Islamabad: For the past several days, rumours have been circulating that the existing ATM cards with magnetic stripe have stopped working from December 31, 2019.
However, the State Bank has now explained that the existing magnetic stripe ATM cards are working. The rumours in this regard are based on lies.
The State Bank, in a press release, denied the rumours saying that the existing cards will not be blocked until people who have not yet received the PIN and EMV chip card and activate it.
The press release added that the EMV chip and pin cards are more secure than the existing magnetic chip cards and the State Bank will continue to make every effort to transfer to this standard.
Recently there was some news regarding the ATM fraud discovered in Karachi. The suspects used the scammer to obtain debit and credit card banking data.
This was the first opportunity to detect such frauds, which also led to arrests.