I&M lifts ban on online card deals after client outcry

I&M Bank has ended the suspension of its online debit and credit card transactions following strong customer protests.

The bank, in a notice to customers, said Thursday the cards would remain open for online transactions.

I&M had previously instructed its clients making online transactions to issue a prior notice asking for an opening of the card for use and to notify the lender as soon as a transaction is concluded for the bank to disable them.

“Following feedback from our cardholders who have expressed concern at the inconvenience that this would cause, we are pleased to announce that we will not be proceeding with this measure. Therefore, you may continue to use your I&M Bank card for Internet e-commerce transactions as before,” said the bank.

I&M Bank had warned customers, who did not keep their cards disabled, would not be compensated for online fraud incidents.

READ: I&M Bank suspends online card payments

With transactions on the new chip-and-PIN cards being safer, fraudsters have moved to the web and other online-based transactions, which are now considered easier targets.

The lender, however, remains keen to reduce liability that arises from online fraud, and has put measures in place to secure the accounts.

“We are working on some additional risk mitigation measures and will inform you on them in due course,” said the statement.

There are more than 3.4 billion EMV payment cards in circulation worldwide as reported by EMVCo. in May.

I&M has advised that users of the debit and credit cards should protect card details and the card verification value number on the reverse of the card from outsiders, ensuring that their cards are never out of sight.