Smart card application software is being manufactured in Bangladesh and used in debit and credit cards of more than five hundred financial institutions across ninety countries.
Within Bangladesh, Dutch Bangla Bank Limited, Eastern Bank, BRAC Bank, UCB and others are using EMV (Eure-pay, Master and Visa) cards. In addition, organisations in USA, UK, Mexico, Brazil, India, Indonesia and others are using software made in Bangladesh.
Many ATM cards of several banks in Bangladesh have magnetic stripe which is risky. The authentication is PIN number and when the card is inserted in a slot, it receives authentication from server since all the information of the user is encoded in the stripe. The problem is, if this card falls into the hands of others possessing skimming machines, then all data may end up in wrong hands.
Sometimes, password punched by a legal user is stolen via infra- red camera or optical key pad.
On the other hand, EMV cards are almost impregnable and data cannot be stolen from them.
This is because data in this system is scattered and can only be recovered through crypto password.
Without this password, criminals won’t be able to steal any data.
Monawar Hossain, the producer of the chip, told Bangla Tribune: “many crucial work of EMV software is taking place in Bangladesh and young, talented people of this country are linked to the research and development of this chip.