EMV-delayed banks must set aside funds to cover losses

BANKS that are not yet EMV or chip-compliant will soon have to aside provisions to cover any operational loss that may be incurred for not having a more secure chip-based technology, the central bank said.

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