ENCASH forges ahead with VISA implementation

On the first day of its VISA implementation last October 24, 2013, Electronic Network Cash Tellers, Inc. (ENCASH) marked a modest milestone - dispensing withdrawal transactions for a limited number of VISA International cardholders through its ATMs. It foresees an increasing number of international card transactions in its ATMs in the immediate future as more cardholders get wind of the availability of VISA in the ENCASH ATMs. This continues the journey of ENCASH as it embarks to comply with Bangko Sentral ng Pilipinas (BSP) requirements.

ENCASH is also moving towards the final phase of its PCI-DSS Certification or the Payment Card Industry (PCI) Data Security Standard (DSS). After concluding its VISA PIN Audit, ENCASH then upgraded its Transaction Processing Software (Switchware) to Release 3.12, a PCI-DSS compliant version. At this stage, ENCASH is awaiting certification of its entire ATM fleet to enable it to expand acceptance of VISA International Card transactions. PCI-DSS certification means that VISA International Cardholders will have the assurance that ENCASH has complied with the minimum standards set by VISA to mitigate fraud.

Once fully certified, ENCASH will continue to upgrade its systems and technology to be able to accept the Europay MasterCard VISA (EMV) chip cards required by the BSP for January 2017.

EMV chip cards primarily improve security against skimming fraud. In combination with the use of a Personal Identification Number (PIN) and cryptographic algorithms such as Triple DES, it enables secure authentication of the card to the processing terminal and the user's authorizing system.

The EMV chip card has significant advantages than a magnetic stripe card, which is vulnerable to fraud through skimming. The data stolen from the magnetic stripe card can be written on another magnetic stripe which then serves as a duplicate to the original cardholder's card. In many cases, the duplicate card is used in distant locations, even in other countries. The unknowing cardholder is lulled into thinking the card; in his/her possession is secure.

This enhanced cardholder verification method- together with the transaction-unique digital signature makes the chip-based card more secure than the regular magnetic stripe card - thereby protecting cardholders, issuers and merchants from fraud, when in truth, it is compromised.

Approximately 1.5 billion EMV cards have been issued globally and 21.9 million POS terminals accept EMV cards by the end of 2011.