By Michael Eboh
Skye Bank Plc has announced the replacement of the magnetic stripe cards used for funds withdrawal at its various Automated Teller Machines (ATMs) with the fraud-proof and reliable verve card.
The verve card is a secure e-payment card which has a personal Identification number (PIN) and chip which make the use of the card by unauthorized persons impossible thereby providing security in all ATM transactions.
According to a statement issued by the bankâ€™s Head, Corporate Affairs, Mr. Kayode Akinyemi, the migration would be over a five-month period, even as the cards would be issued for allÂ new requests, expired cards and lost, stolen or damaged cards.
He noted that new customers would be issued with the new verve card while old customers would be advised to go to the bankâ€™s branches to have their magnetic stripe cards replaced with a chip card.
He identified the benefits of the PIN and chip card over the magnetic stripe card to include maximisingÂ e-payment security through advanced technology, fraud reduction and bigger storage capacity, and also the ability to manage a growing number of transactions, adding that the verve card provides unbeatable reach, matchless access to cash and payment services on all channels of the Interswitch network.
He said, â€œThe chip technology guarantees that information stored is not accessible to unauthorized persons. Its other security features ensure that transactions across all payment channels on the Interswitch network remain secure and uncompromised. By commencing the migration from magnetic stripe card to chip card and EMV technology now, it was already working to make the customers have confidence in e-payment and card-based transactions.
He disclosed that the bank would conclude the migration before the December 31, 2009 deadline set by the Central Bank of Nigeriaâ€™s (CBN).
He noted that the verve card PIN issuance is automated and can be received at any branch of the bank instantly.