BSP Orders Local Banks To Adopt New Technology at ATMs

Aug 14, 2013 (Wed): Banks in Philippines have been ordered by Bangko Sentral ng Pilipinas (BSP) to replace their existing automated teller machine (ATM) machines with the new one that adopts “end-to-end triple data encryption standard (3DES)” and ATM card with EMV-enabled card between 2015 and 2017, Philstar reported.

This effort is part of BSP’s Enhanced Information Technology Risk Management Framework to combat with the hacking incidents at ATMs. 3DES applies the Data Encryption Standard (DES) cipher algorithm three times to each data block. 3DES provides a relatively simple method of increasing the key size of DES to protect against such attacks, without the need to design a completely new block cipher algorithm.

Author: VSDaily Editor

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