Blog
Sushmita Kalashikar

Have You Received A Call To Replace Your Stripe-Only Card With EMV Chip Card Yet?

September 25, 2018
  • 46
    Shares
15
Estimated reading time: 2 minutes

In case you have received a reminder from your bank asking you to replace your stripe-only card with an EMV chip card and you have no idea why this change is being implemented, then you are at the right place.

As per recent instructions received from the Reserve Bank of India (RBI), it has become mandatory for banks to replace the existing stripe-only debit and credit cards with the EMV (Europay, Mastercard, Visa) chip cards latest by 31 December 2018. This holds true for all domestic and international cards even if their validity extends beyond 31 Dec 2018. In case you are worried about the extra charges for replacing your existing cards, then be rest assured that the banks are replacing the cards absolutely FREE of cost!!

So, then why replace your stripe-only cards with the EMV chip cards?

Enhanced Security Level

The EMV cards or the Chip & PIN cards as they are usually called, use a higher level of storage technology and high standards of data encryption as compared to the magnetic stripe-only cards. For those of you who frequently use their stripe-only debit/credit cards for making transactions at stores, restaurants, etc., would relate to the fact that these cards require a simple swipe at the point of sale (PoS) device in order to complete a transaction.

A chip-based debit/credit card on the other hand, requires you to enter the PIN in order to complete the transaction. This provides your card with an extra level of security for safeguarding your digital transaction. These chip-based cards are also effective for mitigating fraudulent PoS transactions, by
mandating a second level of authentication in the form of PIN before completing any PoS transaction.

While the EMV chip cards also have a magnetic stripe, what makes them secure is the fact that sensitive customer data is encrypted on the chip. This gives fraudsters a hard time to access critical customer information.

Prevent Card Cloning

Given the increased incidences of card cloning on a global level, the initiative to shift to only chip-based cards is the need of the hour. Card Cloning usually stems from magnetic stripe-only cards that contain static information which can easily be accessed, once the card is used at some ATM that already has a cloning device installed.

An EMV chip-based card on the other hand contains dynamic information, which makes it difficult to clone information. The big question though remains to be, “Will this eliminate the risk of card skimming and cloning completely?”

Well, the frank answer to this question is that while the scenario of physical card cloning can be eliminated to a great extent with the EMV Chip & PIN cards, the same cannot be held true when it comes to online transactions, as the risk of fraud will continue to exist.

So, here are few simple tips to help you protect your cards from cloning or skimming when you swipe at the PoS:

  • As far as possible, try using the EMV chip-based cards instead of magnetic stripe cards for making transactions at PoS since, the EMV cards are safer to use.
  • Take care that the PoS machine is not connected to a cloning or skimming device or any other device that may seem suspicious to you.
  • If possible, try to feel underneath the pin pad for an additional slot to insert a card or chip, especially if you are swiping at a new store.
  • Keep a check on your account balance for fraudulent charges. In case of any suspicious activity, immediately report to your bank requesting them to block your card.

 

  • 46
    Shares

Have something to add to this story? Share it in the comments.

Sushmita Kalashikar
About Sushmita Kalashikar
Sushmita is the content strategist for Quick Heal, with a passion for creative and technical writing. She is also a published author on...
Articles by Sushmita Kalashikar »

15 Comments

Your email address will not be published.

CAPTCHA Image

  1. Ye rupay card ke liye mandatory hai ya sirf visa or master card or europay ke liye hi hai.
    Kyunki mere pass rupay card hai or ye chip vala nahi hai sirf megnatic strip vala hai.

    Reply
  2. Ashish B. DhumalOctober 20, 2018 at 12:27 PM

    Thank you Ma’am. For publishing the article. It cleared my doubts about EMV chip card.

    Reply
  3. Shyam Ji guptaOctober 21, 2018 at 8:46 PM

    Thank you

    Reply
  4. Quickheal is best anti virus

    Reply
  5. lokenathpaul5151@gmail.comOctober 22, 2018 at 5:37 PM

    Thanks

    Reply
  6. sanjeev vermaOctober 22, 2018 at 9:33 PM

    Quick heal antivirus is best for any system
    thanks for it

    Reply
  7. pt.manoj@hotmail.comOctober 23, 2018 at 7:10 AM

    its really important helpful topic about EMV CARD.

    Reply
  8. Quickheal is best anti virus

    Reply
  9. thanks a lot.

    Reply
  10. prasanna kumarOctober 27, 2018 at 10:27 AM

    Please let me know the details

    Reply
    • Sushmita Kalashikar Sushmita KalashikarOctober 29, 2018 at 10:24 AM

      Hi Prasanna,

      The best way to get your magnetic stripe card replaced with EMV chip card, is to either visit your bank or login to their website to check for details online, since all banks have been directed to provide this service to their customers.

      Reply
  11. KARUNAKARAN PILLAIOctober 27, 2018 at 12:00 PM

    If it is foolproof system. it is the best.

    Reply
  12. Prabir boseOctober 27, 2018 at 8:54 PM

    A great step for security banking

    Reply