Colombia. The migration of debit and credit cards from magnetic stripe to chip will depend on how quickly Colombian banks adapt to this technology, according to Ernesto Haikewitsch, director of Strategic Marketing for Latin America at the company specialized in digital security, Gemalto.During the Congress of Fraud and Security organized by the Banking and Financial Institutions Association of Colombia -Asobancaria-, Haikewitsch explained that it is necessary for banks to understand that the change to chip is an opportunity to generate income for the greater activation of cards for the security offered and to reduce costs by avoiding the cloning of magnetic stripe cards.
The steps to follow to achieve the reduction of fraud in the country are to ensure that the infrastructure is prepared to receive this technology in points of sale and self-service terminals of the bank -ATM-, in addition to the configuration of banking databases for approval processes of greater security.
