ABN Amro improves debit card security in the Netherlands
By June 2006, ABN Amro plans to replace magnetic stripe technology used on debit cards with EMV chip technology in a bid to reduce the risk of card fraud.
<p>Following the banks launch of EMV credit cards in March 2005, the group plans to become the first bank in the Netherlands to issue debit cards with an EMV chip.<br /><br />The move is part of a larger program to make ABN Amro's entire Dutch card business EMV-compliant, with all the banks ATMs across the Netherlands already being made EMV-compliant.<br /><br />EMV is a global standard established for payment cards and terminals by Europay, MasterCard and Visa. By making use of EMV chip technology, fraudulent ATM withdrawals with a copied debit card will become a thing of the past. <br /><br />The implementation of EMV in debit cards and ATMs is in line with ABN Amro's policy of offering payment products that are secure and up to date.<br /><br />EMV has also been adopted as a standard by Sepa (the Single Euro Payments Area), an initiative by the European Commission, the central banks in the euro-zone and the European Payments Council to transform the European payments market, which is currently divided largely by national boundaries.</p>
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