Equity Bank installs cutting edge EMV card system to deter fraudsters

Equity Bank has installed Europay-Mastercard-VISA (EMV) Technology in all its ATM and ATM cards.

EMV chip-based payment cards, also known as smart cards, contain an embedded microprocessor, a type of small computer. The microprocessor chip contains the information needed to use the card for payment, and is protected by various security features. Chip cards are a more secure alternative to traditional magnetic stripe payment cards.

The EMV chip cards are more secure than the swipe cards and they work in upgraded chip card terminals. The god thing about the cards is that if you find that your terminal has not been upgraded, then you can just swipe the card. The Equity terminals also will have less of card swallowing.

Kenya banking fraud police unit says that close to USD 1.3 Million are stollen from card fraud related activities in Kenya. In December, a Russian man was arrested with 107 copied ATM and Debit cards in Nairobi. The man acted dumb and is still in police custody.

1.7 Million dollars was stolen in Nairobi in December through card fraud.

The EMV technology is installed and supported by the Equity Bank’s new Card Management System installed by the OpenWay Group of Belgium. It is designed for multi-institution and multi-currency transaction processing and has the ability to handle over 60 million cards with speed performance of 180,000 transactions per minute.