Banco BAI recently announced that it will disable its ATM cards with magnetic stripe, a change that will start to be implemented as of the 01st of August.
According to the statement from the national banking institution, from its official Facebook page, it also informs that customers have from July 01st to July 31st to go to a BAI branch and ask for the replacement by the current multicaixa card with a chip. .
BUT: Banco BAI warns about scams through Social Networks
This measure by the bank comes with the fact that the world industry is committed to finding alternatives that are safer, namely cards with chips and contactless payments (contacless).
Multi-box cards with magnetic strips appeared in 1960, but in 1990 the global EMV chip standard (Europay, Mastercard and Visa) appeared, offering more security for the protection of the account holder's data. According to information, currently 86% of card transactions use EMV chips, a path that the national banking system will definitely follow.
