Thai banks want the abolition of magnetic stripe to be postponed
The Thai Bankers' Association (TBA) is asking the Central Bank to postpone the deadline for phasing out the magnetic stripe of ATM bank cards before the end of this year.
The Central Bank had required the banks in Thailand to replace all cards after December 31 of this year and the magnetic stripe would no longer work. The reason for this is that the magnetic stripe is very sensitive to skimming. With skimming, your payment details are copied from your debit or credit card, for example when you withdraw money from a bank. Skimmers can read the magnetic stripe of the payment card via an attachment on an ATM or point-of-sale terminal, or they retrieve data via a hidden camera.
Debit debit and ATM cards issued in Thailand from May 16, 2017 must have chip technology with enhanced security features to prevent skimming.
The reason for the request for postponement is that many Thai people have not yet exchanged their cards and continue to use the old magnetic stripe card, despite information campaigns by the banks.
A spokesman for Kasikornbank (KBank) says that his bank has a total of 13 million ATM and debit cards, of which about 1,4 million still use the magnetic stripe.
Source: Bangkok Post
This is again something new to me.
Never heard anyone speak from the bank or received a letter telling me to change my card.
Do have a card with a 6-digit PIN code
So next week to the bank for further explanation.
Jan Beute.
So you probably already have a pass that meets the new standards and no longer needs to be exchanged.
Dear Editor,
It will be better if the pass stops working.
People then come to the bank themselves to ask what is going on.
Yours faithfully,
Erwin
For my SCB ATM card I received that message 3 years ago through the ATMs.
That old card still worked with a 4-digit code. When I entered that card and the code I was shown a text saying that I had to contact my local branch to exchange my card for a Smart card. . The new one had a chip and a 6-digit code.
For my Kasikorn card, that happened automatically when I visited the bank, I thought.
So if I understand correctly, the card is up to date with a 6-digit PIN code.
Then off to the bank next week as my Krungsri FCD and a TMB card still work with the 4 digit code.
That way you learn something.
JanBeute.
If you have a 6 digit code, this probably means that you already have a card with a chip. You will then have automatically received it with the last replacement.
I don't quite understand this. When my pass has expired, it will no longer work.
So everyone must have noticed that by now.
I now also have the new card with 6 digit pin. That is still getting used to. I always tend to use only 4 digits.
It is not so much about expired cards, but valid cards with a magnetic stripe that must be exchanged for a card with a chip.
The reason for the request for postponement is that many Thai have not yet exchanged their cards and continue to use the old magnetic stripe card, despite information campaigns by the banks.
But the easiest way is indeed to simply let everyone know that magnetic cards can no longer be used after December 31, even if the validity period has not expired.