To protect customers from financial-related scams such as cloning and skimming, universal bank EastWest and American multinational financial services corporation Visa now offer contactless features on credit and debit cards.
“As a universal bank, we adapt to our customers’ increasing needs,” Sandro Villaraza, FVP and head, Marketing and Corporate Communications, EastWest Bank. “But what remains constant is our key considerations when developing our products and services: safety, in terms of cybersecurity and even health, and convenience. With our EastWest Visa credit and debit cards, we want to ensure that going out and buying essentials will be a safe, secure, and convenient experience for the cardholder.”
Contactless payments are protected by multiple layers of security and accepted by merchants across the Philippines. For every transaction, a one-time code is created which secures the cardholder’s payment information. And since it is transaction-specific, the code cannot be re-used by fraudsters if they are able to get hold of it.
During each transaction, the cashier will enter the amount in the register before it becomes available for payment. The cardholder will tap the card’s Contactless Indicator on the Contactless Symbol in the authorized reader and then wait for confirmation.