Latest NewsIndia

Old ATM and Credit cards will stop working from Today

If you are using an old ATM/debit or credit card then you need to visit your bank immediately. This is because old ATM/debit or credit swipe cards will stop working starting January 1, 2019.

The Reserve Bank of India (RBI) in 2015 had issued a directive to all bank across India mandating them to get rid of old magnetic stripe cards. This is because magnetic stripe cards can easily be skimmed and misused by criminals. As per the RBI directive, all magnetic stripe cards were to be replaced by EMV chip cards by December 31, 2018.

According to the RBI directive, all magnetic stripe cards were to be replaced by EMV chip cards by December 31, 2018. The decision to upgrade to new EMV chips was because magnetic chip cards could easily be skimmed and misused by criminals.

What are EVM Chips:

The EMV chips look similar to the chip on a SIM card and are placed close to the top of left edge of a credit or debit card. 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.

Get New EMV chip card for Free:

It must be noted that the process of replacing the old stripe card with EMV chip card is absolutely free and people can get it done for free in few minutes. Individuals can also request an EMV card via internet banking while one can also get the new EMV card delivered to your registered address by applying at your bank’s home branch.

The RBI had asked all the banks to issue only chip-based and PIN-enabled debit and credit cards with an aim to protect customers from frauds. If you still haven’t changed your ATM/Debit card or credit card, you can visit your bank branch and get it upgraded as early as possible. The new EMV card will come with a new PIN. Individuals need to activate the new card at the home bank’s ATM for the first time.

shortlink

Post Your Comments


Back to top button