POSTED AT 12:56 PM 08-02-2019
ATM skimming activities: Use EMV enabled payment cards: CB
Image Courtesy: The Payoneer Blog
While initiating several measures against automated teller machine (ATM) card skimming activities, the Central Bank requested that ATM users to use EMV enabled payment cards to enhance the security of customer funds and prevent fraudulent card transactions.
EMV cards are smart cards (also known as chip cards or IC cards) and are a payment method based upon a technical standard for smart payment cards, payment terminals and ATMs that can accept them.
The EMV enabled cards carry an electronic chip which is visible on the front of the card.
Accordingly, international payment card security standards and best practices have been adopted in Sri Lanka’s ATM and payment card network, such as the issuance of cards with increased security, which has an electronic chip, also known as EMV cards and provide for SMS alerts for all electronic transactions.
If the card used by a customer is not EMV enabled, a request can be made from the relevant bank to issue an EMV enabled the card.
The Central Bank informed customers to exercise due care and vigilance when using payment cards and ATMs in order to ensure the safety of ATM transactions. Any unidentified or unauthorised transactions and lost or misplaced cards should be notified to the relevant bank immediately.