On August 17 the Banking Regulation and Supervision Agency is closing all debit and credit cards issued in the country to e-commerce and international transactions. The new law will apply to existing debit and credit cards as well as new cards that are issued after this date.
Electronic commerce or e-commerce is a term for any type of business, or commercial transaction that involves the transfer of information across the Internet. It covers a range of different types of businesses, from consumer based retail sites, through auction or music sites, to business exchanges trading goods and services between corporations.
The reasoning behind this new law is apparently to help prevent fraud. As of Aug 17th; unless the owner of the card has given consent (or applied for this specification) they won’t be able to shop on line. Any new cards issued – will need the applicant to tick a box to request their cards to be open to cyber security.
All you have to do is give your bank consent either on-line or by calling in to your local branch in order to keep your cards open to e-commerce and international banking.
Many people have already received text messages from their bank instructing them how to proceed and many people have said that by going to their banks on-line system – all they had to do was tick a box saying yes/no. It is your choice as to whether or not you want to continue to use your cards online.
Source: The Ege Eye