Without IC card, no cash from ATMsAs of today, only credit cards with an integrated circuit (IC) chip will work at ATMs to ensure security, the Financial Supervisory Service said Monday.
The FSS urged consumers to make certain their cards are equipped with an IC chip, which is gold and located on the front of a card.
The FSS has been limiting the use of non-IC cards since March 5 and plans to phase them out completely. Cards without chips can be easily copied by criminals and subsequently used to withdraw cash from ATMs or receive credit loans.
The majority of today’s credit cards already have IC chips. According to the FSS, 99.8 of the cards used at ATMs in April included the technology.
“Starting June 2, only IC chip-installed credit cards will be allowed to withdraw cash, wire money or take out credit card loans through ATMs,” said a FSS official. “For those who still own an old-fashioned card, card companies will provide one with an IC chip free of charge.”
The official added that the FSS expects greater use of IC cards to promote a more secure and stable financial infrastructure.
However, while non-IC cards will no longer work on ATMs, they will function normally in all other respects.
Owners of the cards will still be able to make purchases, as well as take out credit card loans using ARS or a credit card company website.
Financial companies can continue to operate ATMs able to read credit cards whose IC chips have been damaged until next February.
BY LEE HO-JEONG [firstname.lastname@example.org]
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