On Wednesday, the Hong Kong Monetary Authority (HKMA) announced that Hong Kong will start to put the chip-based technology for all Automatic Teller Machine (ATM) services into effect as a further step to enhance the security for ATM service offered by the authorized institutions (Als) in Hong Kong. Compared with the magnetic stripe in use at present, this technology will help to protect users from fraudsters effectively. The Hong Kong banking industry has agreed to begin the implementation program soon.
In a circular to Als, the HKMA has revealed the details of this chip-based ATM security controls and the corresponding implementation schedules, including upgrading the ATM terminals and carrying out the card replacement since early 2012. The implementation will take in phases as around 20 million ATM cards (including debit cards and credit cards) and about 2.900 ATM terminals will be involved. The replacement process is expected to be finished by March 2014 for debit cards and credit cards linked to cardholders' bank accounts, and by end of 2015 for the remaining credit cards.
With the protection of data by advanced security controls, the chip-based ATM transactions will offer greater security. The implementation of such technology will surely further enhance the security level of ATM services in Hong Kong. cardholders should always keep their card safe and protect their Personal Identification Number (PIN) at all times.
The new chip card will continue to feature a magnetic stripe for allowing overseas use since many overseas ATMs are still using magnetic stripe technology but with enhanced security measures to offer additional protection against unauthorized overseas ATM transactions. The cash withdrawal capability of overseas ATM will be pre-set as "deactivated" and before ATM cash withdrawal transactions could be conducted overseas it needs to be activated by cardholders through appropriated channels. Cardholders may also choose to restrict the time period and set a lower withdrawal limit for overseas transactions.
The HKMA said it will keep working with the banking industry to monitor the latest technological developments review the need of introducing additional security measures from time to time.
The HKMA was established by the Office of the Exchange Fund and the Office of the Commissioners of Banking on April 1st, 1993. Its main functions and responsibilities are governed by the Exchange Fund Ordinance and the Banking Ordinance and it reports to the Financial Secretary. It is the government authority in Hong Kong responsible for maintaining monetary and banking stability. The related integrated circuit is KDS181.
Phyllis is the freelance writer for e-commerce website in the integrated circuit. SeekIc.com offers the buyers around the world to find quality supplier of electrical components globally. We try our best to aggregate leads in the integrated circuit business world, and let these leads benefit the entire business person.
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