According to an email message going round to all Standard Chartered Bank (SCB)Zambia customers, SCB will soon introduce Debit Cards on the market with chips. Of course some banks like FNB already have cards with chips, but this is a noteworthy enhancement for SCB in this age of fraud and other ATM scams.
How does it work? Well, it’s as simple as embedding a readable chip onto the card that runs on encryption technology for any transactions you do at an ATM, Point of Sale – commonly called Swiping Machine (POS) and anywhere else you have to use your card including online. This helps reduce the risk of fraud and chances the card can be copied and used to steal money from your account, even without the actual card, thus making all your transactions little safer.
SCB says all you have to do is visit your branch with your ID, current Debit Card and you will be issued with a new Chip and PIN card. We hope we don’t have to write about any ATM fraud cases which only result in customers losing their money and Banks their credibility.