This Kind of Bank Card Can't Be Used Anymore?

The notice mainly about China government will stop stripe transaction of bank cards with both chip and magnetic stripe since 1st May! It means that card transaction will be done via chip! 

Well, sounds like that bank cards with magnetic stripe are no longer available? No , in fact, you can still use your Magnetic Stripe Cards for now (regardless of security concern). 

So why? 

Actually, you are more likely to have identity theft on your bank cards with magnetic stripe. 

What’s worse, you are liable for unauthorized charges but you completely have no idea!  

3 Kinds of Bank Cards

Magnetic Stripe Cards (only stripe transaction is available)

When dealing with payment, your card information will be left in POS or ATM machines. See? Magnetic cards are more vulnerable! Sometimes , the card may suffer from demagnetization!

Chip Card (deal with payment via card inserting or “QuickPay”function)

Your information is encoded in the chip and hard to copy. With a more complex paying system, Chip Cards can protect your account in a  more safer way.

Card with both Magnetic and Chip (stripe transaction, card inserting payment and“QuickPay”are all available)

Although you can deal with payment in three ways by using such composite cards, they are not so safe actually when in stripe transaction . In this case,  information in the cards is quite easy to be copied just like Magnetic Stripe Card.

As a result, for security concern, you’d better replace all of your Magnetic Stripe Cards with Chip Cards!

How to apply for Chip Cards? 

Bring your ID card (passport) and bank cards to finish card upgrade in the bank. Most banks offer free upgrading while some charge you 5 yuan. 

You can apply to keep the original card number (except for the numbers of the cards you apply for in very early time) so your information in it won’t change.

Now, it seems like an era of Chip Cards! Check if there are cards with magnetic stripe in your purse! Yes? Go to the bank and upgrade them into Chip Cards as soon as possible!

source:GDnews

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