First City Monument Bank (FCMB) Plc has produced and launched aboutÂ 250,000 Verve Automated Teller Machine (ATM) debit cards forÂ use by its customers The Executive Director, Retail Banking Division of the bank, Mr Nabeel Malik, made this known at the launch of the product in Lagos yesterday.
He said the bank has alsoÂ begun the replacement of the Magnetic-Stripe ATM Debit cards used for many electronic banking services such as cash withdrawal at its various Automated Teller Machines (ATMs) and payments on Point of Sale (POS) terminals with the more secure and reliable Chip & PIN ATM Debit card.Â The Chief Client Engagement Officer, Interswitch, Mrs Tito Aderoju, said the FCMB Verve ATM Debit Card is a secure e-payment card powered by InterSwitch with Chip & PIN (Personal Identification Number) features, which make unauthorised use of the card impossible.
â€œThese features provide security for all electronic banking transactions -ATM, POS and Web. A major distinguishing factor is that the new ATM Debit card is equipped with a micro-computer stored in a microchip in the front section of the card, making it more secure as the stored data in the chip of the card is encrypted which prevents cloning of customerâ€™s data onto another card.
This is unlike the old debit card that had a magnetic stripe at the back of the card for storing its dataâ€ she said.Â Malik said the advantages of FCMBâ€™s Chip and PIN Card include maximising 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) â€“ The Three leading electronic payment companies in the world.
He said the FCMB (Verve) ATM Debit Card provides unbeatable reach, matchless access to cash and payment services on all channels on the InterSwitch network.Â â€œThe Chip Technology guarantees that information stored is not accessible to unauthorised persons. The other security features ensure that transactions across other payment channels on the InterSwitch network remain secure and uncompromisedâ€ Nabeel stated.
He further explained that with the commencement of the migration to the Chip Card and EMV technology, the bank is working towards enhancing customer confidence in electronic payment and card based transactions.