Please read the following information regarding our Karatbars Prepaid MasterCards® carefully in order to be able to use the cards smoothly and to its full extent.
Some of our affiliates recently experienced issues with withdrawing funds from ATMs, especially around the USA and Canada. The Fraud and Monitoring team of our card issuing partners are constantly in dialogue with the schemes, the acquirers, merchants, processors and other partners in the Payments Industry to ensure that our cardholders stay protected and have minimal exposure to increasingly sophisticated card fraud around the globe.
Cloning of cards, whereby a card is replicated to take the information within the magnetic strip and then abused to take funds from compromised cards is one major area of fraud. Chip and PIN has significantly reduced the cloning of cards but it remains a threat in locations where Chip & PIN (i.e. the EMV Standard) has not been introduced or is not being used properly by merchants. Our card issuing partners are now taking steps to address this challenge as detailed below.
What is EMV?
EMV Chip technology is becoming the global standard for the card payments industry. Named after its original developers (Europay, MasterCard® and Visa®), this technology features payment instruments (cards, mobile phones, etc.) with embedded microprocessor chips that store and protect cardholder data.
MasterCard® and Visa® have mandated this change to all markets and deadlines have been set so that by early 2017, all markets, ATM machines, banks, POS, etc. must be compliant.
Why is it being introduced?
Cloning remains a massive threat in areas where Chip and PIN does not exist or is not being used properly.
What this means for you?
To adopt this standard and to ensure you are and remain protected, our card issuing partners have been advised by MasterCard® to decline all payments made on non-EMV compliant terminals with immediate effect. This action is being taken based on a number of factors:
MasterCard® and Visa® have provided intelligence that the majority of all fraud experienced originates from this source of non-compliant payment acceptance.
Recent fraud attacks published within the card industry has high-lighted a gap which needs to be shut as detailed. Please feel free to check these articles on the subject:
As our card issuing partners roll out the rules to decline mag-swipe only payments on all Karatbars Prepaid MasterCards®, please make sure you simply look for an EMV compliant terminal or ATM.
To find the nearest ATM or bank close to you, please go to : http://www.mastercard.com/sea/consumer/atm-locator.html
and make you sure you check the little box ‘Chip Reader Enabled’ at the bottom of the page to set it as the search filter.
New card activation process:
In order to activate your Karatbars Prepaid MasterCard®, please log into the back office, go to the Commission section and click on the subsection Card Info. There you will need to verify yourself as the cardholder by entering the last four digits of your Karatbars Prepaid MasterCard® Number. In the next step our system will ask you for a mobile-/cellphone number.
Your PIN will be sent to your mobile-/cellphone number within a few minutes. Please remember to keep your PIN safe, secure and never write it down. If you have not received your PIN within one hour, please send an email to email@example.com, they will
gladly be of further assistance.
If you do not own a mobile-/cellphone yourself, please feel free to enter the number of a trusted person in you environment who can receive the PIN information on your behalf. If you also have no person in your environment owning a mobile-/cellphone, please get in touch with us via firstname.lastname@example.org.
Please note that no money will be transferred to the card until it is activated via the Karatbars back office.
If you have further questions or need more information, please do not hesitate to contact email@example.com