What should customers do when magnetic strip-based ATM cards will no longer be in use?

Tin tức

Many banks in Vietnam have

to stop issuing which will be completely replaced by by the end of 2021. 

According to

, the regulation aims at preventing during since the chip-based cards are capable of storing and with high security.

Chip-based cards are not much different than magnetic strip-based ones in terms of size, the only prominent feature is that they are fitted with a small chip on the front of the card.

There are two ways that cardholders can apply to switch from magnetic stripe cards to chip cards: online via mobile banking and offline at the bank.

Though the improvement of safety and information security has been proven as the main advantage of chip-based cards, Vietnamese people are still

to make the transition to chip technology due to the concern relating to its cost. 

Security experts warned that the delay of this conversion may put Vietnam at risk as magnetic cards are easy to copy and there is an

in card criminals around the world. 

Từ vựng

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