China Daily reported that the Hong Kong Monetary Authority is pushing the country's banking industry to adopt chip-based technology to secure ATMs, and that FIs with ATMs are set to complete upgrades by the end of February 2013
Card replacement to support chip-based authentication will take place in stages between 2014 and 2015.
The report also said HKMA is moving to curtail overseas fraud that involves cards issued in Hong Kong. Those cards will be deactivated from withdrawing cash from ATMs in other countries beginning March 1, 2013. To conduct such transactions, cardholders will have to notify their FIs of travel in advance.
HKMA's deputy chief executive said that while ATM fraud in Hong Kong isn't a big problem, the country's FIs must stay on the forefront of technology and be current with international trends.
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