First Niagara Financial Group is set to add chip-and-PIN security technology to credit as well as debit cards.
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The new microchip cards will enable customer card information to be accompanied by a one-time code after the card is inserted into a chip-enabled terminal.
The cards will offer an added layer of security by including a four-digit personal identification number, or PIN, when cardholders make purchases at merchant terminals.
The new chip-and-PIN-enabled cards will function as usual for both online and telephone type transactions.
The bank will roll out the new cards from October 2015, with majority of its card portfolio expected to be converted by early 2016.
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By GlobalDataThe cards will also continue to incorporate traditional magnetic stripes to allow customers use their cards with retailers and other merchants who have not yet adopted new EMV security standards.
The bank will collaborate with First Data Merchant Services, which is working with business and commercial clients to offer chip-enabled merchant terminals for the 1 October EMV fraud liability shift deadline.
First Niagara’s head of consumer product management Justin Bigham said: "This significant investment in chip-and-PIN technology affirms our commitment to improving security and peace of mind for our customers and the retailers with whom they conduct business."
