Write Comment     |     E-Mail To a Friend     |     Facebook     |     Twitter     |     Print

EMV chip compulsory for ATM cards

Last date for change, Dec 31st post which, old cards invalid

Sullia: Customers who are currently in possession and using the old ATM debit cards with magnetic strips must approach their banks at their earliest and get their old ATM cards replaced for the new ATM cards equipped with chips. As per the RBI’s order, come Dec 31st, it will be not possible to draw money using the old cards.

The banks have already started sending messages to their customers regarding this change. In the backdrop of some users facing problem while using their ATM cards, they visited their banks to inquire about the issue and found out about the new development.

EMV Chip

This chip is in the size of a SIM and is present in the ATM cards which have been issued since recently. This change has been brought since the ATM card incorporated with the chip is considered to be more secure than the ones with the magnetic strip. In the backdrop of the increase in the menace of people being cheated off of their money through online means, the RBI sent a notice to all the banks to issue debit cards in this format. Lately, the banks have been issuing debit cards installed with the EMV chips. A period of a month has been provided for changing the old ATM cards for the new more secure ones.

Old ATM Card

In the old ATM’s with magnetic strip, it was possible to steal the encrypted data in it. If in case the customer lost his card or it was stolen, it was possible to remove the money from the account. The new chip enabled ATM cards will protect the customers from all sorts of cheating; also the chips have the ability to prevent any theft by online thieves by installing skimming tools.

Go straight to the bank

The customers need to go directly to their banks and put an application for the new EMV chip enabled ATM cards. There is no fee for this service. There will be a special code to examine the transactions done by using the EMV chip enabled ATM cards for transactions. This verifies the user, inform sources from the bank.

Along with this, cheque without CTS (Cheque Transaction System) will lose their importance in the coming days. The State Bank of India will stop the use of cheques without CTS from Dec 11th itself, and the remaining banks will make CTS enabled cheques compulsory from Jan 1st.

“On receiving a message asking to get an EMV chip enabled ATM card, the customers’ needs to contact the bank in which their account exists. There the process for availing the new card will take place. Already, several people have collected their new more secure ATM cards,” said Ravindra Kumar, SBI Branch Officer, B C Road.

“I had visited the ATM to withdraw money. I received a message stating my card was dead. Immediately I visited the bank and inquired. That is when I got the information that the old ATM cards need to be changed with the new EMV chip enabled cards,” informs Santhosh, an ATM user, Sullia.