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  • Category: Miscellaneous

    Do EMV cards provide 100% security?

    Banks have been issuing instructions to customers to switch from their current cards to EMV cards (Europay, MasterCard, Visa). They say these new cards have a chip-based technology to ensure security through better protection of data stored in the microprocessor chip.

    I was wondering whether, like me, members have switched to a new EMV card and if it is really beneficial. Is it far more secure for shopping and other purposes than the earlier debit/credit card?
  • #651993
    We bound to switch to other cards having chip-based technology because all previous cards will be deactivated soon. But considering the large population this will never be possible at once & therefore the target time could be the starting of the next financial year. May be this could be yet another stunt from the RBI or from the Central government to surface the hiding account holders which is doubtful of the transactions.

  • #652003
    Yes, we all have to switch to the new EMV chip based cards within the stipulated time. According to the instructions of SBI, issued few months earlier, 31st December 2018 was the last date for applying for the new cards for their customers. Different banks will issue guidelines to their customers for this replacement and we have to follow accordingly, otherwise the existing cards will be blocked within the specified time.

    Now the technology used in EMV cards are much more stronger than the traditional magnetic stripe based cards. In EMV cards, the information stored are encrypted differently during each transaction which is not static like the magnetic striped ones, so they are more secure than the traditional ones.

    The debit/credit card transactions can be of two types. Card present and Card not-present. Card not-present transactions are those when somebody has all the card information to withdraw from the account and fraudulently use the information to make a transaction. This type of Card not-present transactions, where fraudsters have all the necessary information for making the transaction, cannot be checked by the new EMV chip based cards but it can help to reduce the frauds that take place in Card present transactions. Fraudsters use skimming devices in ATMs to copy information of the cards and this copying is much easier for magnetic stripe based cards having static information. Since EMV uses unique encryption method for each transaction, it will be very difficult to copy those info with the skimming devices. So, we can expect much more secure transactions by using these new chip based cards.

    Sankalan

    "Life is easier when you enjoy what you do"

  • #652020
    The technology provided in these cards features payment instruments with embedded microprocessor chips that store and protect cardholder data. This standard is having many names worldwide and be known as, "chip and PIN" or "chip and signature."
    It is an evolution in the payment system that will help in increasing security, reduce fraud and enable the use of future value-added applications. Chip-enabled cards are standard bank cards that are embedded with a microcomputer chip. A PIN is required to complete the transaction and there is no necessity of signature. The PIN will be decided by the cardholder and there will be no chance for somebody else to know this.
    The data from a magnetic stripe card can be copied with a simple card reading device that will enable criminals to reproduce counterfeit cards for use.

    drrao
    always confident


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