LIVE TV
ZEE Business
ZEE BUSINESS
हिंदी में पढ़ें  हिंदी में पढ़ें
Live TV
Live TV
  • Home
  • Budget 2021
  • Personal Finance
    • PPF
    • Mutual Funds
    • Income tax
    • EPFO
    • Income Tax Calculator
    • Personal Loan Calculator
    • Car Loan Calculator
    • Home Loan Calculator
    • SIP calculator
    • SWP Calculator
    • MF Returns Calculator
    • Lumpsum Calculator
  • India
    • Companies
    • Property
    • Startups
    • Uidai
  • Economy
    • Aviation
  • Tech
    • Mobiles
    • Apps
  • Auto
    • Cars
    • Bikes
  • Markets
    • Commodities
    • Currency
  • Jobs
  • Indian Railways
  • World
    • Economy
    • Politics
    • Markets
  • videos
  • photos
  • Authors
  • More ...
    • VIDEOS
    • PHOTOS
Read in App
Business News » India News

SBI online: What is this new chip-based debit card? How is it better than Magstripe cards?

Chip-based new SBI debit cards are designed in such a way that they prevent online fraud through card cloning, skimming, etc because they have sophisticated encryption, which is difficult to hack.

  • Twitter
  • Facebook
  • Linkedin
  • whatapp
  • View in App
SBI online: What is this new chip-based debit card? How is it better than Magstripe cards?
A hacker or malware attack fishes out the stored data from the Magstripe debit cards we have been using so far. But, in the case of these new debit cards, it will not do so after each transaction. Photo: Reuters
Written By: ZeeBiz WebTeam
Updated: Thu, Jun 13, 2019
04:00 pm
New Delhi, ZeeBiz WebDesk
RELATED NEWS
SBI bumper offer! State Bank of India auto, gold, personal and home loans on offer at attractive rates - check key highlights SBI bumper offer! State Bank of India auto, gold, personal and home loans on offer at attractive rates - check key highlights
SBI Net Banking: State Bank of India customers can now check account balance, view passbook and do transactions without logging in; here is how SBI Net Banking: State Bank of India customers can now check account balance, view passbook and do transactions without logging in; here is how
OnlineSBI alert! DON'T DO THIS on WhatsApp, else SBI money will be gone - State Bank account holders BEWARE! OnlineSBI alert! DON'T DO THIS on WhatsApp, else SBI money will be gone - State Bank account holders BEWARE!
SBI Home Loan Rate: Processing fee dropped! These YONO app users can get interest rate relaxation too; check calculator SBI Home Loan Rate: Processing fee dropped! These YONO app users can get interest rate relaxation too; check calculator
SBI Gold Loan: Want loan for agriculture purposes? Get it now! SBI Gold Loan: Want loan for agriculture purposes? Get it now!

These days State Bank of India (SBI) and other banks are replacing the existing debit cards of their customers without any charges. The messages are being flashed via SMS and are also seen on SBI online. They are doing this to meet the global standards of the online payments system and under the Reserve Bank of India (RBI) guidelines, each and every bank in India will have to do that by end of September 2019. So, the whole exercise is related to the RBI guidelines and the global payments system. Now the question is what are these chip-based debit cards and how are they better than the existing ones.

Chip card security is the latest standard in debit card security. This standard includes a small microchip in the debit card that protects buyers against fraudulent transactions. 

Elaborating upon how new debit cards are better than the existing Magstripe cards and how it would help customers to avoid any kind of online fraud, Pawan Duggal, a New Delhi-based cybercrime expert said, "Chip-based cards are designed in such a way that it prevents online fraud through card cloning, skimming, etc because the cards have sophisticated encryption, which is difficult to hack." 

Duggal explained that magnetic stripe card is a type of card capable of storing data by modifying the magnetism of tiny iron-based magnetic particles on a band of magnetic material on the card. The magnetic stripe, sometimes called swipe card or magstripe, is read by swiping past a magnetic reading head.

"A hacker or malware attack fishes out these stored data from the Magstripe cards we are using these days. But, in the case of new debit cards, it would restore new data after each transaction by the cardholder that would make it difficult for the card cloning cartel," said Duggal.

Get Latest Business News, Stock Market Updates and Videos; Check your tax outgo through Income Tax Calculator and save money through our Personal Finance coverage. Check Business Breaking News Live on Zee Business Twitter and Facebook. Subscribe on YouTube.

TAGS:
SBI OnlineState Bank of IndiaSBI
RELATED NEWS
SBI bumper offer! State Bank of India auto, gold, personal and home loans on offer at attractive rates - check key highlights SBI bumper offer! State Bank of India auto, gold, personal and home loans on offer at attractive rates - check key highlights
SBI Net Banking: State Bank of India customers can now check account balance, view passbook and do transactions without logging in; here is how SBI Net Banking: State Bank of India customers can now check account balance, view passbook and do transactions without logging in; here is how
OnlineSBI alert! DON'T DO THIS on WhatsApp, else SBI money will be gone - State Bank account holders BEWARE! OnlineSBI alert! DON'T DO THIS on WhatsApp, else SBI money will be gone - State Bank account holders BEWARE!
SBI Home Loan Rate: Processing fee dropped! These YONO app users can get interest rate relaxation too; check calculator SBI Home Loan Rate: Processing fee dropped! These YONO app users can get interest rate relaxation too; check calculator
SBI Gold Loan: Want loan for agriculture purposes? Get it now! SBI Gold Loan: Want loan for agriculture purposes? Get it now!

LATEST NEWS

Nureca IPO Listing: In talk with Anil Singhvi, Founder & CEO Aryan Goyal reveals company's outlook

7th Pay Commission latest news: These government employees retirement age hiked in this state; check who all benefitted

Indian Railways reactivates UTS ON MOBILE App in these zones

Ramco Cements share price: Sharekhan maintains Buy rating with a revised price target of Rs 1150; know key risk

North Korea''s Kim appoints new Navy, Air Force Chiefs in ''generation shift'' in Army

India tightens regulatory grip on Facebook, WhatsApp with new rules

Gold Price Today – Price fall continues, yellow metal cheaper by Rs 80; Silver expensive by Rs 495 when markets opened on Thursday

Nureca IPO Listing Today: Anil Singhvi's strategy brings handsome gains for investors as stock sees bumper listing

7th Pay Commission: DA, TA, DR, salary hike—what central government employees and pensioners must know

IRCTC Share price: Dolat Capital initiates coverage on with target of Rs 2650

  • India News
  • World News
  • Companies News
  • Market News
  • Personal Finance News
  • Technology News
  • Automobile News
  • Small Business News
  • Income Tax Calculator
  • Live TV
  • Videos
  • Photos
  • Author
  • Rss Feed
  • Advertise with us
  • Privacy Policy
  • Legal Disclaimer

Latest Trending Updates

  • EPFO
  • Budget 2020
  • Income Tax Return
  • Auto Expo 2020
  • Home Loan
  • Business News

Trending Topics

  • Income Tax
  • income Tax Calculator
  • 7th Pay Commission
  • Reserve Bank of India
  • GST
  • Latest Business News

Follow us on

zeebiz
zeebiz

Partner Sites

  • Zee News
  • Hindi News
  • Marathi News
  • Bengali News
  • Tamil News
  • Malayalam News
  • Gujarati News
  • Telugu News
  • Kannada News
  • DNA
  • WION
Copyright © Zee Media Corporation Ltd. All rights reserved