The central bank said it would soon set a “hard deadline” for banks to switch to a more secure EMV chip technology for automated teller machine and credit cards from the vulnerable magnetic stripe technology.

The EMV or Europay Mastercard Visa is the global standard for chip-based credit and debit transactions that makes its difficult for fraudsters to hack into, compared with magnetic strip cards. The embedded chip contains unique transaction details that are activated each time the card is used. It is also protected by additional layers of security.

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