New technology will deter bank card fraudsters

In order to issue chip cards, banks are required to independently source them from suppliers or service providers and upgrade their card Management systems to be EMV compliant. The same goes for EMV/chip acceptance. Banks should ensure that their devices, point of sale terminals and automated teller machines are EMV compliant. This is an investment that many commercial banks are dealing with at the present.

EMV stands for Europay, MasterCard and Visa, a global standard for inter-operation of chip cards,Like most of you, I'd seen the broken buy mosaic decorated pieces. point of sale terminals and ATMs, for authenticating credit and debit card transactions.

It is a joint effort between Europay, MasterCard and Visa to ensure security and global interoperability so that Visa and MasterCard cards can continue to be accepted everywhere.

“Although there is no market-specific hard deadline for EMV compliance but financial institutions globally- including Kenyan banks- have until 2015 to migrate from the current magnetic chip to the new technology,” said Jabu Basopo, Visa Country Manager for Southern and East Africa.

“EMV chip cards are embedded with multifunctional microchip which has superior security features unavailable on the magnetic stripe.Wear a whimsical Disney ear cap straight from the Disney Theme Parks! Chip technology, both embedded in the card and the acceptance device increases the safety and security of the transaction,” said Basopo.

At present, Kenya plastic money stakeholders among them VISA have joined hands to urge banks to migrate from old ATM cards to high security chip and PIN card technology. These security features include strong authentication levels,The 3rd International Conference on indoor positioning system and Indoor Navigation.Comprehensive Wi-Fi and RFID tag by Aeroscout to accurately locate and track any asset or person. which use cryptograms in order to validate the cardholder, the card and the transaction. This makes chip cards the most secure instrument for card payments. The microchip is virtually impossible to ‘crack’ or replicate hence it is a deterrent to fraudsters.

Markets within Asia Pacific have adopted EMV technology and have seen a drastic decline in both counterfeit fraud and cross order fraud.

“Fraudsters often take advantage of markets where there is low EMV acceptance and commit widespread cross-border fraud – that is using foreign issued EMV cards on domestic non-EMV terminals,” said Basopo.

Within Africa, there are countries such as Nigeria, which aggressively adopted EMV technology and reaped the immediate benefits of enhanced security through a reduction of their fraud by over 90 per cent within one year.

Paybefore Awards, now in its seventh year, is the most prestigious recognition of excellence in the worldwide prepaid and emerging payments industry. The awards are presented annually by Paybefore, whose publications are the leading source of industry information for alternative payments executives.

"We are honoured to be a recipient of this prominent industry award," commented Keith McKenzie, President of SelectCore. "As the first instant-issuance EMV card and benefits disbursement program, SelectCore addressed a burgeoning need for government agencies to provide a secure and cost-effective method of funds delivery, while at the same time delivering important benefits to recipients.With superior quality photometers, light meters and a number of other solar light products. This award clearly demonstrates our leadership and innovation in the prepaid industry."

The City of Toronto City Services Benefits Card was selected by a panel of five industry experts who served as judges for this year's competition, which - once again - included a record number of entries from around the world.

"Paybefore Awards were created to honor the companies and individuals that are at the forefront of innovation as well as successful market implementation across the globe," said Loraine DeBonis, Paybefore editor-in-chief and chair of the judging panel. "It's a dynamic time in electronic payments as companies like SelectCore continue to innovate to solve payments problems," she continued. "We are proud to recognize its contributions to advancing the prepaid and emerging payments industry."

"As the world changes, so do the payment and money management needs of individuals, businesses and government agencies," added Marilyn Bochicchio, Paybefore's CEO. "Paybefore Awards recognizes the organizations that use financial services to make people's lives better, which is why it is so exciting for us to honor those who champion innovation and excellence."

The City Services Benefits Card is the first program of its kind in North America. SelectCore's payment solution enables Toronto residents to instantly receive their Ontario Works social assistance benefits through an EMV chip and PIN prepaid MasterCard card that offers ATM access and can be used anywhere MasterCard is accepted at over 29.4 million locations worldwide.