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Replace your debit, credit cards before December 31st, else land in trouble

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Debit cards, Credit cards, Banks, Reserve Bank of India, Banks messages, December 31st, Europay Mastercard Visa, EMV cards, Money fraud, Online predators, Online banking fraud, Business news

Attention all viewers, you must have been receiving repeated messages from your banks reminding you to upgrade your old debit and credit cards to replace with new one, which you most probably must have ignored, assuming it to be spam.

Here is important news for you read first. Yes, your old cards will be valid only till December 31. You need to replace your current cards with new ones if you have not done it already.

 

Debit cards, Credit cards, Banks, Reserve Bank of India, Banks messages, December 31st, Europay Mastercard Visa, EMV cards, Money fraud, Online predators, Online banking fraud, Business news

 

The Reserve Bank of India (RBI) has ordered the banks to provide its existing, as well as new customers with the new EMV (Europay, Mastercard, Visa) cards. The RBI has decided to do so in order to protect your money from online predators.

Online banking fraud cases investigations have revealed that debit and credit card piracy has been a major issue. To curb this, the RBI has come out with the new chip-based EMV cards, which will help protect your money from the online predators. This directive is applicable to all the domestic, as well as international cards. The cards need to be replaced even if their expiry date happens to be after December 31, 2018.

According to RBI, As of June, there are over 39 million active credit cards and 944 million debit cards in the country.

Why EMV cards are better than stripe-only cards?

The existing debit and credit cards are magnetic stripe-only cards. The black magnetic strip behind your cards is called the magstripe. The strip is made of small magnets in which your account information is stored. When the card is swiped in the machine, the machine will process your account information and the transaction will take place.

The EMV cards, on the other hand, have a chip embedded on the card which contains all the account information in an encrypted format. When the card is used in the machine, it asks for the PIN, and only then the transaction will be completed.

 

Debit cards, Credit cards, Banks, Reserve Bank of India, Banks messages, December 31st, Europay Mastercard Visa, EMV cards, Money fraud, Online predators, Online banking fraud, Business news

 

Must replace your debit or credit cards before 31st December, to avoid misfortune:

 

The chip-based card will not be read unless you enter the PIN, thus making it difficult for the fraudsters to access customer information. Some banks, offer these cards without a PIN. Instead, they use your signature for authentication.

In order to rip information off EMV cards, the fraudster will have to access the physical chip circuit and draw your bank information from there. According to experts, this is next to impossible.

 

Debit cards, Credit cards, Banks, Reserve Bank of India, Banks messages, December 31st, Europay Mastercard Visa, EMV cards, Money fraud, Online predators, Online banking fraud, Business news

 

Why is EMV more secure?

The magnetic stripe cards are magnetised, as mentioned above, those magnets will store your account information. The main problem with the magstripe is that the data remains static, making it easy for a fraudster to capture it, if the card is used at a place where a cloning device if installed.

Once the fraudster skims your card, he can easily create a fake or cloned card with your details and use it for purchases. Whereas an EMV card helps prevent frauds as the account information stored in it is dynamic, it keeps changing constantly, making it extremely difficult to extract information.

 

Debit cards, Credit cards, Banks, Reserve Bank of India, Banks messages, December 31st, Europay Mastercard Visa, EMV cards, Money fraud, Online predators, Online banking fraud, Business news

 

How to identify a magstripe debit/credit card:

If your card has only a black strip in the back and no gold colour chip located on the face of your card at the center-left, then it is a magstripe. You need to get that replaced with the new EMV card.

 

Debit cards, Credit cards, Banks, Reserve Bank of India, Banks messages, December 31st, Europay Mastercard Visa, EMV cards, Money fraud, Online predators, Online banking fraud, Business news

 

How to apply for the new cards:

The replacement of existing debit and credit cards with the new EMV chip-based cards is free of cost. You can visit your bank with your passbook. You will have to fill a form requesting for a replacement card. Once you submit it, you will get your new chip-based card. Or, if you do not have time to you can also apply online.

 

Business

Apple is giving a huge discount on its gadgets: Details inside

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If you want to buy an iPhone and were waiting for a nice offer, then we have a piece of good news for you! Amazon Summer Sale May 2022 has begun and they are offering major discounts on various smartphones, laptops, and smart TVs, among others.

The sale is live now on the e-commerce platform with no-cost EMI options and exchange discounts on various products. In addition to this, Amazon has also partnered with several banks including ICICI, Kotak Bank, and RBL so that customers get instant discounts of up to 10% using their cards and EMI transactions.

Customers can easily enjoy this summer sale and get massive discounts on iPhones. They can also compare prices on Flipkart Big Saving Days Sale 2022 before making a purchase.

 

Amazon Summer Sale May 2022: Discount offer on iPhone 13 

Apple’s coveted phone model iPhone 13 in the 128 GB storage model will be available during the Amazon Summer Sale May 2022 for Rs 64,900. The MRP of the phone is Rs 79,900. This means that the customers will be able to enjoy a discount of up to Rs 15,000 on the purchase of the iPhone 13.

If you have an old iPhone in working condition then you will also be eligible to receive another additional discount worth up to Rs 17,000 on the iPhone 13.

Buy at Rs. 64,900 (MRP – Rs. 79,900)

Features of Apple iPhone 13 

The iPhone is powered by an A15 Bionic processor with 6 core CPU. Apart from this, it has 16 core neural engines. With the iPhone 13, up to 512 GB of storage will be available. The iPhone 13 has a 6.1-inch Retina XDR display with 1000 nits brightness.

The iPhone 13 has a 12-megapixel dual rear camera setup. This time a new wide-angle camera has been given, whose aperture is f/1.6. With this, there is support for sensor optical stabilisation. Night mode has been made better than before. The second lens is also 12 megapixels ultra-wide and has an aperture of f/2.4.

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