<New option, separately licensed>
Now issuers can enable authorization and operations for expired magnetic stripe and chip cards. This functionality can be required in times of quarantine lockdown when cardholders cannot visit a bank branch to get a new card before expiration, and the postal operations are disrupted.
To minimize the security risks incurred by this functionality, issuers can limit this service to:
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Particular types of cards (for example, social benefit cards)
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Selected contracts
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Specific types of transactions (for example, only face-to-face transactions and low-value e-commerce transactions)
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Specified period of time when the card will be valid (for example, only for the first month of expiration). At the same time, issuers can disable this functionality for cards which expired before a predefined date, such as a date before the quarantine began.
Warning:
Implementation of this functionality carries a potential risk of fraudulent transactions using lost or stolen cards and cards with fake magnetic stripes. The same applies to cards that have been handed over to the bank but not destroyed. OpenWay is not liable for possible losses and/or damages incurred.