Windhoek
FNB Namibia has advised that their branches have been requested to start replacing old Mag-stripe cards (Debit and Credit Cards) with Chip and Pin (EMV) cards for all clients that have active Mag-stripe cards on their accounts.
“It is the Bank of Namibia’s requirement that all commercial banks do not issue any Mag-stripe cards after September 30, 2015. Whilst Mag-stripe cards will continue working as of October 1 on all ATM and Speedpoint machines throughout Namibia, it is in both the customer and the bank’s interest to convert to the safer EMV card” said Herman Kruger, Head of e-Banking at First National Bank of Namibia.
Kruger said that fraud has unfortunately increased all over the world and any extra safety mechanisms are welcomed by the industry and should also be welcomed by the customers. The new card is much more than just an ATM and purchase card – with added smart card technology.
It stores personal information and offers customers improved security and peace of mind. “The card is embedded with a security chip which requires a PIN when transacting – this was not the case with credit cards in the past where only a signature was required.”
Kruger says these cards could not be cloned. “That is why the card is ‘dipped’ into the machine and not swiped anymore. When a customer wishes to pay for goods using this card, the card would be placed (dipped) into an EMV enabled” terminal, which accesses the chip on the card.
Once the card has been verified as authentic, the customer enters a 4-digit PIN, which is submitted to the chip on the smart card. If the two match, the chip signals the terminal that the PIN was correct, otherwise it informs it that the PIN was incorrect,” he explained. He advised that customers would be able to see PIN OK or PIN approved immediately and would not have to wait for a slip any longer to realise that an incorrect PIN has been entered.
Customers of FNB Namibia receive their first new EMV cards as well as a new PIN with the card free of charge by the bank.