Due to the current diversity of payment channels in China, traditional magnetic stripe bank cards are at risk of being stolen. However, during the May 1st Labor Day, the "Notice of the People's Bank of China on Further Strengthening the Risk Management of Bank Cards" officially stipulated that since May 1, 2017, the magnetic stripe trading function of the chip magnetic stripe composite card was completely closed. Each commercial bank speeds up the process of replacing the magnetic stripe card with a financial IC card (the pure magnetic stripe card can still be used normally during the transition period).
What are the differences between the three mainstream bank cards?
What are the differences between the three mainstream bank cards?
In recent years, telecommunications fraud and bank card theft have occurred frequently, and magnetic stripe trading with low security has become one of the main factors. As long as the magnetic stripe card user swipes the card on the POS or ATM machine, the magnetic stripe information of the bank card will be left on the machine, so the magnetic stripe card is prone to being stolen.
According to experts, compared to magnetic stripe cards, chip cards have many technical advantages such as non-replication, large storage information, and intelligent dynamic verification. There have been no cases in which IC card chips have been broken. With the popularization of domestic cryptographic algorithms and the advancement of chip localization, the security of financial IC card cards based on PBOC standards issued by banks has been verified by the market, so the chip card is absolutely the best in terms of security.
On the contrary, the magnetic strip chip composite card has both the magnetic stripe card and the chip card function, so its actual security is equivalent to the magnetic stripe card, and does not play a role in preventing the effect of copying. So only turn off its magnetic stripe trading function, so that it is the real chip card, in terms of security can be regarded as the level of the chip card.
It is worth mentioning that the composite card itself is only a transitional card type. In order to improve the security of financial payment transactions, commercial banks and UnionPay will upgrade the bank card under the promotion of domestic regulatory authorities, that is, the magnetic stripe card will be upgraded to a chip. card. However, it takes a certain amount of time to upgrade the card. In order to take into account the convenience during the technology upgrade, the regulatory department has introduced a chip magnetic strip composite card to protect the cardholder card by allowing the magnetic stripe transaction and the IC card chip card transaction to be accepted in parallel. Continuity. Bankers believe that the magnetic stripe function of the composite card has not affected the pure magnetic stripe card in a short period of time, but it also shows that the transition period has basically ended. Although there is still no timetable for the magnetic stripe card when it is "stopped", But the magnetic stripe card was completely replaced, just a matter of time.
    Promote IC card from many aspects
The IC card helps to improve the security of the bank card. Magnetic stripe card technology is simple, information is copied, and it is not uncommon to use a pirate device to copy a bank card and sneak a cardholder password on an ATM through a pinhole camera. These cases of forging magnetic stripe cards and stealing magnetic stripe information frequently occur, causing huge losses to cardholders and card issuers. Compared with the magnetic stripe card, the IC card has greatly improved security, copying and forging more difficult, adding read-write protection and data encryption protection, and adopting personal password, card and card reader two-way authentication in use protection. IC card replication is extremely difficult and has a strong anti-attack capability, which can effectively resist financial crimes.
IC cards are good for business banking innovation. Compared with the bank magnetic stripe card with small storage space and no computing power, the IC card under the 3.0 standard adopts relatively advanced technology, and has small size, large capacity, high security, high reliability, long life and detachability. Machine use, support for contactless use, payment is more convenient, and can support multiple applications. The IC card is a platform with multiple application loading, which can enrich the bank card product system and become an important technical means for commercial banking business innovation. In addition to the functions of traditional magnetic stripe cards, such as consumption, withdrawal, deposit, and pre-authorization, IC cards can also perform functions such as offline payment, fast payment, and point consumption. The current UnionPay IC card has been able to meet the payment service needs of more industries, and is widely used in public transportation, convenience stores, pharmacies and other industries. Commonly, there are social security cards, bus cards, and university town cards. Because IC cards implement financial payment, information recording, security verification and other functions, they also provide comprehensive e-commerce solutions for aviation, clubs, logistics and other industries.
     IC cards are in line with the urgent requirements of government management and serving people's livelihood. At present, the society is flooded with payment cards issued by non-financial institutions, as well as payment cards with commercial management functions and government management functions. Due to the diversity of the main body of the card issue, the different technical standards, the unified clearing of the national network, and the irregular management of the account funds, the phenomenon of “one thing, one card, one person and multiple cards†is very common. The cardholders are inconvenient to carry and use, and the deposit funds in the card are free. There are many potential risks outside the financial regulatory system.
    Easy to start, comprehensive promotion is difficult
At the launch conference of “UnionPay IC Card Flash Payment by Jinan Bus†on March 1st, Hu Ying, Assistant President of China UnionPay, said that China’s bank card industry has become one of the fastest growing and most promising markets in the world. At the end of 2016, the total number of bank cards issued by the country exceeded 6.2 billion, and the cumulative circulation of UnionPay financial IC cards reached 3 billion. Compared with the data released last year, the net increase in the number of financial IC card issuance in China in 2016 was nearly 900 million, and the amount of card is still in a stable and rising trend. However, there are still nearly 3.2 billion bank magnetic stripe cards waiting to be replaced by the “coreâ€. After May 1st, many banks introduced free replacement activities to encourage users to replace IC cards. At present, the cost price of IC cards is 5-10 yuan, and the cost of card replacement is entirely borne by banks. Although 3.2 billion magnetic stripe cards cannot be completely replaced, the manufacturing cost of IC cards of more than one billion and hundreds of billions is still for banks. There is no small burden, not to mention the cost of terminal renovation, the cost of retrofitting the issuing bank, the acquiring bank and the clearing house host system, and the training and promotion costs of related businesses. These are not a small sum. This requires government agencies to provide subsidies to banks in addition to policies in the implementation of IC cards, or to avoid problems faced by banks in the process of card replacement. In addition, in view of the current lack of understanding of IC cards and the willingness to change cards, banks and governments must play a role in propaganda and guidance, strengthen ideological education, and encourage users to change cards.
In the development history of bank cards, the magnetic stripe card is the "card veteran", but compared to the magnetic stripe card, the chip card has a large capacity (the storage capacity is 160 times that of the magnetic stripe card), and the key and the number can be stored. Certificates, fingerprints and other information, the card has read and write protection data encryption protection, and the use of personal protection password, card and reader two-way authentication to prevent card data from being copied, with higher security.
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