Tags magnetic cards Many banks stop transactions of ATM magnetic cards Wednesday, Sep 25, 2024 Many banks have recently announced they are stopping transactions of domestic automated teller machine (ATM) cards with magnetic strips, to ensure security for customers in the context of increasing cyber crimes. SBV urges banks to switch to chip cards Thursday, May 05, 2016 The State Bank of Viet Nam has instructed banks to quickly carry out a plan to convert all magnetic cards into chip cards to prevent fraud.