Shinhan Bank

Dear Valued Customers,

Pursuant to Circular 18/2024/TT-NHNN issued by the State Bank of Vietnam issued on June 18, 2024 regulating bank card operations, Shinhan Bank Vietnam Limited (“Shinhan Bank”) would like to inform you of the discontinue of all transaction services for magnetic stripe cards and transaction using the magnetic stripe on bank cards from 25^th April 2025.  

Please replace your existing magnetic stripe card with a chip-enabled card. Additionally, to prevent card skimming fraud, we strongly recommend regularly changing your PIN, immediately blocking your card in case of account information leakage, and requesting a reissue as necessary.

1. Why is the use of magnetic stripe cards being discontinued?

Magnetic stripe cards are vulnerable to fraud as they can be easily copied using skimming devices, making them less secure than chip-enabled cards. Recently, they have become a primary target for card skimming crimes. In accordance with the new Circular issued by State Bank of Vietnam, financial transactions using magnetic stripe cards will be discontinued to protect customers from fraud.
※ The exact timeline for discontinuation: 25^th April 2025.

2. Which cards are affected by this Circular, and what transactions will be restricted?

• This regulation applies to all Napas, Debit, and Credit cards issued by the Bank.
• All financial transactions, including ATM withdrawals and POS transactions, will be restricted.

※ E-commerce transactions will not be discontinued, but customer should check carefully when making online payments.

3. What should I do if I have a magnetic stripe card?

• If you are currently using a magnetic stripe card, please visit the nearest Branches/Transaction Offices with a valid ID card/Passport and residence document to replace it with a chip-enabled card.

4. Can I continue using my chip-enabled card?

• Even if you already have a chip-enabled card, prolonged use may cause chip damage, which can lead to transaction failures.
• If your card was issued a long time ago, we recommend replacing it and changing your PIN.

5. What is card skimming?

• Card skimming is a fraudulent technique in which criminals attach a skimming device to card readers, such as POS machines or ATMs, to steal card information.
• The stolen data can then be used to create counterfeit cards or make unauthorized withdrawals.

6. How can I prevent card skimming?

• Always insert your card directly into the POS machine yourself. Do not hand your card to restaurant or store staff for payment.
• Be cautious when using POS machines and ATMs. Check for hidden cameras, skimming devices, or any signs of tampering to avoid exposing your financial information.
• Change your PIN regularly (at least once every three months) and keep it confidential.
• Use SMS or app Push notifications to monitor withdrawals and authorized transactions.

7. What should I do if I suspect card skimming or if my PIN and account information have been compromised?

• Immediately report any suspicious transactions to the Bank.
• Visit a Branches/Transaction Offices to request an account freeze, card replacement, and PIN change.
• Gather evidence of fraudulent transactions and provide it to the Bank or competent authorities.

For further assistance, please contact:

• Contact Center (24/7 Hotline): 1900 1577 (domestic) | +84 28 38668830 (international);
• Or visit any Shinhan Bank Branches/Transaction Offices nationwide.

Sincerely,
Shinhan Bank Vietnam Limited