CB recommends int’l security standards | Sunday Observer

CB recommends int’l security standards

The Central Bank (CB) in a media release last week outlined the adoption of international payment card security standards and best practices in Sri Lanka’s ATM and payment card network, such as issuance of cards with increased security to mitigate misuse of ATMs and card reading machines by criminals.

A few incidents of fund withdrawals using fraudulent payment cards were reported recently. The Central Bank, Lanka Clear (Pvt) Limited and licensed banks have initiated further measures to mitigate misusing ATM and card reading machines and enhance the security of customer funds while ensuring the safety of the banking system.

A spokesman for the Central Bank asked customers to support the efforts of banks, payment card issuers, acquirers and regulators to safeguard any payment system.

“Customers need to use EMV-enabled payment cards to strengthen the security of ATM transactions. The EMV-enabled cards carry an electronic chip which is visible at the front of the card. If the card used by a customer is not EMV enabled, a request can be made from the bank to issue an EMV enabled card,” the spokesman said.

“Any unidentified or unauthorised transactions and lost or misplaced cards should be notified to the bank, immediately,” he added.