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Chip-based and PIN enabled debit and credit cards from September
Posted on: 09/May/2015 12:10:54 PM
Many bank customers are easily vulnerable to credit/debit cards frauds. In order to protect the customers, The Reserve Bank has asked banks to issue only chip-based and PIN enabled debit and credit cards from September. Some banks have moved to EMV chip and pin cards issuance, but a large number of banks continue to issue magnetic stripe cards.
As part of its security and risk mitigation measures for Card Present and Electronic Payment Transactions, the Reserve Bank said the acceptance infrastructure is getting geared to accept EMV chip and pin cards.
Accordingly, banks are advised that with effect from September 1, 2015 all new cards issued - debit and credit, domestic and international - by banks shall be EMV chip and pin based cards.
EMV chip card protects against counterfeit (skimming) card fraud. EMV Chip Card and PIN protects against both counterfeit (skimming) and lost and stolen card fraud.
EMV stands for `Euro pay MasterCard Visa` while PIN is acronym for `Personal Identification Number`
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