Indonesia to Apply Chips in All Debit Cards

detikindonesia.com

Indonesia decide to apply all chips for debit cards that are widespread distributed. In fact, since 2014 Strategic Function Architecture Bank Indonesia (AFSBI) has envision to be the most credible and bank institution of ASEAN in 2024. In aline with the vision, 2022 is the most realistic year to fulfill all the chips for debit cards. This is meant to maintain tightened security for the debit cards. 

Ronald waas, deputy governor of BO stated that in accordance with Bank Indonesia Circular Letter No. 17/52 / DKSP the chip application will be gradually done, 0 % in 2019, 50% in 2020 and 80% in 2021. This means in 2022 the chips use will be fully accomplished.

The bank of indonesia will also apply the must of using 6 digits for debit card pin for the security reason except for the basic saving account which uses magnetic stripes. However which is currently used only placed at the back of card and possible misused or hacked by the third party. 

The use of chips is more on answer to various finance crime of which the hackers can easily steal the account or money without the knowledge of the account owner. In some cases, the customer of bank complaints on the decreasing of the amount saving without their knowledge. This happened with mandiri bank customers years ago. In some cases also, the customer of panin bank lost his millions of money being transferred without the knowledge of the owner. This means the security system of our banks are fragile. The use of chips can be the best solution to provide tight and safe security for bank customers.