Alert! Old ATM cards are getting blocked! New EMV chip debit cards instead of magnetic stripe cards

Alert! Old ATM cards are getting blocked! New EMV chip debit cards instead of magnetic stripe cards || EMV chip debit card sbi:

Yes, you heard it right! RBI has started blocking old ATM cards and instead they are providing more secure EMV chip ATM debit cards. 

EMV stands for Europay, MasterCard and Visa.

As per the RBI guidelines, you have to change your Magstripe Debit Cards to EMV Chip Debit Cards before 31st Dec 2018. This process is absolutely safe and free, SBI said in their tweet. To know the details please read this article and share with your friends.

Nowadays we can see two types of ATM cards:

1. Cards with Black magnetic stripe

2. Cards with EMV chip

To know whether your card is latest or not just check whether that EMV chip (like a sim card chip) is there on your atm card or not. If the answer is "NO" then you should contact your nearest bank branch and do the proceedings to replace it with a new EMV atm card. 

Now let's discuss the difference between these two:

In magnetic stripe cards, all the data is stored in that black striped area. That's why when you swipe your card in a shopping mall that black striped area is swiped.

In that magnetic stripe, all the data(your pin) are static and not encrypted. Whenever you swipe your card that swiping machine which is connected with internet reaches out to your bank and authorize your transaction and then transaction gets successfully completed. That how it happens. Easy??, You got it right??

Now, this data which is stored in the magnetic stripe area can be easily cloned. And that is the reason why the government has decided to replace these cards with new EMV chip cards.

Now let's talk about this new card. This card also works in the same way but here it uses an encryption technique. In this card, a public key is used(this is an encryption technique). So in this technique cards with a chip, where encryption is used, can not be cloned. That's why these new cards are more secure. This is a new technology. The government wants this technology to be implemented fast so that none can clone your old black magnetic stripe cards. In this way, you will be safe and none can fraud with you by stealing all your money from the bank.

The government has already started this campaign. You might have received messages in your phone about changing your old atm cards with the newer once.

Now I will tell you how you can replace your old atm card with the new EMV chip card:-

Just visit your nearest bank branch - fill up the form for getting new atm card-submit it to the bank and tell them that you want to replace your magnetic stripe card with EMV chip atm card. 

They will take 7-10 days and your new card will be couriered to your door. And your old card will be blocked. You can destroy it after getting EMV chip debit cards instead of magnetic stripe cards g the newer one. 

To do this you don't need to pay any money i.e. it's totally free. Just go ahead and replace it.

So this is all about EMV chip debit cards instead of magnetic stripe cards news. I hope you got everything from this article. If you have any queries or doubts then you can leave a comment below and we will try to reach you asap.

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