Thailand-based lender Siam Commercial Bank (SCB) is set to migrate its ATM and debit cards to microchip-based technology from the existing magnetic strips in 2014, Bangkok Post has reported.
The move follows the country’s central bank directive that mandates all banks to migrate to chip cards by 2015 to minimise fraud.
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SCB fraud management executive vice-president Pongsit Chaichutpornsuk was quoted by the Bangkok Post as saying, "SCB’s 9,054 ATMs nationwide will be made compatible with the chip-card technology."
However, the lender will be required to upgrade its infrastructure, particularly customer database even before the migration can begin.
The technology upgrade is expected to cost SCB hundreds of millions of baht.
