The Bank of Thailand on Tuesday advised holders of debit cards and ATM cards with magnetic stripes to switch to chip cards. 

Siritida Panomwon Na Ayudhya, Bank of Thailand's assistant governor, said the central bank along with Thai Bankers Association and financial institutes, have agreed that chip cards are more secure and prevent the use of cloned cards, which are often used to withdraw cash from a victim's bank account. 

About 47 million magnetic cards have already been converted to chip cards, while about 20 million magnetic-striped cards are currently used nationwide, according to the notice put out by the bank.  

Consumers can get their magnetic cards replaced free of charge by going to any branch of their bank and asking for a replacement on presentation of their ID card, existing magnetic card and bankbook.

Those who don’t change their magnetic-striped cards to chip cards will no longer be able to use them with ATMs or card swiping machines after Jan. 15, 2020. However, they may still withdraw or transfer money at a bank or transfer money using mobile or internet banking, the bank said. 

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