Commercial banks in Thailand will use microchips instead of a magnetic system on ATM and debit cards to prevent fraud, starting next year, according to the Bank of Thailand (BoT).
BoT spokesperson Rung Mallikamas said the central bank and commercial banks have been trying to find measures to prevent skimming – a fraud method in which a device is affixed to the mouth of an ATM and secretly swipe credit or debit card information when bank customers slip their cards into the machines to withdraw money.
She said commercial banks have installed anti-skimming devices at cash machines, warned people on the risks of ATM fraud, and told customers to be more cautious in using their cards.
“It’s right that commercial banks hold responsibility in case of ATM fraud, but they will have to change to microchip system for cards to prevent skimming,” she said.
