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Butterfield Enhances Credit Card Security and Convenience with Chip and PIN Cards


George Town, Grand Cayman–16 February 2015: Butterfield Bank (Cayman) Limited, a wholly owned subsidiary of The Bank of N.T. Butterfield & Son Limited (“Butterfield”) today announced that it has introduced the Cayman Islands’ first “Chip and PIN” credit cards. Chip and PIN cards feature an embedded, encrypted microchip for data storage that is nearly impossible to replicate, which enhances fraud and counterfeit protection.

The new technology is first being introduced in the Butterfield / AAdvantage® MasterCard® Black, Platinum and Business Cards, and the Butterfield Visa Platinum and Gold Credit Cards and will be implemented across the Bank’s full line of credit cards over the next 12 months.

To make purchases at merchants who are equipped with point-of-sale (“POS”) terminals that support Chip and PIN technology, Cardholders insert their Cards at the register into the Chip-enabled POS devices and then confirm the transaction amounts and provide authorisation by entering their Personal Identification Numbers (or “PIN”s) on a keypad. With Chip and PIN transactions, 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 majority of Cayman merchants are not currently so equipped. Butterfield Chip and PIN Cards will continue to be issued with magnetic stripes and can be used for local purchases via traditional signature authorisation-based transactions.

Peter Jackson, Senior Vice President, Group Head of Card Services at Butterfield said, “Chip and PIN technology is now becoming the industry norm for Credit Card transactions in most of the world, so Butterfield is very pleased to be the first bank in Cayman to provide this enhanced technology and protection to our customers. When using the Chip Card together with a PIN, it is more secure than the magnetic stripe in that it uses cryptography to protect data when communicating with a card reader. Consequently Chip and PIN Cards used at Chip-enabled terminals make the transactions even more secure by validating the Card and the Cardholder electronically. The overall process is slightly different from what you may be accustomed to, but it’s very easy to use and provides the comfort of extremely secure transactions.

Consumers shouldn’t worry that their magnetic stripe Cards are not safe—they are, and Butterfield systems and personnel continue to monitor your transactions for potential fraud and verify suspicious transactions—but Chip Cards provide even more security.”

Butterfield is now issuing Chip and PIN Cards for new Butterfield AAdvantage / MasterCard Black, Platinum and Business Card accounts, as well as new Visa Platinum and Gold Card accounts. Commencing this month, the Bank will begin replacing all existing non-Chip versions of those Card types with Chip and PIN Cards. Replacement Cards will be mailed directly to Cardholders over the next several months. Customers may continue using their existing (non-Chip) Cards until their new Chip and PIN Cards arrive. For security purposes, PINs will be mailed to Cardholders separately.

Customers who will be travelling overseas and wish to obtain Chip and PIN Cards to replace their existing Cards earlier should call us on (345) 949 7055 or visit a Customer Service desk at any of our three Banking Centre locations.
 

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