VietNamNet Bridge – Banking information technology experts all say that commercial banks have been and would have to accept the risks to be caused by counterfeited ATMs, even though banks have issued chip cards instead of magnetic cards.

Clients suffer constant anxiety using magnetic cards

A series of counterfeit ATM cards have been discovered recently, in which the crimes were both Vietnamese and foreigners.

The most popular trickery used by the crimes is forging bank officers to send emails to card users, requesting users to provide information , or installing devices at ATMs to steal information of users, and then stealing money from users’ accounts.

One of the reasons which makes Vietnam a lucrative land for card crimes, is that a lot of commercial banks still use magnetic card, which is not safe enough to protect information about the car users. With this kind of card, crimes could easily copy information and steal car PIN codes.

A member of the Vietnam Banking Association said in 2011, the total sum of money the crimes could take back from ATMs in Vietnam was about 3 million dollars, or 62.5 billion dong.

However, in fact, it’s very difficult to calculate the total money toll due to the forged ATM cards, because this proves to be a sensitive matter. No commercial bank has made public the toll, because they fear the information may badly affect their branding.

As such, the card holders with high balance in their accounts, therefore, still have to live with constant anxiety that they money one day may be stolen. They also fear that the information may lead customers to turning their backs to the banks, since the bank still don’t have effective measures to settle the problem.

It’ll take years to utilize chip cards

One of the solutions for banks that can help deal with chip cards is that the banks should allow people to withdraw money with bog magnetic and chip cards.

Lim Chin Wan, a senior executive of Secure Metric Company, with chip cards--criminals would find it more difficult to steal card codes and personal data.

However, it would take years to implement the program on replacing magnetic cards with chip cards.

Vietnamese bankers have also said they would need much time to set up new ATMs to make them integrated into cards; the work which would cost much.

Highly appreciating chip cards, but Anwar McEnter, a senior executive of RAPID said chip cards may make it more difficult to apply counterfeit cards for crimes, but one should not think that there would be no more risks for card users.

The expert stressed that victims still can make counterfeit chip cards.

Foreign experts agreed that replacing magnetic cards with chip cards is a necessary solution, but this must not be the only solution to be utilized. Banks and clients need to apply some more comprehensive measures.

Anwar McEnter said VISA, for example, has utilized a verification feature “Verify by VISA,” of Master Card has “Master Secure Code” for their credit cards to prevent counterfeit cards.

Every time when users make transactions with the cards, they would be asked one more password that only they know. He said that the VISA and Master card users in Vietnam, when making transactions at HSBC, should ask the bank to activate the verification feature.

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