Magnetic Stripe Transactions : IBQ International Bank of Qatar

Name of the Organization : International Bank of Qatar
Type of Facility : Magnetic Stripe Transactions
Country : Qatar

Website : intlb – qa [dot] com

Magnetic Stripe Transactions :

Are you traveling to USA, India, Philippines or Thailand?

Related / Similar Service : IBQ IBAN Generator & Validator

To enable your magnetic stripe now :  https://www.statusin.org/uploads/5972-IBQ_Magnetic_Stripe_Form.pdf

1. What is Magnetic Stripe?:
A dark stripe of magnetic material located on the back of your card consisting of several tracks of data. This is usually a card transaction that involves swiping the magnetic stripe of the card at the Point of Sale (POS) terminal.

2. How does the recent regulatory requirement affect my debit and credit card?:
Effective May 1st 2014 all banks’ credit and debit card transactions made using the Magnetic Stripe will be declined.

Some transactions may include:
1. ATM Cash Withdrawals
2. Point of Sale transactions

3. Is this change only applicable to my Magnetic Stripe transactions in Qatar?:
No. Any Magnetic Stripe transactions made inside and outside of Qatar will be declined.

4. Why will Magnetic Stripe transactions be declined?:
As per the recent Qatar Central Bank regulatory requirement all banks in Qatar have been requested to prohibit Magnetic Stripe transaction on both credit and debit card transactions in and outside of Qatar.

The risk of unauthorized transactions being effected on your debit and credit cards is higher when you use Magnetic Stripe. This is because the data encoded on the cards Magnetic Stripe maybe easily replicated. Most fraudulent transactions are completed with Magnetic Stripe.

5. What transactions do not depend on the Magnetic Stripe and are therefore not affected?:
1. Chip ATM Cash Withdrawals
2. Chip Point of Sale
3. e-commerce (online transactions)

6. Which countries still use Magnetic Stripe transactions?:
Merchants in countries like the UK, Australia, and Hong Kong may or may not have Magnetic Stripe transactions. However merchants in the US, India, Thailand and Japan are still largely reliant on the Magnetic Stripe to process their debit and credit card transactions.

7. What is the alternative to Magnetic Stripe transactions?:
Most countries have implemented Chip technology and all debit and credit card transactions processed using the Chip will be unaffected.

8. What must I do in the event that I wish to use the Magnetic Stripe transactions?:
In the event that you experience a merchant who can only use Magnetic Stripe transactions, please contact our call centre on +974 4447 8000 to activate your Magnetic Stripe usage.

9. How long will the Magnetic Stripe activation last?:
This is a temporary activation on your card and should you remain overseas for a long period of time please inform our call centre.

10. Can I limit my Magnetic Stripe activation to either my debit or credit card?:
Yes, this is possible please inform our call centre on which card you would like to enable temporary Magnetic Stripe transactions.

11. How can I activate my Magnetic Stripe transactions?:
Activation is only enabled through our call centre.

12. Can I de- activate Magnetic Stripe transaction after a successful transaction?:
No. Magnetic Stripe transactions will be automatically de-activated by ibq.

13. Can I permanently activate Magnetic Stripe transactions?:
No. We cannot permanently keep magnetic stripe transactions open.

14. I am a joint account holder, are both cards affected by this change?:
Yes. All ibq cards and all cards issued by any bank in Qatar are affected by change.

15. If I enable Magnetic Stripe transactions on my credit or debit card, will this automatically enable transactions on all supplementary cards linked to my account?:
No. Each card has to be activated individually to enable Magnetic Stripe transactions.

16. What should I do if I notice a suspicious transaction?:
Please notify us immediately by contacting our 24/7 Call Center team at +974 4447 8000.