KOLKATA: If you thought chip-based ATM cards that banks have been issuing over past several months are absolutely safe, it’s time you reassess the risk. Following the avalanche of skimming complaints at Jadavpur police station, banks have admitted that the new cards that have chips embedded in them are as vulnerable as the magnetic strip-based ones when they are used to withdraw money from ATMs that have not migrated to the latest technology. Old ATM machines read a customer’s data from the magnetic strip at the back of the card, making the latter easy to clone using skimming devices installed in ATM machines. On the other hand, the new ATMs are EMV-compliant (EMV, an acronym for Europa, MasterCard and Visa, is a global standard for cards equipped with computer chips and the technology used to authenticate chip-card transactions) and process information from the chip. Last year, most banks had started to issue chip-based cards to improve payment security, making it more difficult for fraudsters to clone cards. But an official in charge of the digital antifraud section of a public sector bank admitted that even chip-based cards weren’t fraud proof as they too contained the magnetic strip. “Banks had no… Read full this story
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