Equity rolls out new technology on ATMS
By Fredrick Obura
Equity Bank has acquired Europay-Mastercard-Visa (EMV) technology to boost its banking security.
The new system is installed in the bank’s ATM outlets and points of sale throughout the country.
"Card security is a major issue worldwide that could no longer be ignored, there is a need by banks to install new security standards practiced worldwide to protect customers from unscrupulous people," said the bank’s CEO James Mwangi.
"Our new EMV card technology would enhance the protection of card-holders from fraudulent card activity and substantially reduce the percentage of fraud in the country," he said.
With the new technology, the bank will process and manage Visa cards with the EMV chip at all its outlets and points of sales seamlessly by accepting card and pin, without the need for customers signing on receipts as is the case at the moment.
The card contains a chip, which not only gives it greater memory, but improves security for consumers by making it impossible for unscrupulous people to decode or tamper with.
The chip can securely store data that identifies the card and its holder, putting an end to misuse through loss, theft and counterfeit cards.
"The Visa EMV card allows the bank to protect itself, customers and merchants, drastically reducing fraud," said Ndlovu, the Visa Card Regional Manager.
It also allows purchases from customers’ accounts without any bank charges.
Cardholders have the additional benefit of withdrawing (cash back) from retail outlets after purchases.
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