Butterfield Bank Enhances Credit Card Security
The Bank of N.T. Butterfield & Son Limited has extended “Chip and PIN” technology to its full line of Credit Cards.
“Chip and PIN Cards feature an embedded, encrypted microchip for data storage that is virtually impossible to replicate, enhancing fraud and counterfeit protection for customers and merchants,” the bank said.
The Bank was the first in Bermuda to introduce Chip and PIN technology on its premium [rewards] Cards in 2013. Beginning today, all newly issued Credit Cards in the Butterfield suite will carry the microchip, and all existing non-Chip Cards will be reissued with Chips during the next three months.
Cardholders will also be issued a personal identification number [or “PIN”] to use to authorise Card transactions where technology is available. Cardholders who have already selected PINs for their Butterfield Credit Cards [for use at ATMs] will be able to continue to use those same PINs with their new Chip and PIN Credit Cards for point-of-sale [“POS”] transactions.
To make purchases at merchants who are equipped with POS terminals that support Chip and PIN technology, Cardholders insert their Credit Cards at the register into the Chip-enabled POS devices and then confirm the transaction amounts and provide authorisation by entering their PINs on a keypad. With Chip and PIN transaction processing, Credit Cards are never out of the possession or sight of Cardholders, minimising the risk of Card skimming.
While most overseas merchants in Europe, Canada, Central America and South America are equipped with POS terminals that support Chip and PIN transactions, the technology is still in the process of being rolled out among Bermuda’s merchants. As such, Butterfield Chip and PIN Cards will continue to be issued with magnetic stripes and can be used at locations that do not yet have the capabilities of chip processing devices.
Peter Jackson, Senior Vice President, Group Head of Card Services at Butterfield said, “Chip and PIN technology is already in use in more than 130 countries, offering Cardholders greater fraud protection and peace of mind.
“Butterfield has been a leader in bringing the technology to the island and was the first to market with Chip and PIN Credit Cards two years ago.
“We are pleased that we are now able to offer this enhanced level of fraud protection and convenience to all of our Credit Cardholders, and we will work closely with our merchants to assist them with converting to Chip and PIN POS technology as quickly as possible.
“Replacing all our customers’ outstanding mag-stripe only Credit Cards with Chip-embedded Cards will provide the peace of mind to our Cardholders when travelling anywhere in the world that, regardless of the POS option, their Cards will be readily acceptable.”
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Yeah great but are they going to allow Apple Pay anytime this century? I’ve called and asked at least 3 times…no answer as usual, don’t know why because it’s what customers want and is more secure for them.
Finally a bank in Bermuda gets into this century. Chip and pin has been in most parts of the world for a decade or more. Apart from the Americas. They have guns so don’t need chip n pin. Great move ntb. Who said you were Not Too Bright?
In your forehead next.
Great for the credit card security at Butterfield which I have had numerous issues with! But there has never been any explanation from Butterfield on why they totally dropped security with their online banking? At least they used to have the random number generating tokens but now nothing!!!! Such a paradox with your security Butterfield Bank???? Seems like you’ve left us wide open to hackers and Trojans
They haven’t totally drop security for online banking, they just changed it slieghtly. It is now a call to verify system where you put in a number you can be reached at and if there is some the system feel is odd it makes you verify it by having the system call the number you provided and you have to enter a random 4 digit pin into the phone from the screen. How is that less secure?
It’s less secure because the system isn’t always going to pick up on “something odd” as you put it.
Down side is you got to wait three day for a new card if you lose or damage your card.