Local financial institution, CABS has started rolling out new chip and pin cards in its bid to counter card cloning issues bedeviling the banking sector, an official has said.
Card-cloning is the production of counterfeit bank cards by criminals after acquiring information contained in the magnetic strip of the bank card.
CABS Holdings managing director Simon Hammond told Technomag that the bank was in the process of issuing new cards to its clients as a security measure.
“CABS is in the process of rolling out Chip and Pin cards and currently in a test phase with our Blue Card. Once completed we will implement on all our cards, “
“Currently, card transactions use a magnetic strip to read and record account data, and a signature is required for purposes of identity verification. The new bank cards will have an embedded computer chip that provides more security,”
“The Chip-and-PIN specifications are designed to improve the security for face-to-face transactions by providing features that reduce fraud resulting from counterfeit,lost and stolen cards,” Hammond said
Card cloning has become rampant in Zimbabwe as syndicates are taking advantage of the uptake of plastic money by business organisations and members of the public.