ID :
195712
Tue, 07/19/2011 - 06:58
Auther :
Shortlink :
https://oananews.org//node/195712
The shortlink copeid
Regulator to beef up measures against card duplications
SEOUL, July 19 (Yonhap) -- South Korea's financial watchdog said Tuesday it is considering hastening its push to require operators of the country's cash machines to equip them with integrated circuit (IC) card readers in a bid to curb increasing cloning of credit cards.
Currently, some 30,000 automatic teller machines (ATMs) operated by banks are equipped with IC card readers, but most ATMs located in convenience stores and subway stations, operated by private payment network firms, only read MS cards.
MS cards are relatively easier to duplicate than IC cards, which carry financial information in an embedded chip.
The Financial Supervisory Service (FSS) said it will push ATM operators to equip the automatic banking machines with IC card readers.
The move comes after FSS Gov. Kwon Hyouk-se said the watchdog needs to advance the all-out adoption of IC cards for ATMs from the previous deadline of September 2012.
Currently, some 30,000 automatic teller machines (ATMs) operated by banks are equipped with IC card readers, but most ATMs located in convenience stores and subway stations, operated by private payment network firms, only read MS cards.
MS cards are relatively easier to duplicate than IC cards, which carry financial information in an embedded chip.
The Financial Supervisory Service (FSS) said it will push ATM operators to equip the automatic banking machines with IC card readers.
The move comes after FSS Gov. Kwon Hyouk-se said the watchdog needs to advance the all-out adoption of IC cards for ATMs from the previous deadline of September 2012.
