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Safety of debit cards – How safe is yours ?

Most of us have debit cards and have used them at some point in time while transacting online or while withdrawing cash from ATMs. In the recent times, we have across news of stealing of debit card or card skimming etc. Before I discuss anything about the safety of debit cards, I would request you to do a small check on your card. If your card comes with a chip then, your card is safe to a large extent. If the chip is not present then, replace your card immediately.

Source: SBI website

This chip is called EMV (Europay, Mastercard and Visa) chip. These type of debit cards are a much more secure alternative to the traditional magnetic strip. The EMV chip creates dynamic data everytime you make a transaction.  This makes it very difficult to duplicate or clone your card. Whereas, in a magnetic strip card, the details are stored in an unencrypted format, making it easier for hackers to steal the information.

Safety Tips for your debit card

Safety of Debit Cards – Cyber Security tips

 

The above tips related to the safety of debit cards are also applicable to credit cards too. Recently, RBI has directed all banks to replace magstripe cards with EMV cards before 31st December 2018.

 

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