On Wednesday, Hong Kong s.a.r. Monetary Authority (HKMA) announced today that it will start putting Hong Kong s.a.r. based chip technology for all services, Automatic Teller Machine (ATM) in force as another step to increase security for ATM services provided by authorized institutions (Als) in Hong Kong. Compared to the magnetic stripe used today, this technology will help to protect users from cheaters. Hong Kong s.a.r., the banking industry agreed to launch soon.
The circular for Als, HKMA revealed details of the chip based ATM security controls and their corresponding timetables for implementation, including the modernization of the Atm terminals and card since the beginning of 2012. Implementation will take the stage as some 20 million ATM cards (including debit and credit cards) and some 900 2. Atm terminals will participate. It is expected that the process of replacing completed March 2014 for debit and credit cards, bank accounts and by the end of 2015, for all other credit cards.
Elements with data protection with advanced security chip-based ATM transaction will offer greater security. The introduction of such technology will certainly improve security ATM services in Hong Kong. owners should always keep their card security and protect their personal identification number (PIN) at all times.
New smart card magnetic stripe will continue to function abroad using as many overseas ATMs still use magnetic stripe technology, but with enhanced security measures to offer additional protection against unauthorized ATM transactions overseas. the possibility of withdrawing cash overseas ATM will tentatively as "written off", and before the Atm cash transactions can be conducted abroad must be activated cards through selected channels. Owners can also choose to restrict the period of time and set a lower limit for overseas operations.
HKMA says that he will continue to work with the banking industry to monitor the recent review of technological developments, the need to implement additional security measures from time to time.
Bureau of the Exchange organization and the Office of the HKMA was established authorized banks on April 1, 1993. Its main functions and responsibilities are regulated by the Exchange Fund Ordinance and the Banking Act and reports to the Financial Secretary. It is the Government authority in Hong Kong, responsible for maintaining monetary and banking stability. The integrated circuit is KDS181.
Phyllis is a freelance writer for the website e-commerce integrated. SeekIc.com offers customers around the world find a quality supplier of electric components worldwide. We do our best to combined is in the business world circuit and let these results favour business as a whole.
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