Commonwealth Bank, who operate Australia’s largest ATM network, have announced this week (see press release) that they will be the first Australian bank to upgrade their entire ATM estate of over 4000 machines to support the EMV chip-card standards.
Although the roll-out of EMV in Australia has already seen the upgrading of Point-of-Sale devices and the issuance of EMV-capable bank cards, the country’s ATM estate has not kept pace with these developments. This has meant that the magnetic-stripe on bank cards has still had to be used for cash withdrawals, which is much less secure than the EMV chip on the card and is open to fraudulent usage as card skimming can be used to create fraudulent “cloned” magnetic-stripe cards.
It is important when a market undergoes EMV migration it is widely adopted across all market sectors to ensure that the new technology has the greatest exposure and is welcomed by consumers as a positive change, and to prevent fraudsters from continuing to exploit any weak link (i.e. the devices that have not yet been upgraded to support EMV). Hopefully, Commonwealth Bank’s competitors will take note and make a similar investment in their own ATM networks.Tags: EMV standard