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Frequently asked Questions
What is a smart card?
A
smart card is a device that includes an embedded integrated circuit that can
be either a secure microcontroller or equivalent intelligence with internal
memory or a memory chip alone. The card connects to a reader with direct
physical contact or with a remote contactless radio frequency interface.
With an embedded microcontroller, smart cards have the unique ability to
store large amounts of data, carry out their own on-card functions (e.g.,
encryption and mutual authentication) and interact intelligently with a
smart card reader. Smart card technology conforms to international standards
(ISO/IEC 7816 and ISO/IEC 14443) and is available in a variety of form
factors, including plastic cards, key fobs, watches, subscriber
identification modules used in GSM mobile phones, and USB-based tokens.
For
the purposes of this FAQ, “card” is used as the generic term to describe any
device in which smart card technology is used.
What is an ATM
Skimmer?
An ATM skimmer is a
portable card reader that thieves attach to the front of a legitimate ATM
(Automatic Teller Machine). The ATM skimmer is disguised as a normal ATM
card reader. ATM customers are tricked into inserting their ATM cards into
the skimmer and entering their PIN codes on the keypads. The keypads are
either replaced, or a hidden camera is placed to record the customers PIN as
it is entered on the keypad. The ATM skimmer either stores the card data, or
uses a wireless transmitter to send it to a nearby receiver. Once the
thieves have the data from the ATM card and the PIN, they can create a
duplicate card and use it to withdraw money from the customer’s accounts. |
What is EMV?
EMV is a technical
standard for financial smart card. Europay, MasterCard and Visa worked
jointly to develop specifications that define a set of requirements to
ensure interoperability between chip cards and terminals on a global basis,
regardless of the manufacturer, the financial institution, or where the card
is used.
What are the
advantages of EMV cards for the cardholder and for retailers?
Advantages for the
Cardholder:
- Greater
security (nationally and internationally), minimising the risk of fraud
using lost or stolen cards by eliminating the need to sign for purchases
and entering a pin number instead.
- Possibility
of integrating more services in the future through the chip.
- The most
advanced technology at your service.
Advantages for
retailers:
- Minimizes the risk of fraud as
a pin number is required.
- Transactions are quick and easy
because customers no longer have to sign or hand over a form of
identification.
What can a
smart card do that a regular magnetic stripe card cannot?
Smart cards can store
thousands of times more information than traditional, magnetic stripe cards.
This enables smart cards to perform multiple functions and to make use of
high security mechanisms such as advanced encryption and biometrics.
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