What does it mean that "the transaction of chip card magnetic stripe has been rejected" is displayed on the ATM?

Magnetic stripe chip card magnetic stripe transaction has been banned.

The Notice of the People's Bank of China on Further Strengthening the Risk Management of Bank Cards (Yinfa [20 16] 170) requires that the magnetic stripe transaction of chip magnetic stripe composite cards be completely closed from May 20 17.

Third, effectively prevent the risk of fraudulent transactions of fake magnetic stripe cards.

(A) the use of financial IC cards to reduce the risk of magnetic stripe card transactions.

1. As of September 1 2006, the bank cards newly issued by commercial banks based on RMB settlement accounts should be financial IC cards that conform to the China Financial Integrated Circuit (IC) Card Specification (JR/T 0025), and adopt chips that have passed the institutional security assessment approved by the CNCA department.

Second, commercial banks should further strengthen the risk control of magnetic stripe transactions from the aspects of transaction channels, credit card frequency, single transaction amount, daily cumulative transaction amount and transaction area. For transactions that can be conducted, transaction confirmation and risk warning should be made through SMS, telephone and client software. From May 20 17 1 day, the magnetic stripe transaction of chip magnetic stripe composite card was completely closed.

Third, commercial banks should take measures such as changing cards without changing numbers and issuing cards in real time to speed up the progress of replacing existing magnetic stripe cards with financial ic cards.

Extended data:

Composite card chip transactions can still be used.

This composite card with both magnetic stripe and chip can no longer be swiped from May 20 16, and its chip transaction function can still be used without being affected.

At present, there are three kinds of bank cards circulating in the market: pure magnetic stripe cards with only magnetic stripes require credit card payment; Only the financial IC card of the chip needs to be inserted or touched for payment; Magnetic stripe chip composite card refers to a bank card with both magnetic stripe and chip, which can be swiped, inserted and paid.

Jinhua News Network-Will the magnetic stripe chip composite card be disabled from May? Don't! Magnetic stripe transaction function only