................The success of the migration exercise is exemplified by the case of Malaysia, which fully converted to EMV chip ATM cards by end-2005. Card fraud was reduced by 85 per cent from $5.9 million in 2003 to $0.3m in that year alone. Lee adds that the RBI has been working toward putting in place a system to make both credit card and debit card transactions safer. With its latest directive for banks and financial institutions to migrate to the EMV technology by June 30, 2013, RBI is pushing banks to implement safety measures and eliminate cases of fraud, thereby ensuring secure transactions.
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