Card Fraud Liability Shift Framework

The BSP intensified the implementation of the EMV migration among BSP-supervised financial institutions (BSFIs) through its approval of the EMV Card Fraud Liability Shift Framework (ECFLSF). The ECFLSF was made effective starting Monday.

The ECFLSF sets forth the general principle those BSFIs which are not or are only partially compliant with the EMV requirement shall hold financial liability arising from losses on counterfeit card fraud.

The issuance of the ECFLSF is expected to further accelerate EMV compliance efforts as well as speed up the dispute resolution and restitution process for customers who have valid claims arising from counterfeit fraud or skimming attacks.

What do you think of China Bank's deadline to change old ATM cards to new EMV-ready cards? Let us know in the comments section below.