BANGKOK, Sept. 17 (Xinhua) -- The Bank of Thailand on Tuesday urged all card holders to switch their magnetic cards to chip cards to prevent counterfeit card fraud and skimming.
Siritida Panomwon Na Ayudhya, Bank of Thailand's assistant governor, said the central bank in cooperation with Thai Bankers Association and financial institutes have all agreed that chip cards can enhance safety in credit and debit card usage.
The switch is expected to be completed this year, given 47 million magnetic cards have already been converted to chip cards, leaving a balance of 20 million, said Siritida.
A magnetic cardholder can show up at all branches of his or her respective bank and financial institution for the replacement on presentation of the individual's ID card, existing magnetic card, and bankbook free of charge, she said.
Siritida said after Jan. 15, 2020, all magnetic cards will become invalid.
