Tech to Curb ATM Fraud

ATM at the secretary of state in Portage, MI

ATM at the secretary of state in Portage, MI (Photo credit: Wikipedia)

ATM-Max

ATM-Max (Photo credit: nist6dh)

Image

ATM fraud will come to an end my dear bankers safe to say Kenya Bankers Association in April launced a 2.5 billion shillings to migrate all banks to the EMV technology with a deadline of 30th september.The Kenya Bankers’ Association on Wednesday said 96 per cent of all Automated Teller Machines across the country have been upgraded to the Europay MasterCard and Visa (EMV) technology.“We have achieved the set target and the remaining four per cent ATM’s have been earmarked for certification or phase-out before the end of the year,” said KBA chief executive, Mr Habil Olaka.Payment cards that meet EMV standards are implanted with chip-and-PIN technology, which is considered more secure than the magnetic stripe cards that the banking sector is phasing out.In order to read these chip-and-PIN cards, banks have to modify ATMs and Point-of-Sale (POS) machines. Under the initiative, the 43 local banks ware to share the high costs of compliance with EMV standards.

Advertisements

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s