On August 5, the reporter learned from the Nanchang Central Branch of the People's Bank of China that in order to give full play to the security advantages of financial IC cards and improve the level of bank card security transactions, in accordance with the PBC's deployment, Jiangxi Province will close the ATM channel financial IC before August 31, 2014. Card downgrade transactions, closing the POS channel financial IC card downgrade transaction before October 31.
The so-called financial IC card downgrade transaction means that the chip card does not use the chip, but uses the magnetic strip to complete the transaction. The move is mainly to solve the problem of long-standing bank card theft, to ensure the security of the card, and to prepare for the future replacement of the magnetic strip card by the chip card.
Financial IC card closes "magnetic stripe" transaction to prevent bank card from being stolen
Most people now have a magnetic strip on the back of the bank card. This is called a magnetic stripe card. If there is a small chip on the front of the bank card, the card is called a chip card.
In the past, ATMs, POS machines and other acceptance terminals have not been completely modified. In order to facilitate cardholders, the chip bank cards issued by banks are mostly chips and magnetic stripe "two in one" cards - both chips and magnetic strips. Can be used to trade. But this also brings up a problem: criminals can steal the magnetic stripe information of the "two-in-one" card, and make fake cards for stealing, so that the advantage of strong chip encryption and difficulty of being copied cannot be exerted.
The closure of the downgrade transaction means that the bank will refuse the cardholder to use the magnetic stripe to initiate the transaction, only the chip. In other words, the bank can know whether the cardholder is using a magnetic strip or a chip, so even if the magnetic stripe information is stolen by a person to make a fake card, the criminals will not be able to complete the transaction. A related person from the Nanchang Central Sub-branch of the People's Bank of China said that the closure of the downgrade transaction will basically not affect the cardholder's daily use of the bank card.
Various commercial banks in Jiangxi Province have issued a total of 27.7 million financial IC cards.
The reporter learned from the interview that since the province started the promotion of financial IC card application in 2011, the number of financial IC card issuance has risen rapidly in the province, and its application in the public service field has been steadily advanced. The data shows that as of the end of June 2014, commercial banks in Jiangxi Province have issued a total of 27.7 million financial IC cards; in the first half of 2014, the number of new IC card issued by the province accounted for 82% of the new card issuance. The province's financial institutions have deployed 220,000 pos machines in the province, of which more than 98% can accept financial IC cards; 15500 ATM machines are deployed, all of which can accept financial IC cards.
At present, financial IC cards have been successfully applied in the fields of social security, medical and health, urban management, public transportation, and life services in our province. Financial IC cards have become the mainstream of bank card issuance in commercial banks in Jiangxi Province, and the application environment has matured. The time has come to close down financial IC card downgrade transactions.
Magnetic strip bank card will be gradually delisted
The reason for pushing the chip card is that the chip card has a much higher safety factor than the magnetic stripe card. Closing the financial IC card downgrade transaction pilot means that the single magnetic strip bank card will not be used, so the magnetic stripe bank card needs to be replaced in time. According to reports, according to the timetable issued by the central bank, it is expected that at the end of 2015, China's banks will stop issuing new magnetic stripe cards.
On August 5th, the reporter consulted a number of bank customer service departments. At present, many banks are issuing chip cards, and customers can choose to upgrade the original magnetic stripe card to a chip card. There are two situations in which a customer can change a card. One is to change the card for an account. This is relatively simple to handle, and you can get a new card on the spot. Another situation is that some customers are linked to stocks, funds, and wages because of their original bank cards. They hope that they will not change their accounts, so as to avoid unnecessary trouble.
However, the reporter noted that the card-changing services introduced by various banks in Nanchang City are different. There are free services for banks and bank charges, but the standards are different.
Glass Ashtray
Glass Ashtray
Xi'an ATO International Co., Ltd , https://www.xianato.com