Central Banking

Hong Kong strengthens security for ATMs

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The Hong Kong Monetary Authority (HKMA) announced on Wednesday that chip-based technology will be implemented in all automatic teller machine (ATM) services in Hong Kong.

Compared with the magnetic strip currently in use, chip-based technology will make it much more difficult for fraudsters to replicate ATM cards with stolen data.

"This is part of an ongoing effort to further enhance the security for ATM services," said the central bank. "Following discussions with the HKMA, the banking industry

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