Over the weekend, Kenya Commercial Bank switched its system from the magnetic stripe card to the EMV system which is much safer for ATM customers.
The bank sent a message to its clients: “KCB is migrating its card system to new EMV system from Saturday 30 November midnight to Sunday 1 noon.”
This will see customer transact their ATM business without worried of fraudsters trying to crack their PIN as it has been witnessed before.
In September this year, the Standard newspaper reported that Kenyan banks are losing over 1.4 billion to ATM fraud from April 2012 to April 2013.
The Central bank puts debit and credit card circulation in the market at 10 million cards which are susceptible to ATM fraud.
The Kenyan bankers Association has put March 2014 as the deadline for all banks to move from the magnetic stripe technology to the EMV chip technology.