Deadline for chip cards extended for 2015

June 19, 2015 is the new deadline for financial institutions to issue credit and debit cards with a chip, in addition to adopting international security standards on the management of the above-mentioned devices, in accordance with a resolution of the Bank Board issued on January 10.

That date was fixed after the results of the inspections of the supervisors of  technological risk of the Superintendency of Banks and the technical analysis regarding the compliance with the measures of security in electronic channels and ATMs, “found that the implementation of the regulations has demanded great human, technical, and economic efforts for the entities…”.

Also highlights that there is a heavy dependence of the financial institutions with their suppliers of technologies to deploy smart cards.

On 26 April 2012, the Bank Board established (by resolution 2148) security measures as the delivery of smart cards that were implemented in 36 months.

These include mechanisms for monitoring and updating security hardware and software levels; protection systems against intruders to protect the ATM software; sending confidential information via e-mail; detection of attempts to alter codes; emission of alarms for the electronic channel lock; timely review by staff and others.