Bank Of Israel Mandates 3.5 Year Deadline To Make EMV Switch

David Zaken, the supervisor of bank institutions in Israel, recently stated that the country's banks and credit card companies must migrate to EMV card security solutions, reported Israel's Business Arena. Zaken mandated a three-and-a-half year deadline for the migration, and estimated that an EMV smart credit switch would cost over $10 million.

The Bank of Israel announced that an EMV solution would help reduce credit card fraud and make it easier for customers to make payments outside the country. The switch will require multiple changes, including card issuances, ATM replacements, new technology and adapted terminals.

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