M&T Bank announced it is adding microchip technology to all new debit cards, providing customers with “improved” security and fraud protection.
The new debit cards encrypt customer-account information on chip cards and convert it into one-time codes when used at chip-enabled terminals.
The new technology makes them “virtually impossible to replicate in a counterfeit card,” the banking company contended in a news release issued Monday.
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“At M&T Bank, we understand that the security of our customers’ personal finances and their personal financial information are important and these new chip cards add a new level of protection for customers,” Darren King, executive vice president for retail banking, said.
M&T Bank is providing the chip cards to new customers, and the chip cards will automatically replace debit cards for current customers when the debit cards expire, the bank said.
In addition to encrypted microchips, the new debit cards will still have a magnetic strip, providing customers the option of using their cards at retail-sales terminals that have not yet upgraded to chip technology.
M&T Bank previously rolled out chip-enabled credit cards last year.
Other banks across the country are also making the move to chip-embedded cards to prevent fraud and reduce their liability.
Contact Reinhardt at ereinhardt@cnybj.com
