Vietnam banks switching to microchip cards to improve safety

TN News

Email Print

Banks issuing cards are switching to microchip technology from magnetic strips to improve security.

News website Saigon Times quoted Le Huynh Ha, chief of the state-owned Vietcombank's department that handles ATMs, as saying microchips are the safest option for cards.

Besides Vietcombank, a slew of others like VIB, Eximbank, and HSBC Vietnam have started issuing chip-embedded cards.

Scamsters often target international rather than domestic cards due to larger overdraft limits.

But Ha admitted it would be expensive for banks to upgrade their ATMs to enable the use of the new cards, adding that 10 percent of his bank's ATMs still do not accept the new cards.


The State Bank of Vietnam last year issued a warning about a new scam involving local retailers who steal information about foreigners' cards and create fake cards to steal money.

Like us on Facebook and scroll down to share your comment

More Business News