Business Featured News

BSP Moves Towards EMV Chip Enabled Cards

Bank South Pacific (BSP), Papua New Guinea’s largest bank, is leading the way with the implementation of EMV chip technology which is used to authenticate chip-card transactions.

EMV (named after its developers – Europay, MasterCard® and Visa®) chip technology is a global standard for credit and debit card payments.

According to BSP, this new enhancement will be implemented, to counter and protect customers and the bank against security breaches and counterfeit card fraud.

Most major card issuers around the world have migrated to this new technology to protect consumers and reduce the costs of fraud and BSP will also be migrating into this new technology.

“These new and improved cards are being deployed to improve payment security, making it more difficult for fraudsters to counterfeit cards,” said Robin Fleming, BSP Group CEO.  “It’s used worldwide and is an important step forward for BSP.”

This was announced on Thursday at the Quarter 3 Financial Presentations at BSP Haus, Port Moresby.

EMV enabled cards have a small, metallic square that is visible on the new BSP Visa Debit Cards and offer a number of benefits compared to the current magnetic-stripe cards.

“The magnetic stripes on cards store unchanging data. Whoever accesses that data gains the sensitive card and cardholder information necessary to make purchases. That makes traditional cards prime targets for counterfeiters, who convert stolen card data to cash,” explains Rebecca Senge, BSP’s Head of Product Development.

“If someone copies a mag stripe, they can easily replicate that data over and over again because it doesn’t change. Unlike magnetic-stripe cards, every time an EMV card is used for payment, the card chip creates a unique transaction code that can only be used once,” added Ms Senge.

It is this unique transaction code that is generated once a EMV enabled card is used that makes it difficult for fraudsters to replicate hence protecting the card holder from fraud and their sensitive payment data.

EMV technology is effective in combating counterfeit fraud with its dynamic authentication capabilities which exist within the chip itself that when verified by the point-of-sale device, ensures the authenticity of the card.

Senge, further added that, “If a hacker stole the chip information from one specific point of sale, typical card duplication would never work because the stolen transaction number created in that instance cannot be used again and so the card would just get denied.”

More and more chip cards are being introduced to prevent the growth of fraudulent activity that is seen in countries that use magnetic stripe cards.

“For many countries in the world, fraudsters have shied away from countries that have already transitioned to EMV cards, however, this has increased exposure for card users and issuers in countries like Papua New Guinea who still use the magnetic stripe cards,” said Mr Robin Fleming, BSP’s Chief Executive Officer.

“With the introduction to the new BSP chip enabled Visa Debit Cards, it adds an added security level that matches world class standards,” Fleming added.

For merchants and financial institutions, the switch to EMV means adding new in-store technology, internal processing systems, and complying with new liability rules. For consumers, it means learning a new payment process.

The chip enabled cards will be issued to BSP Visa Debit Card users.  For more information, call the BSP Customer Service Centre on 320 1212/7030 1212 or Email: servicebsp@bsp.com.pg.

Related posts

SKYCO Clarifies Biometric Registration

EMTV Online

Tkachencko says it’s time to catch up

EMTV Online

Workshop Aimed at Preserving Cultural Identity

EMTV Online

Leave a Comment

error: Content is protected !!