Chip and Pin is a new technology in which your card is embedded with a computer chip to securely store and process information during your transactions. This is different from the magnetic stripe technology where your information was stored on that black strip behind your card. The new technology will not replace but rather complement the mag-strip. The new cards will have both the chip and the mag-stripe. In an interview with the New Vision, acting head of retail and clients Israel Arinaitwe spoke about the benefits of the new chip and pin over the mag-strip. Most importantly he talked about the enhanced encryption that guarantees security and also the difficulty in counterfeiting or altering the card by fraudsters. “…With the new Chip and PIN cards, we are countering card fraud and giving our customers a peace of mind while transacting with their cards.” The new Chip and Pin will do the same things the Mag-stripe has been doing except much safer. You can use it as an ATM card, you will be able to shop and pay bills online, you can pay for goods and services at various places with Point of Sales (POS) machines among others. All Standard Chartered customers are entitled to the new Chip and Pin cards and can apply for them at their bank branches. Image: welivesecurity.com
