Experts say the Reserve Bank of India (RBI) needs to take some major steps and card users should educate themselves if card-cloning has to be ended.
While security guards and CCTV cameras can mitigate the risk of skimming, there will always be instances where a particular ATM does not have a camera installed, making it an open target for criminals, says a police officer speaking on the condition of anonymity.
“Hence it is very important that some systemic changes are brought in to that ensure that cloning of cards is not as easy,” the officer added.
Cyber expert Vijay Mukhi echoed the view. He said, “One of the major steps the banking regulator can take is to switch from the current magnetic strip format to the chip and pin cards.” Mukhi said it is far easier to clone cards that have data stored in magnetic strips.
“Europe has the chip and pin cards and the cloning there has reduced to a great extent,” While there will be some resistance from banks as they will incur additional costs, the regulator should push for it.”
Another bank official, speaking on the condition of anonymity, said, “We undertake various measures such as alerting customers on basic security should keep in mind.
Specific tips on using cards at ATMs are given out.
However, eventually it is for customers to ensure that they are alert and do not let their guards down when using their ATM cards.”