Switch to chip card soon so you don’t lose money when using an ATM card

The conversion of all ATM cards by magnetic technology to chip technology with higher security to minimize the risk of losing money is being urgently deployed by commercial banks.

Warning many still stolen data at ATM (skimming)

Recently, despite repeated warnings, a series of cases of attaching equipment to steal card information at ATMs and then making fake card for skimming; trick users to get password, OTP code, appropriation of money still takes place.

Most recently, a bank in Ha Tinh city reported to the police that a stranger installed a device that copies customer information via ATM. According to the extracted camera of NH, in 1 minute, the object has successfully installed these copying devices. After stealing information, data, the subject will make a fake ATM card to withdraw money, appropriate customers’ money.

The situation of installing equipment to steal card information and make counterfeit cards to withdraw money, appropriate money of ATM cardholders took place quite popular recently. As a result, some ATM cardholders are withdrawn in their accounts, even though they are always with them and do not make any transactions.

According to banks, the situation of customers having stolen information and card data at ATM is increasing. Technology crimes are increasingly sophisticated, including ATM card criminals. The new skimming devices are designed by small guys to be compact, inserted deep into the card reader at ATM and attached, drawn out in a very short time, so it is difficult to detect in time … The time is to get card information on the magnetic track of ATM card and PIN code that customers manipulate when logging in at ATM.

One of the solutions being deployed by banks to limit risks and damages from skimming is to convert all ATM cards made from technology in the market to chip cards (attached cards). electronic chips, important information are encrypted so it is more secure).

TPBank pioneered the conversion of magnetic technology ATM cards to chip technology

Vietnam currently has 48 commercial banks issuing domestic cards with an amount of about 76 million cards, more than 261,000 POS and 18,600 ATMs. In Circular No. 41 stipulating the roadmap for converting domestic technology payment cards from cards to comply with the basic standards for domestic chip cards, the State Bank has requested a specific route for full conversion. ATM card set.

By the end of this year, at least 30% of the cards in circulation must comply with the local standard for chip cards domestically, or about 21 million ATM cards must be converted to chip cards. The deadline for the conversion of all ATM cards on the market to chip cards is the end of 2021.

TienPhongBank (TPBank) is the bank that has completed the implementation of the issuance and acceptance of chip cards from October 10, 2018 and tested with Napas, immediately after that, officially issued to all domestic chip card customers. from June 1, 2019.

To add, all ATM / VTM, POS / mPOS of TPBank have accepted domestic chip cards of all banks according to the standards of the State Bank. In addition, Napas has cooperated with banks to make all ATMs in the Vietnamese banking system ready for the conversion to chip cards.

It can be said that TPBank implemented the transition to chip cards quite early, and was one of the first 7 banks to successfully implement the conversion. “Up to now, 100% of our new ATM card customers have been using chip cards, old customers are gradually being converted. TPBank expects to finish at least 1 year ahead of the State Bank’s plan. We will have specific programs from time to time to support customers in converting ”- Mr. Nguyen Hung, General Director of TPBank shared.

Currently, TPBank’s new customers can register to issue new ATM cards using chip technology taken right at LiveBank – the bank’s 24/7 automatic banking model. It is known that from November 1 to December 31, 2019, TPBank reduced the fee for issuing chip cards by 50% for all customers, including new cardholders and card exchange customers. By launching this promotion program, TPBank desires maximum support so that customers can use card products more safely and securely.

According to the State Bank, domestic chip cards will limit the risks of fraudulent frauds in card payment. This is also an indispensable trend for countries in the region and the world in the face of the increasing number of high-technology crimes and focusing on markets that have not yet implemented the conversion of chip technology.

When dealing with ATM cards, customers note

– Before trading, please observe and pay attention to unusual points around ATM.

– Always cover your hands when entering the PIN of your ATM card. Customers should also equip themselves with the knowledge to be able to preserve their cards in the most secure way.

– Always keep the ATM card by your side, not let others borrow it;

– Stop the transaction at the ATM when there are signs of abnormalities and immediately change the PIN at other ATMs if there is any suspicion of information disclosure or contact the bank to lock the card immediately if it detects that the transaction at the ATM has hidden risks ro.

Source: Vietnam Banking Association