OJK asks banks for early migration of ATM card to chip

Jakarta (ANTARA News) Chief Commissioner of the Financial Service Authority (OJK) WimbohSantoso has asked banks for early migration of ATM card from magnetic stripe to chip, which has higher security standard.

The call came following reports of rampant skimming cases in the world, a cyber crime which already hit a number of major Indonesian banks.

"We calls on banks to move faster in the migration to chip card as chip card could avert the risk of skimming," Wimboh said here on Thursday.

He said the deadline for migration from magnetic stripe to chip is in 2020, "but we would do better by doing it earlier, although it would depend on the condition of the banks."

A number of depositors of state lenders, Bank Rakyat Indonesia (BRI) and Bank Mandiri, have been victims of skimming.

Bank Indonesia has issued a circular requiring the use of national standard of chip for new debit and ATM card since June 30 last year.

The Central Bank said at least 30 percent of debit and ATM cards should be in chip with six digit PIN on line by the end of this year, and by December, 2021 , all Debit and ATM cards would use the chip technology with six digit PIN online

In Kuta, Bali, police chief Gen. Tito Karnavian said police would be ready to help banks to prevent skimming crime.

Tito calls on the people not to get panic ,saying,"I hope the people would not lose trust in banks as Bank Indonesia would coordinate in helping clients losing fund as a result of the skimming crime.

"Indonesian police have cooperated with international police to stop the cyber crime," he said.

Source: Antara News

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