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Prime Bank Introduces CHIP and PIN Cards

December, 2010:

Prime Bank in conjunction with Visa International is proud to announce the introduction of a credit card with an embedded microchip.

PIN stands ‘for Personal Identification Number’. It is a special number unique to you that allows you to cash from the cash machine and to pay for things in shops where chip ad PIN is accepted.

The main purpose of the chip and PIN card is to enhance the security features on the card and its usage. The card has additional protection which prevents skimming to make counterfeit cards.

Prime Bank is the first bank in Kenya to introduce this feature on Visa credit Cards

The Chip and PIN card works quite similar to the existing magnetic stripe card.

Where there is a chip enabled terminal, the card will be dipped into the terminal and the cardholder will be asked to enter their PIN (Personal Identification Number). The PIN number is confidential and should only be known to you. Nobody should see the PIN and you are not to reveal the PIN to any body.

The PIN must be entered for any transaction to be completed.

Chip cards has been introduced to combat the growing level of frauds worldwide. It is a much more secure method of payment than simply signing a receipt as it gives the additional security of a personal four digital PIN that is only the cardholder knows. By entering the PIN code, the retailer is convinced that the cardholder is genuine and is not dealing with someone who could have obtained the card by fraudulent means.

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