SCB Rolls Out New EMV-Chip Credit Cards

Bandar Seri Begawan - Standard Chartered Bank (SCB), one of the leading international banks in the country, will soon be rolling out its new EMV-chip credit cards for its valued customers.

According to a press release, the conversion of the old credit cards to EMV-chip ones will be implemented in stages starting with SCB's Visa Platinum credit cards followed by Gold and Classic. Other SCB cards would also be equipped with the EMV-chip in due course.

EMV, which stands for "Europay, MasterCard, Visa", is the global standard for chip-based credit and debit transactions. EMV-chip credit cards have an embedded microchip, which can store and process encrypted data.

The computing power of the chip means that the cards can offer greater security as they can protect against 'skimming' i.e. the copying the contents off the magnetic stripe.

When a cardholder makes a purchase at a merchant, the chip sends a different "secret message" to authenticate each transaction. This makes it practically impossible for a fraudster to create counterfeit cards.

Furthermore, EMV-chip cards allow transactions to be processed faster.

SCB's General Manger of Credit Cards and Personal Loans, Annie Ng, said: "We are delighted to introduce the EMV-chip credit cards, which not only give our customers the added security features, but also greater convenience especially when they travel abroad." -- Courtesy of Borneo Bulletin

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