Thailand’s commercial banks nationwide will start shifting existing magnetic strip ATMs and debit cards to chip-embedded cards by next year to prevent skimming fraud.
Bank of Thailand Payment Systems Policy Department senior director Jaturong Jantarangs said all commercial banks will start using the chip technology to prevent skimming fraud. So far, up to 30,000 out of 50,000 ATM machines nationwide have been made compatible with the chip technology and the rest should be upgraded by next year.
Mr Jaturong said all banks will bear the cost of the technology upgrade. At the same time, card users will need to learn how to operate internet banking and mobile banking to protect themselves from falling prey to skimming fraud.
As of now, banks in Europe, the US and Japan have shifted to chip-based debit and ATM cards which bar skimmers from copying card information. In Thailand, Bangkok Bank, the country’s largest bank in terms of assets has already upgraded to chip-based ATMs and debit cards.