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| Sunday, May 17, 04:12:01am | [ Login ] [ Contact Forum Admin ] [ Main index ] [ Post a new message ] [ Search | Check update time | Archives: 1, 2, 3, 4, 5, 6, 7, 8, [9], 10 ] |
| Subject: Malaysia migrates to chip to beat fraud | |
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Author: 28/02/2003--Triumphaunt Launch BHD SHD that has a number of Proton licences throughtout Asia also became 100% owned March 15th 2002 |
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Date Posted: Monday, March 03, 02:50:16am In reply to: Walt--There are many additional solutions that have been aquired from R&D. 's message, "The reason ERG has won so many transit contracts is due to applications outside of transit." on Sunday, March 02, 01:52:09am Malaysia migrates to chip to beat fraud 28/02/2003 Malaysian banks have announced this week they are to launch chip-based ATM cards to customers, marking Malaysia as one of the first Asian countries to migrate from magnetic cards. The move comes in the wake of a rise in fraudulent cash withdrawals. Top lender Malayan Banking and the 11 other domestic banks are to replace the 11 million magnetic stripe cards in circulation by June. "Thereafter, all ATM machines will be disabled to accept magnetic stripe ATM cards," said a statement from the banks' MEPS automatic teller machine (ATM) network. MEPS said more than 3,700 ATM machines across the nation of 24 million people had been upgraded to accept the chip-based cards. The new cards contain an embedded microchip, making duplicating the information on the chip difficult to almost impossible. The new cards are valued at almost 30 times the price of magnetic stripe cards. The new cards alone will cost 110 million ringgit ($28.95 million), and at least two banks said they were distributing them for free. The magnetic stripe on traditional cards uses an almost 30-year-old technology that experts say can be copied easily. Malaysian police arrested several people and seized more than 10,000 cloned ATM cards during raids last year. Police said the syndicates attached a pinhole camera to the ceiling of the ATM frame to film customers inputting PIN numbers. [ Next Thread | Previous Thread | Next Message | Previous Message ] |
| Subject | Author | Date |
| Top lender Malayan Banking and the 11 other domestic banks are to replace the 11 million magnetic stripe cards in circulation by June. (NT) | No name | Monday, March 03, 02:51:27am |