Central Bank is adding an additional layer of security – a computer chip – to its credit cards and debit cards to protect customers against fraud at the point of sale. The advanced security of the chip card will make it more difficult for fraudsters to counterfeit or copy the card, according to a press release from the bank.
Central Bank has already begun issuing chip-enabled credit cards and will soon be issuing debit cards as well. The plan is to issue these on a natural reissue basis, rather than as a mass reissue of all cards.
“We’re excited to be able to offer our customers new cards equipped with highly secure chip technology,” said Steve Kelly, EVP and marketing director at Central Bank. “Our first priority is protecting our customers’ financial data from misuse – chip technology is the best way to accomplish that for transactions at retail merchants.”
The computer chip – a small, metallic square on the front of the card – assigns a one-time code to each transaction, making every transaction unique and the card more difficult to counterfeit or copy. The new cards will have magnetic stripes for cases where merchants do not have activated chip readers.
“Once the transition to chip is complete, you can expect in-person transactions at merchants to be more secure than ever,” said Kelly.