Wednesday, June 21, 2017

LandBank cautions clients 
of set e-banking downtime 

TAGBILARAN CITY, June 20, (PIA)--If by 10:30 P.M. of Saturday, June 24 to 3:00 P.M. of June 25 Sunday, you won't be able to transact with Land Bank (LandBank) of the Philippines' online banking services and other electronic channels, that is because the bank has set on these times its scheduled downtime. 

Scheduled banking downtimes are periods when banks perform systems maintenance activities to further bring about better banking experience to its clients and improve its banking services. 

Through an advisory it spread via its media sites, LandBank said they are set to do a systems upgrade and maintenance activities as part of their compliance to the Bangko Sentral nga Pilipinas' (BSP) mandates. 

The advisory comes at the time when bank depositors from other known banks are getting worried and suspicious about irregular transactions in their accounts: double debits or double credits as banks declared glitches in their systems. 

Earlier, the BSP has mandated all banks to adopt the EuroPay, Mastercard and Visa (EMV), a global standard for cards equipped with computer chips and the technology used to authenticate chip-card transactions. 

The adoption of the EMV, according to the BSP, would more protect consumers who use their credit cards by making information from these cards tougher to shim, in the light of massive date breaches and fake cards fraud. 

Already a system adopted by US card issuers, the migration to the new technology which uses a small metallic square chip in the card instead of a magnetic strip, makes it difficult for a card fraudster to clone the data. 

According to sources, each time an EMV is used, it creates a different data transaction code which can not be used for other transactions. 

The usual magnetic strip in the present cards contains unchanging data and anyone who copies the magnetic strip gains the same data encoded and in return, also gains access to all sensitive information of the cardholder and thus can make purchases and other online payments, without the owner knowing, said www.CreditCards.com. 

BSP thinks that in the wake of numerous large-scale data breaches and increasing rates of counterfeit card fraud, the shift to EMV better protects consumers, thus the mandate for banks to migrate to the new banking security technology. 

And during the downtime, depositors won't be able to transact through the bank's Automated Teller Machines (ATM), cash deposit machines, and other electronic banking channels, including its iAccess, weAccess and mobile banking applications. 

More importantly, the downtime won't also allow cardholders to use the LandBank debit cards in both ATM and credit cards functions. 

In fact, even after the downtime, LandBank warns: intermittent services would be normal until the system stabilizes. 

Over this, bank authorities encourage clients to make the necessary arrangements and conduct their transactions beforehand to minimize inconvenience. (rahc/PIA-7/Bohol)

Be advised, from Saturday to Sunday 3 PM, you wont be able to use your Landbank cards: to pay for purchases or withdraw cash from ATMs due to a scheduled downtime, according to bank advisories. (rahc/PIA-7/Bohol) 

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