As inter-bank transactions through automatic teller machines (ATMs) using conventional magnetic-strip cards will be discontinued in March, the nation's financial regulator yesterday urged cardholders to upgrade their old cards to more secure integrated-circuit (IC) cards.
Beginning on March 1, magnetic-strip cardholders will be limited to using their own bank's ATMs. All inter-bank trading activities using magnetic-strip cards, including withdrawing and transferring money, will be halted, the Financial Supervisory Commission said in a statement released yesterday.
At the end of last year, more than 34 million out of some 65 million ATM cards in circulation had been upgraded to IC cards, the government-funded Financial Information Service Co (
The government mandated the shift in order to ensure safer financial transactions and to crack down on theft using forged magnetic-strip cards. The government has been promoting IC cards since 2003.
Last September, the Bankers Association of the ROC (