In order to stop online scams and malicious attacks targeting online banking, State Bank of India (SBI) has started blocking insecure and old ATM cards.
SBI is replacing the existing magnetic stripe (called magstripe) debit cards with RBI-approved EVM Chip debit cards. This means that those who are carrying magstripe SBI debit cards may soon find their card blocked.
To identify whether your card a magstripe or an EVM, look for a chip placed on the front side the card. No chip means your card is a magstripe debit card.
The bank on its website notes that all magstripe debit cards which are blocked will continue to remain so. Instead free EVM chips will be issued to users who own the magstripe cards.
SBI posted a notice on their official website,
“All esteemed customers of State Bank of India are hereby informed that it has been decided by the Bank that all the magstripe Debit Cards which are in blocked state as on 28-Feb-2017 and to all such requests for blocking thereafter will remain blocked permanently. Instead free EMV Chip Cards have to be issued to them. The affected cardholders are to be advised to apply for replacement EMV Chip Card through internet banking or by approaching their home Branch.”
SBI debit card holders are receiving a message from the bank informing that their card has been blocked.
The bank advises people to apply for a replacement card at www.onlinesbi.com or home branch. The replacement EMV Chip Debit Card will be free of cost.
For applying the new EVM chip debit card online, users needs to Login to www.onlinesbi.com using user id and password and under “eServices” tab click on “ATM Card Services” and follow the instructions.
Source: India Today
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