Philippine National Bank, in partnership with ATMSafe Global, PNB General Insurers Co., Inc. (PNB Gen) and Alliedbankers Insurance Corporation (ABIC), won the award for Most Innovative Banking Product for the entry, ATMSafe in the Global Banking and Finance Review Awards. A renowned London-based publication, Global Finance and Review honors companies in the global financial community that stood out in specific areas of expertise. In 2013, ATMSafe was also recognized as the Best in Innovation by the Philippine Insurers and Reinsurance Association, Inc. (PIRA).
PNB ATMSafe is the first innovative insurance product in the Philippines that secures and protects ATM cardholders and their accounts. For only Php 12.00 per month, ATMSafe replaces money stolen from a cardholder’s account as a result of skimming or 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 Php 50,000 for a maximum of three (3) incidents per year. Other benefits of the program include: accidental death of Php 112,500; hospital confinement benefit of Php 2,250 per day, maximum of 30 days; replacement of lost cash incurred from machine tampering of Php 50,000; trauma and emergency assistance; document replacement benefit; quick processing of claims; identity theft restoration; and 24/7 coverage anywhere in the world.
It is significant to note that Congress is studying the universal application of the same ATM card protection provided by ATMSafe to all bank ATM cards. ATMSafe enrollment was similarly added in the Bank’s internet banking system.