First City Monument Bank (FCMB) is replacing the Magnetic-Stripe ATM Debit cards with Chip & PIN ATM Debit card – reported Vanguard. Reportedly, the debit card is an e-payment card, powered by InterSwitch with Chip & PIN features that provides security for all electronic banking transactions (ATM, Point-of-Sale and Web).
It has been reported that, in line with the Central Bank of Nigeria’s directive for all domestic banks to issue Chip & PIN ATM cards to their customers, FCMB has issued this new card. Unlike old debit and credit cards that had magnetic strip at their back, the new debit card comes with a micro chip in the front section, which prevents cloning of customer’s data onto another card, reported the newspaper.
Nabeel Malik, head of retail banking at FCMB, said: The benefits of the Chip & PIN Card include maximizing electronic payment security through the EMV technology, fraud reduction and bigger storage capacity. EMV is an international electronic payment standard developed by Europay, MasterCard and Visa (EMV) – The Three leading electronic payment companies in the world, reported the newspaper.
The Chip Technology guarantees that information stored is not accessible to unauthorized persons. The other security features ensure that transactions across other payment channels on the InterSwitch network remain secure and uncompromised, he added.
