Online banking frauds are on a rise in India. These frauds can be pulled through ATM card cloning, skimming or mobile SIM swam to dupe the hard earned money of customers. Given that State Bank of India or SBI is the biggest lender of the country, a vast number of people can be exposed to these scams, if not vigilant. SBI online keeps updating customers about ways to keep their account safe. The bank is also sending messages to its account holders to change their SBI cards (both debit and credit card).
The message reads that ‘due to the RBI guidelines the bank is changing the ATM, RuPay debit card and credit cards of the customers for convenient and secure banking. This change of SBI cards is without any charges’ that have spurned the customers as to what reasons the banks are doing this and what propelled Reserve Bank of India or RBI to change the ATM, RuPay debit card and credit card.
Detailing about what propelled RBI to change the existing SBI cards (ATM, RuPay debit and credit cards) SEBI registered investment and banking expert Jitendra Solanki said, “To meet the global standards of debit and card payments, the RBI in May 2015, directed all Indian banks to change the existing cards by a chip-based cards called EMV (Europay Mastercard and Visa). The deadline given by the RBI for this exercise was December 2018 but the banks failed to meet that. However, this change of cards by SBI online services is in regard to that and these new EMV cards would help SBI online services to contain the SBI card skimming from the cybercriminals.”
Speaking on how EMV cards would contain SBI online skimming or any other banks online card skimming Pawan Duggal, a New Delhi-based cybercrime expert said, “The EMV cards would help SBI card holders from the malware attack that leads to cybercrime or online banking frauds through card cloning, phishing and skimming.” Duggal said that in new chip-based EMV cards, the data storage would be impossible as there will be new data getting stored into the chip deleting the previous data after each transaction. It will help customers cause as skimming or card cloning would become difficult for the online fraudsters.
Therefore, the new chip-based EMV cards would help SBI online skimming a difficult task for cybercrime habitual if not impossible. At least, the new card would enhance the safety of bank account holder’s hard earned money for sure, said cybercrime or SBI online skimming squad experts.