ComBank launches NFC-enabled Chip& PIN Credit Cards with Mastercard
View(s):The Commercial Bank of Ceylon has launched internationally-valid NFC-enabled Chip & PIN Credit Cards in collaboration with Mastercard.
The new NFC-enabled Chip and PIN Credit Card offers maximum protection against the skimming or cloning of a card and against counterfeit transactions. It also minimises the possibility of fraudulent transactions at Point-of-Sale (POS) due to the PIN requirement, the bank said in a media release.
This card has both online and offline PIN technology. The online PIN is verified after transmitting the data to the bank for validations while the offline PIN is validated locally at the POS terminal itself. This card could be used at ATMs to withdraw cash locally and internationally, by entering the PIN, and will function similar to any other Credit Card.
This technology renders the new Mastercard Credit Cards smart. Cardholders can receive their Personal Identification Numbers either via SMS to registered mobile numbers or through a physical PIN mailer. Cardholders simply enter their PINs at POS machines to authorise transactions.
“Commercial Bank was the first to launch Debit Cards with Chip and PIN technology in the country; the launch of Credit Cards with the same technology, offers a fast growing customer segment the enhanced security that is an imperative today,” said Commercial Bank’s Deputy General Manager Marketing Hasrath Munasinghe.
The Mastercard Credit Card with Chip and PIN technology is deemed risk averse since it requires the cardholder to authenticate each EMV contact transaction using a PIN, or use an OTP (One Time Password) for e-commerce transactions.