By ETimes

The number of Euro MasterCard and Visa compliant cards rose by more than twofold to 1.93 million in 2021 from 720 233 in 2020, the Reserve Bank of Zimbabwe (RBZ) said on Monday, encouraging financial services to enhance consumer protection by getting rid of non-compliant cards.

EMV cards are harder to counterfeit and better protect sensitive data through encryption. They can also require users to enter a personal identification number, or PIN, to make purchases, adding an extra layer of security.

To safeguard the card system from cyber -attacks, in a statement RBZ governor John Mangudya said banks are required to ensure that their cards are Euro MasterCard and Visa compliant.

“While it is encouraging to note that the number of EMV compliant cards rose from 720 233 in 2020 to 1 935 663, there are still over 3.2 million noncompliant cards and the Bank implores financial services providers to work diligently to reduce that number to ensure effective consumer protection,” he said.

Businesses in Africa are particularly vulnerable to cybercrime, with more than half of the countries in Africa having inadequate cybersecurity laws and regulations, making it a haven for cybercriminals – HARARE


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