Bank of America has added chip technology on all new and reissued consumer and small business debit cards.
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With this move, Bank of America becomes the first major US bank to add the chip technology to debit cards. The bank already includes chips on the majority of its credit card programs.
The banks said that debit cards issued to new customers will automatically include the chip technology. Existing customers will receive chip cards when their existing debit cards are replaced upon expiration or for any other reason.
Every time the chip card is used, the transaction data is changed, making it difficult to conduct fraud on the account.
Titi Cole, retail products and underwriting executive for Bank of America, said: "Chip technology is an important tool in increasing card security, and we want our customers to have the best possible experience when using their payment cards.
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By GlobalData"The new chip-enabled debit cards will improve security of customers’ transactions when travelling abroad and at home as more U.S. merchants adopt chip technology."
