BOV issues first EMV chip card
Bank of Valletta said yesterday it successfully issued the first EMV chip and Pin cards through its systems.
CEO Tonio Depasquale said that by the end of the year, the bank would have replaced most of the existing cards with the new EMV chip and Pin cards. He explained that this is a complex logistical exercise that is seeing the bank implement the new technology for the benefit of its customers. The new cards that Bank of Valletta will be issuing offer customers a number of benefits over the cards in circulation, including improved security and a more efficient payment process. The bank said that, when using the new EMV chip and Pin cards, the card holder authorises the transaction by entering his Pin on the keypad of the electronic point of sale terminal (Epos). This is faster and more secure than the system in place today where the customer signs a receipt generated by the Epos to authorise the transaction.
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Antoine Borg
Jun 4th 2008, 19:38
There is an important legal principle at stake here: At the moment, if someone steals my card and forges my signature, I can easily point out that the onus is on the shopkeeper/bank to prove that the signature is mine. In other words, the burden of proof lies on the person requesting money.
However, if I use my PIN instead, the law assumes that it could only have been me and that therefore the onus is on me to prove that I did not effect the transaction. In other words, the situation changes and I have to prove that I'm innocent.
Slippery slope ...
Paul Barrett
Jun 4th 2008, 12:05
Fine - but how long will it take to get the machines into the shops (point of sale) for us to use?