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    3 Introduction of VISA LINX Debit Chip Card

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    Ananda Coy
    1) In 2016, InfoLink Services Limited began issuing new LINX/VISA debit chip cards to combat growing debit card fraud in Trinidad and Tobago. The chip cards are more secure than magnetic stripe cards because the data is contained in the chip rather than being readable by skimmers. 2) Debit card fraud differs from credit card fraud in that it involves theft of the cardholder's own money rather than loaned funds from the bank. Victims must work with their bank and authorities to report fraudulent transactions and have funds reimbursed. 3) By 2020, all ATMs and point of sale devices in Trinidad and Tobago were enabled for EMV chip technology, but not all bank

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    3 Introduction of VISA LINX Debit Chip Card

    Uploaded by

    Ananda Coy
    68 views3 pages
    1) In 2016, InfoLink Services Limited began issuing new LINX/VISA debit chip cards to combat growing debit card fraud in Trinidad and Tobago. The chip cards are more secure than magnetic stripe cards because the data is contained in the chip rather than being readable by skimmers. 2) Debit card fraud differs from credit card fraud in that it involves theft of the cardholder's own money rather than loaned funds from the bank. Victims must work with their bank and authorities to report fraudulent transactions and have funds reimbursed. 3) By 2020, all ATMs and point of sale devices in Trinidad and Tobago were enabled for EMV chip technology, but not all bank

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    1) In 2016, InfoLink Services Limited began issuing new LINX/VISA debit chip cards to combat growing debit card fraud in Trinidad and Tobago. The chip cards are more secure than magnetic stripe cards because the data is contained in the chip rather than being readable by skimmers. 2) Debit card fraud differs from credit card fraud in that it involves theft of the cardholder's own money rather than loaned funds from the bank. Victims must work with their bank and authorities to report fraudulent transactions and have funds reimbursed. 3) By 2020, all ATMs and point of sale devices in Trinidad and Tobago were enabled for EMV chip technology, but not all bank

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Download as pdf or txt
    68 views3 pages

    3 Introduction of VISA LINX Debit Chip Card

    Uploaded by

    Ananda Coy
    1) In 2016, InfoLink Services Limited began issuing new LINX/VISA debit chip cards to combat growing debit card fraud in Trinidad and Tobago. The chip cards are more secure than magnetic stripe cards because the data is contained in the chip rather than being readable by skimmers. 2) Debit card fraud differs from credit card fraud in that it involves theft of the cardholder's own money rather than loaned funds from the bank. Victims must work with their bank and authorities to report fraudulent transactions and have funds reimbursed. 3) By 2020, all ATMs and point of sale devices in Trinidad and Tobago were enabled for EMV chip technology, but not all bank

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
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    of 3

    Introduction of the LINX / VISA

    Debit Chip Card

    Overview

    In January 2016 InfoLink Services Limited (ISL), the LINX debit card switch operator, began to
    take action against the fraud that had been occurring and was continuing to grow in the Trinidad
    and Tobago market place. Fraud as “wrongful or criminal deception intended to result in financial
    or personal gain1” For Debit card fraud to occur the fraudster must have two things

    1) the information on the back of your debit card and


    2) your secure PIN number which is entered on the key pad.

    Fraudsters attach devices within the ATM slot to copy (skim) the information on the magnetic
    stripe on the back of the debit card when it is inserted, or discreetly swipe your card through a
    small hand device when your card is out of sight if using a point of sale device. Places where this
    can happen would be behind tinted cashier glass, at restaurants etc.

    For the PIN, the Fraudster captures your PIN number either with a camera strategically placed at
    the ATM or by shoulder surfing if you don’t cover the pin pad when you enter your pin.

    The information is then copied onto fake “white” cards and the fraudster uses the card to withdraw
    cash at the ATMs using the fake card with your information on it and your PIN.

    Debit card fraud vs Credit card fraud

    Debit card fraud is different from credit card fraud because with a debit card the money stolen by
    the fraudster is your money from your chequing or savings account, whereas with a credit card
    the money is really a loan and belongs to the bank.

    So if fraud occurs on your debit card the onus is on the cardholder to prove that the fraud did
    occur. This involves letting your bank know, reporting the issue to the fraud squad and following
    through with your bank as required. This can take some time as both the bank and the fraud
    squad have to investigate.


    1
    The Webster Dictionary
    To combat debit card fraud, ISL agreed that the LINX network and all LINX debit cards must go
    the EMV (chip card) route for security at the POS and ATMs. Due to the seriousness of the fraud
    in the local market, ISL got together with VISA to use their chip technology on the LINX cards in
    the local market. The new LINX debit chip card is a co-branded LINX /VISA debit card with the
    VISA logo on the front and the LINX logo on the back of the card as seen below.

    This card can be used internationally, locally or both dependant on the bank that is issuing the
    card. When the LINX card is used throughout Trinidad and Tobago the LINX fees will apply. If
    used for online purchases or internationally, as allowed by the issuing bank, the VISA % based
    fees will apply. Further Contactless or Tap and Go capability on these chip cards is expected to
    be rolled out by the end of 2020.

    What is chip technology and How does the chip technology work?

    Chip and PIN technology has been around since 1984, when French banks began testing chip-
    based cards. In 1996, the world's leading credit card companies collaborated to create a new,
    more secure standard based on the French technology In the industry, chip and PIN cards are
    called EMV cards, an acronym standing for Europay, MasterCard and Visa, the three credit card
    companies that developed the first international technological specifications for chip and PIN
    cards.2

    Chip and PIN LINX VISA debit cards represent a significant technological upgrade to the
    traditional magnetic stripe LINX debit cards. Instead of embedding card numbers and card holder
    information in a magnetic stripe, all data is contained within a tiny computer chip built into the
    card.


    2
    [source: EMVCo].

    2
    When the LINX VISA chip debit card is inserted, data flows between the card chip and the issuing
    financial institution (your bank) to verify the card's legitimacy and create the unique transaction
    data.

    Once the card is verified by your bank you will be asked to enter your PIN. As previously with the
    magnetic stripe LINX card, it is critical that you keep your PIN secure and confidential.

    Why is the chip safer than the magnetic stripe?

    Fraudsters cannot copy the chip information however if you use an ATM or POS device which
    accesses your magnetic stripe which still exists on the back of your card, your card is still
    vulnerable for fraud.

    Therefore until all ATMs and POS devices and all LINX debit cards are chip only, there is still the
    window for fraud or copying card information.

    Trinidad and Tobago EMV status

    In Trinidad and Tobago, as at March 2020, all ATMs and Point of Sale devices are EMV (Chip
    and Pin) enabled however not all bank cards in Trinidad and Tobago carry chips as yet. Banks
    that utilize the LINX network are working towards issuing the new LINX VISA chip cards within
    2020 and 2021.

    Article submitted by InfoLink Services Limited (ISL),

    March 2020

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