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Magnetic strip credit cards without the integrated circuit chips will be unusable at automated teller machines starting Tuesday.
The Financial Supervisory Service said Monday that ATMs will no longer accept conventional credit cards that do not have gold or silver-colored chip on the front but just a black magnetic strip on the back.
The financial authority has gradually been restricting the use of magnetic strip cards to prevent fraud.
In March, it banned these old-style credit cards from taking cash advances and loan services at ATMs, but as a temporary back-up measure it ensured that at least one ATM at every banking center could process magnetic strip cards until the end of May.
Users, however, may continue to purchase goods or take loans by accessing the call center or website of their credit card company.
“Integrated circuit-chip cards accounted for 99.8 percent of ATM transactions as of April, so the restriction will have little impact on the market,” said Park Sang-choon, cooperative finance and loan business supervision director at the FSS.
“The IC-based financial infrastructure is expected to offer a higher level of security to customers.”
Those who still possess magnetic cards may contact their card service provider for a free card replacement.
By Bae Hyun-jung (tellme@heraldcorp.com)
The Financial Supervisory Service said Monday that ATMs will no longer accept conventional credit cards that do not have gold or silver-colored chip on the front but just a black magnetic strip on the back.
The financial authority has gradually been restricting the use of magnetic strip cards to prevent fraud.
In March, it banned these old-style credit cards from taking cash advances and loan services at ATMs, but as a temporary back-up measure it ensured that at least one ATM at every banking center could process magnetic strip cards until the end of May.
Users, however, may continue to purchase goods or take loans by accessing the call center or website of their credit card company.
“Integrated circuit-chip cards accounted for 99.8 percent of ATM transactions as of April, so the restriction will have little impact on the market,” said Park Sang-choon, cooperative finance and loan business supervision director at the FSS.
“The IC-based financial infrastructure is expected to offer a higher level of security to customers.”
Those who still possess magnetic cards may contact their card service provider for a free card replacement.
By Bae Hyun-jung (tellme@heraldcorp.com)
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Articles by Korea Herald
