News

Smart card eliminates ATM fraud in Malaysia

July 26, 2005

Bernama.com: The chip-based smart card has succeeded in stamping out theft from ATMs at banks in Malaysia. Since the card's introduction in 2003, there had been no reported thefts that have compromised the card at the ATM, Finance Ministry parliamentary secretary Datuk Seri Dr. Hilmi Yahaya said. Criminals have been unable to breach the card's security safeguards. Magnetic-stripe cards, on the other hand, which were used between 2001 and 2003, were compromised 11,800 times.