Tuesday 22 June 2021

Panama: Bank Cards Must Have Chips By December

TODAY PANAMA NEWS — All banks in Panama must have integrated circuit technology – ‘chip system” – by December 20, 2014, with an option existing to take an additional three months, until March 2015.

visa-chipDebit and credit cards with a microcircuit or chip system which provides more security and more storage of user information with the aim of “… Checking by means of cryptographic procedures, that the card and point of sale where it is used are valid, before carrying out electronic banking services. ”

The deputy director of risk at Visa Mexico and Central America Jose Santillana told Panamaamerica.com.pa that “… Cloning fraud has been increasing rapidly in recent years, in Panama 80% of fraud is done by card cloning. ”

- Advertisement -

‘… Experts say that although it is an obligation that banks implement this service in Panama, there are only a few who are issuing these to the public, therefore it is estimated that the majority will be ready in March next year at the national level. ” ‘… According to statistics from the company Telered SA Panama will have to replace 1.6 million key cards. ”

Article by Today Panama, reposted with permission

- Advertisement -

FACT CHECK:
We strive for accuracy in its reports. But if you see something that doesn’t look right, send us an email. The Q reviews and updates its content regularly to ensure it’s accuracy.

Ricohttp://www.theqmedia.com
"Rico" is the crazy mind behind the Q media websites, a series of online magazines where everything is Q! In these times of new normal, stay at home. Stay safe. Stay healthy.

Related Articles

Today’s Covid News: Less than 800 new cases for the first time in two months

QCOSTARICA - For the first time in two months, less than...

First five months of the year reflect recovery of Costa Rican exports

QCOSTARICA - The value of Costa Rica exports increased by 23%...

MOST READ

Vaccination commission endorses J & J vaccine, says no to Sinovac

QCOSTARICA - The Comisión Nacional de Vacunación y Epidemiología (CNVE)  - National Vaccination and Epidemiology Commission - endorsed the use of Johnson and Johnson...

Companies covered up defective asphalt

QCOSTARICA - The judicial file of the Cochinilla Case, on alleged corruption in road works, exposes how three companies would have covered up the...

Today’s Vehicle Restriction June 22: plates ending in 3 & 4 CANNOT circulate

Today, Tuesday, June 22, plates ending in 3 & 4 CANNOT circulate. The measure is countrywide and applied between 5:00 am and 9:00 pm, save...

College of Physicians negotiates donation of a million and a half vaccines against covid-19

QCOSTARICA - This week there could be very good news for the country in the fight against the coronavirus pandemic if the College of...

Today’s Vehicle Restriction June 16: 5 & 6 CANNOT circulate

Today, Wednesday, June 16, vehicles with plates ending 5 & 6 CANNOT circulate The measure is countrywide and applied between 5:00 am and 9:00 pm,...

American woman found lifeless in hotel bathroom in Sabana

QCOSTARICA - A sad discovery occurred this Thursday morning in a hotel located in La Sabana, in San José, the lifeless body of a...

Tourism sector depends on political will for recovery

QCOSTARICA - The future of tourism operators in Costa Rica depends on the political will to approve a package of bills that favors the...

Treasury threatens to close doors to Sinpe Móvil to avoid tax evasion

QCOSTARICA - What had been a good tool as a payment mechanism for sellers and businesses, the Ministry of Finance (Treasury) has in its...

Fifth tropical wave precipitation will be heavier in the north of the country

QCOSTARICA - For this Wednesday, the arrival of the fifth tropical wave of the season is expected, thus reinforcing the rainy activity mainly to...

WANT TO STAY UP TO DATE WITH THE LATEST!

Get our daily newsletter with the latest posts directly in your mailbox. Click on the subscribe and fill out the form. It's that simple!

Log In

Forgot password?

Forgot password?

Enter your account data and we will send you a link to reset your password.

Your password reset link appears to be invalid or expired.

Log in

Privacy Policy

Add to Collection

No Collections

Here you'll find all collections you've created before.