PNB launches insurance product vs ATM theft

MANILA, Philippines - Philippine National Bank (PNB), in partnership with the Global Benefits Group (GBG), PNB General Insurance Co. Inc. (PNB Gen) and Allied Bankers Insurance Corp. (ABIC), has come up with a viable solution to widespread automated teller machine (ATM) scams.

ATMSafe is PNB’s answer to the country’s mounting ATM theft problem. This innovative insurance product is the first in the Philippines that secures and protects ATM cardholders and their accounts.

Hundreds of millions of pesos are lost by various bank customers to syndicates who specialize in “card-skimming” or the duplication of cards and acquiring of personal identification numbers (PIN) of unsuspecting ATM cardholders.

Skimming is reading or “stealing” a cardholder’s information over the ATM card by placing a device inside or atop the machine. This device is often paired with a hidden miniature camera that reads the user’s PIN.

Once the card has been skimmed, the perpetrators can create a fake ATM card and make unauthorized withdrawals and transactions on the cardholder’s account.

For only P12 per month, ATMSafe replaces money stolen from a cardholder’s account – up to P50,000 – as a result of skimming or any of the other forms of ATM theft scams. ATMSafe also ensures the safety of PNB ATM cardholders as it restores money stolen during an ATM robbery – up to P50,000 for a maximum of three incidents per year.

Open a PNB ATM account and avail of PNB’s ATMSafe. For inquiries about ATMSafe and its other advantages like payment of benefits in the event of identity theft, hospital confinement or accidental death, visit your nearest PNB branch or log on to www.pnb.com.ph.

ATMSafe was recently bestowed the Best in Innovation Award by the Philippine Insurers and Reinsurance Association Inc. (PIRA).