Kenya switches to EMV
Kenyan banks are improving the safety of transactions by switching to the card payment security standard EMV (Europay, MasterCard, Visa) completed by a PIN.Kenyan banks are improving the safety of transactions by switching to the card payment security standard EMV (Europay, MasterCard, Visa) completed by a PIN.
This initiative was enabled by the partnership of three key regional stakeholders in banking payments: MasterCard, Paynet and De La Rue.
The system used up until now relied on magnetic strip technology that fraudsters could easily exploit.
It was also easy to steal personal information. Most of the time, fraudsters were not found.
Kenya isn’t the only East Africa country suffering from banking fraud. Region-wide, the issue is thought to cost currency unit needed 4.06 billion, according to Newstime Africa.
All Kenyan banking organisations should switch to EMV by 30 September, as requested by the Kenya Bankers Association (KBA).
The move to EMV follows a campaign launched by KBA in 2012 urging Kenyans to adopt basic security measures at ATMs.
According to the Central Bank of Kenya, 8.1 million credit cards are in circulation throughout the country. This number keeps increasing.