Skye Bank Plc has begun 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 from Inters witch 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.
A statement issued by the
bank’s Head of Corporate Affairs, Kayode Akinyemi, said the
migration would be over a five-month period, explaining that the
cards would be issued for all new requests, expired cards and lost,
stolen or damaged cards.
The statement also said new
customers would be issued with the new verve card while old
customers would be advised to go to the bank’s branches to have
their magnetic stripe cards replaced with a chip card.
The bank listed the benefits
of the PIN and chip card over the magnetic stripe card to include
maximizing e-payment security through the EMV technology, fraud
reduction and bigger storage capacity, ability to manage a growing
number of transactions.
In addition, the statement
said Skye Bank verve card provides unbeatable reach, matchless
access to cash and payment services on all channels of the Inters
witch network.
"The 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 Inters witch network remain secure and
uncompromised", the statement said.
