which type of ATM card is in your wallet Magnetic Debit card or EMV(EuroPay, Master card, Visa) Debit cards ???

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          Today we will discuss about the basic difference between a Magnetic ATM card and an EMV Debit card and why there is migration from Magnetic debit Cards to EMV debit cards??

          The reason for migration from magnetic to EMV debit card is the risk of skimming from fraudster. There are cases where it was noticed that Magnetic ATM cards are more prone to risk. To prevent the loss of funds/money of customer and improve the image of Banking system the need arises to migrate from Magnetic debit card to EMV cards.

           Information related to Customer account, bank detail is saved in Magnetic cards in the form of magnetic forms, which can be electronically read transmitted and written in other debit card which is used by fraudster for withdrawal of money. Whereas in EMV cards were using the chip mounted on the card to store the information related to customer and his bank. The information is being read by the Chip reader whenever the Card is inserted either in ATM machine or Swiping Machine where customer wants to make transaction.

EMV card will have golden Plate on the left top corner(Chip)


                       

Magneti card will have black strip on the back side of Debit card where as EMV will have a chip on the left side of the Debit card.

           As such both the type of debit card can be used to withdraw money and also do the online electronic transaction. To avoid the risk of fraud only EMV cards were invented and banks are migrating their customer to use the same to prevent the risk of Fraud by fraudster. 

             It is very difficult to take out the information related to Customer and his bank from the EMV card as it will take time. Due to time lag in taking out the information from EMV cards fraudster are thinking twice to make a step in cloning the same.

               Presently all banks are providing the debit card with magnetic and chip information. this is due to reason that reader equipment required to read the chip of the Debit card is not installed to all location in ATM (Automated Teller Machine) Machine and POS (Point of sale) points. As Per RBI guidelines the same was supposed to be completed by December 2018, later on the same was extended.

Be the light to share the knowledge to prevent the risk of fraud.

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