Credit Cards , ATM Cards Without This Feature Will Stop Working After December 31.
Credit Cards , ATM Cards Without This Feature Will Stop Working After December 31.
“Credit Cards , ATM Cards without this feature will stop working after December 31”.
The EMV Chips based cards will change the older magstripe cards, which only have a magnetic stripe at the back , as a more secure way of transacting digitally . A directive announced by the Reserve Bank Of India (RBI) could end up trashing credit and debit cards missing a crucial feature. EMV Chips are arranged close to the top of left edge of a Credit (or) Debit card and look similar to the chip on a SIM Card. By RBI’s order , the magstripe cards have to be recovered with EMV chip- based cards by the end of this year irrespective of the former’s validity. The EMV chip, named after its designer Europay , Mastercard and Visa , stores payment data on a chip enabled payment card with support for dynamic authentication.
The card generates dynamic data everytime it is used for a transaction, making it impossible for fraudsters to copy used data of the Credit (or) Debit card. The magstripe card Stock user data on a magnetic stripe capable of static data authentication only making it easier for fraudsters to copy data from them. While EMV Chips also employs static data authentication, it has dynamic data authentication and other barriers to shield user data from unauthorized access. It is for this additional layer of security that the RBI had asked banks to migrate entirely to EMV Chips PIN based cards. The Banks had requested to extend that to December 31 deadline for migrating to EMV chip based credit and debit cards, but the plea was turned down by the central bank.
P.P.Neelayathakshi.
