The Home Loan Savings Bank launches chip technology to protect customers
COSHOCTON – The Home Loan Savings Bank is adding an additional layer of security to its debit cards to help protect customers against fraud – a computer chip. The EMV chip cards are enabled with more advanced security to make it more difficult for fraudsters to counterfeit or copy the card. It is expected that all customers will have working EMV chip cards by the end of March 2016.
“We’re excited to be able to offer our customers new cards equipped with highly-secure chip technology,” said Kyle Hamilton, President. “Our first priority is protecting our customers’ financial data from misuse – chip technology is just one more way to accomplish that.”
The computer chip – a small, metallic square on the front of the card – assigns a one-time code making every transaction unique and the card more difficult to counterfeit or copy. This chip will take the place of the magnetic strip on the back of the card and contains the information that is required to process a transaction. Merchants have been installing new payment terminals to support chip technology. The new debit cards will continue to make payments with the magnetic strip, or, where available, the computer chip can be inserted into the chip reader.
“You need to insert the chip card to benefit from this technology. If a merchant has a chip reader, be sure to use that instead of swiping your card for maximum security,” said Hamilton.
Using chip cards is simple and easy to learn. The Home Loan Savings Bank has provided the following instructions to educate customers:
- Insert your card into the chip-enabled terminal with the chip end first, facing up.
- Leave the card in the terminal until the transaction is complete. You may be prompted to enter a PIN number or sign your name. Be sure to remove your card when the transaction is complete.
- If there isn’t a chip enabled terminal, use the traditional way and swipe.
For any questions or concerns, please contact The Home Loan Savings Bank at (740)622-0444 or visit their website at www.homeloansavingsbank.com.
Category: Business
