BETTER SECURITY WITH BANKCARD

As most of the 3,839 automated teller machines (ATM) nationwide have been fully upgraded to chip based technology, the shared ATM network offers higher security in performing banking transactions such as cash withdrawal, fund transfer and account balance enquiry at the ATMs when using the chip based ATM card, known as Bankcard.

According to Malaysian Electronic Payment System (1997) Sdn Bhd (MEPS), some financial institutions have now even allowed their customers to withdraw an amount up to RM3,000 per day from ATMs using chip based card as compared to RM1,000 previously with a magnetic stripe card.

The Bankcard offers enhanced security as the chip is tamper resistant and the information stored on the chip are significantly harder to extract or copy. The embedded chip is able to encrypt information thus making it more resistant to attempt of skimming

Customers are encouraged to change their current magnetic stripe ATM card to Bankcard. Meanwhile, during this festive season where there are many ATM transaction performed including cash withdrawals, customers are advised to exercise care by ensuring that they keep secret the PIN number and to change the PIN number frequently as an added precautionary measure.

The Bankcard or payment Multi-Purpose Card, one of the Multimedia Super Corridor application, was developed in line with the government’s plans to implement a national electronic payment transfer environment and cashless society. The card is being rolled out in concert by all local banks, and is coordinated by Malaysian Electronic Payment Sdn. Bhd. All domestic banks will be rolling out the Bankcard, and all ATM machines are currently being upgraded in stages to accept the chip-based cards.