Attention for the viewers, you must have been receiving a repeated message from the bank reminding you to upgrade your old credit and debit card to replace with the new one.
Here, is an important news for all the customer and the viewers, if you are reading all the things take it seriously they are not fake so please as soon as possible change your credit and debit card before December 31st.
The reserve bank of India has ordered the banks to provide its existing, as well as new customers with the new euro pay, master card, and visa. The old magnetic stripe-only debit and credit cards are to be replaced by EMV chip-based ones by 31 December 2018.
The RBI has decided to do so in order to protect your money from the online predators.
The RBI directive is applicable to not only all domestic but also the international debit and credit cards. The existing magnetic stripe-only cards will not be valid beyond December 31-deadline.
EMV chip-based debit and credit cards are more secured compared to magnetic stripe cards. The chip-based cards are also called PIN (Personal Identification Number) cards. These cards use higher standards of data encryption and have improved storage technology.
The magnetic stripe cards have static information stored in the black strip that we see on the back of the card. The customer related information in an EMV card is stored in a dynamic format. This change in technology makes card cloning difficult.
The new debit and credit card will require a little change in habit for completing transaction especially through a point of sale (PoS) machine. Transaction through a PoS device can be done using the magnetic stripe cards merely by swiping it while transaction using new chip-based PIN cards will ask for a PIN also. This gives an additional level of security to the user.
Still, the online transaction will continue to pose risk if you share card-related sensitive information with an unknown person or someone you don't trust.
