CIBC Launches New Chip Card Technology
Embedded microchip is new global standard for protection against credit card fraud TORONTO, March 25 /CNW/ - CIBC today announced the introduction of chip technology on CIBC Visa cards. CIBC Visa cardholders in Kitchener-Waterloo, Ontario began receiving their chip enabled credit cards as part of an industry market trial. The increased security that comes with chip technology is timely - March is the industry's Fraud Prevention Month. The Kitchener-Waterloo market trial will give CIBC customers and employees an opportunity to use new CIBC chip cards and PINs and provide feedback on the experience. CIBC debit cards will be joining the market trial in the spring. During 2008, CIBC plans to start to roll out chip credit and debit cards to all customers. Already, all CIBC bank machines are chip enabled. "CIBC is the leading credit card issuer in Canada. We will place close to 40,000 of the customer cards into the industry market trial in Kitchener-Waterloo and a significant number of the chip enabled ABMs will be from CIBC," said Cheryl Longo, Senior Vice-President, Card Products Division, CIBC. "We are excited about this latest innovation for our customers, offering enhanced security and fraud protection." Chip cards contain an embedded microchip to encrypt information, making it more difficult for unauthorized users to copy or access data from the card. Chip technology is quickly becoming the new global standard for enhanced safety and security. This past year CIBC also introduced free value-added safety and security features on all CIBC credit cards through CIBC CreditSmart, which helps clients monitor changes to their credit reports, be aware of potential fraudulent uses of their credit cards, and deal with identity theft. CIBC CreditSmart is unique to the marketplace and CIBC cardholders have responded positively to the offer. New chip cards will still have the familiar magnetic stripe to ensure that they will be accepted at all retailers, including those who have yet to upgrade their payment terminals to accept chip cards. PINs will be required for all Visa chip card transactions at merchant locations that have become chip enabled. This will mean credit cards, as well as debit cards, will use a PIN rather than a signature at chip enabled point of sale terminals. As a leader in the payments industry, CIBC has been involved in the Canadian industry chip initiative from the outset to ensure that the transition to the new cards is a positive experience for CIBC clients. CIBC will be communicating directly with clients about this new initiative, and when they can expect to receive their new cards. More information on CIBC chip cards is available at www.cibc.com/chipcard. CIBC is a leading North American financial institution with nearly 11 million personal banking and business clients. CIBC offers a full range of products and services through its comprehensive electronic banking network, branches and offices across Canada, in the United States and around the world. You can find other news releases and information about CIBC in our Press Centre on our corporate website at www.cibc.com.
For further information:
For further information: Rob McLeod, CIBC, (416) 980-3714, firstname.lastname@example.org