South African banks start smart card option to combat card fraud
South African banks have launched a microchipped smart card in an attempt to curb credit and debit card fraud. Smart cards, fitted with new technological features, are able to store information in such a way that it can only be accessed by the cardholder. The smart cards still have the magnetic swiping strip for merchants who have not yet upgraded to the new contactless terminals. Business owners interested in replacing their existing debit and credit cards with smart cards can approach their local bank for assistance.
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