Wednesday, August 14, 2013

'80% of ATMs already complaining with new BSP rule'

In the Phillippines, citizens are having trouble adjusting to new ATM rule.

Around 80% of the total ATM system in the country is already compliant with the "end-to-end triple data encryption standard (3DES)", according to the Bangko Sentral ng Pilipinas.

"Most of the new machines being installed now are 3DES. Based on our estimates, of the total ATMs today, around 80% are already 3DES-compliant to begin with. So there's the smaller component that needs to make this migration by 2015," BSP deputy governor Nestor Espenilla told ANC.

The BSP had recently approved the Enhanced Information Technology Risk Management Framework last August 1. As part of the framework, banks are required to adopt the 3DES in their ATMs nationwide by January 2015, and to replace ATM cards with EMV-enabled ones by January 2017.

Don't forget to check out ATMs for Amateurs by Josef Toth

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