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‘Visa’, ‘MasterCard’ to be exchanged
KUWAIT CITY, July 2: There is a banking tendency to cancel the Visa and MasterCard cards, which are old, specifically that do not require the use of a secret number, reports Al-Rai daily. Sources at the bank pointed out banks are preparing to stop the cards that oblige the owner only to sign the purchase document, and once it expires another card will be issued containing secret numbers.
The sources said among the cards issued by banks, which do not need to enter a secret number, rapid payment services, convenient and ease for individual use, since it reduces time, but the modern means of protection proved the importance of the secret code in all bank cards, to avoid fraud, and help to control and verify all transactions on the card.
Sources pointed out that the biggest challenge that customers may face with the use of cards pass through the stores without asking for a secret number, is achieved with the hypothesis of losing from the original owners, and the error in the hands of the poor is quick to use, as much as possible, and is more vulnerable to penetration when passing on the devices Payments.
The sources said local banks have noticed for some time the importance of this security requirement for the protection of their customers.
Most of them have recently stopped issuing Visa and Master- Card cards which do not have a secret number and replace them with a new card with the same credit specifications. But it is characterized by the presence of four digit secret number, so that the client does not have to sign the receipt of payments, as is happening now.
The sources pointed out that in view of the fears expressed by banks of the risks associated with the use of cards without a secret number, and to avoid the risks that may arise, banks have sought to issue modern cards “Visa” and “MasterCard” in line with the international standards for information security for payment cards. And how the local banks deal with Visa and MasterCard cards that are still valid and can be withdrawn from customers for the same security objective? The sources explained that as long as the card is already in effect, the decision to replace it with a new one is optional for the customer, not mandatory, but if it expires, and when it is renewed, the customer will receive a new card with confidential numbers.
Customers who wish to redeem their current card, which requires the use of a signature only on the payment receipt, are entitled to use a secret number, which is expected to eliminate all issued Visa and MasterCard cards between 2019 and 2020 at the latest. The sources pointed out that piracy is developing continuously throughout the day, which sometimes helps to excel in penetrating some of the accounts of customers, depending on sophisticated programs and technical means of high accuracy, used by Internet programmers and hackers globally who are looking for gaps in some financial accounts of customers, especially those who make purchases through stores without using their codes, as this will break their financial accounts in a short time.