US-based M&T Bank has started issuing new debit cards embedded with microchip technology in order to provide its customers with enhanced security and fraud protection.
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The new debit cards will encrypt customer account information on chip cards and convert it into unique one-time codes at chip-enabled terminals.
New customers of M&T Bank will receive chip cards, and existing M&T customers will receive chip cards when their current debit cards expire.
According to M&T, the new chip cards will contain a magnetic strip that allows customers to use the cards at retail terminals that not yet equipped for chip technology.
M&T Bank executive vice president for retail banking Darren King said: "At M&T Bank, we understand that the security of our customers’ personal finances and their personal financial information are important and these new chip cards add a new level of protection for customers."
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By GlobalData
