RBI asks banks to upgrade ATMs to prevent cloning and skimming of cards
Q. RBI asked banks to upgrade ATMs to prevent the following:- Published on 27 May 16a. Skimming and cloning of debit cards
b. Skimming and cloning of credit cards
c. Both of the above
d. Neither of the above
ANSWER: Both of the above
RBI asks banks to upgrade ATMs to prevent cloning of cards
RBI on May 26 directed banks to upgrade all ATMs by September 2017 with additional safety measures to prevent skimming and cloning of debit and credit cards.
- Contact Chip processing of EMV Chip and PIN cards at ATMs would not only enhance the safety and security of transactions at ATMs but also facilitate preparedness of the banks for the proposed 'EMV Liability Shift' for ATM transactions
- An another notification, RBI said in order to encourage banks to expand card acceptance infrastructure, banks can put in place their own Board approved policy on merchant acquisition.
