Bank of America has announced the roll-out of
EMV technology across key parts of its credit card portfolio.
The implementation will help combat card
acceptance issues experienced by US-based cardholders travelling
abroad.
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The bank will include the chip technology in
all newly issued Merrill Lynch credit cards, US Trust Accolades,
BankAmericard Travel Rewards, BankAmericard Privileges, and Virgin
Atlantic travel credit cards.
Susan Faulkner, consumer and
small-business-products executive for Bank of America, said in a
statement: “The new chip-enabled cards will improve convenience and
security of customers’ transactions when travelling abroad.” She
said the bank seek to ensure its customers have the best experience
when using their credit cards globally.
Introducing EMV will also help to reduce fraud
through the production of counterfeit cards.
Earlier this year, the bank began rolling out
chip and PIN credit cards to corporate and commercial clients in
the US.
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By GlobalDataVisa and MasterCard have stated that they want
the US to make the transition to chip credit cards by October 2015,
highlighting a potential shift in fraud-liability costs.
