SBI card hotlisted? SBI EMV card may be on offer! Rush to home branch, save money from fraudsters
SBI cards are unable to ensure the safety of card holder's hard earned money from cyber offenses while chip-based SBI EMV cards can do that with ease.
The State Bank of India or SBI is hotlisting the existing SBI debit card and SBI credit card with a message to the SBI cardholders that under the RBI directives they are replacing their existing SBI card with a new chip-based EMV (Europay Mastercard and Visa) Card. This whole exercise is aimed at meeting the global card payment standards with more secured online transactions. In May 2015, the Reserve Bank of India (RBI) had issued guidelines to all Indian banks to replace the existing magnetic cards with chip-based EMV card giving them a deadline of 31 December 2018. though the banks failed to meet the deadline they are on course of the RBI. The new EMV card would help cardholders safe from any kind of malware attacks like phishing, skimming, card cloning, etc.
Elaborating upon how the EMV card would help SBI card from any kind of cybercrime fraudulent activities SEBI registered banking and investment expert Jitendra Solanki said, "Your old credit and debit cards store your data on the magnetic stripe found on the reverse side of your card. This makes it easy for a fraudster to copy your data when you swipe the card. EMV cards, in contrast, store your data on a microprocessor chip embedded in the card. This means that the card generates fresh user data every time you transact, making it impossible for fraudsters to copy your original data from your card."
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Explaining about other benefits of the new chip-based EMV cards that are getting replaced with SBI credit card and other SBI cards Jitendra Solanki said, "The other feature of EMV cards is that they use both your card and a secret PIN to complete a transaction. When you use your EMV credit or debit card at a terminal, it generates a unique encrypted code called a token or cryptogram, which is unique and specific only to that transaction."
Solanki said it cannot be used another time. The token is generated from a combination of information contained in the chip and that in the terminal. He said that every time one would be using the EMV card, its older data will get replaced with the recent one which would make it difficult for the malware attackers to do the card cloning etc.