Chip and PIN FAQs

Chip and PIN is the next evolution of electronic payments, helping to make an already safe credit card payment system even more secure. Below are answers to some questions you may have about this new technology.

 

1. What is a Chip and PIN card and what are the benefits?

A Chip and PIN card is a credit or debit card with a microchip embedded in it. The chip is encrypted and provides enhanced security and protection to help guard against fraud. When used at stores or restaurants with chip-enabled terminals and at ATMs, the system validates the chip and the PIN, helping to ensure a more secure transaction. The addition of a personal identification number (PIN) provides an extra layer of security above and beyond the chip as only you know your PIN.

2. Why are Chip and PIN cards more secure?

The enhanced security of a Chip and PIN card comes from the chip itself as it is encrypted and employs a range of security features and measures that work in concert with each other to create a multi-layered defense against card fraud. When Chip and PIN cards are used at chip-enabled terminals, the transaction system identifies the cardholder through the Chip and the PIN. The enhanced security features of Chip and PIN cards make them virtually impossible to replicate and therefore less likely to be a target for criminals.

3. What information does a Chip and PIN card contain? Is the information private?

Chip and PIN cards contain an embedded microchip which holds the same information that is currently contained on a magnetic stripe card (card number, cardholder name and expiry date), which is also the same information that is embossed directly on the card. Chip and PIN cards also contain added risk parameters and security keys to enable PIN transactions and to provide added protection.

4. If Chip and PIN cards are more secure, does that mean my existing magnetic stripe BCB credit card is not secure?

While Chip and PIN cards represent the latest advancements in card payment security, they will only make an already safe payment system even more secure. Rest assured that your magnetic stripe BCB credit card continues to be a safe, reliable and convenient method of payment. BCB will continue  its current fraud prevention practices to ensure cardholders are protected whether they have a magnetic stripe card or a Chip and PIN card.

5. Will my BCB Chip and PIN credit card still contain a magnetic stripe?

It will take time for all stores and restaurants to be set up with chip-enabled terminals. To ensure your BCB Chip and PIN credit card continues to be accepted everywhere, it will contain a magnetic stripe in addition to the chip. You can therefore expect to experience two types of transactions with your BCB Chip and PIN credit card for some time to come.

Swipe and Sign — the magnetic stripe is swiped and authorized by a signature

OR

Chip and PIN — the card is inserted and left in the terminal as you input your PIN

6. I've heard of Chip and PIN cards being compromised, is this true?

At this time, we are not aware of the chip being compromised on any Chip and PIN cards. Any compromised issues that have arisen have been due to the magnetic stripe that is also on the card. For the time being, all BCB Chip and PIN credit cards must also include a magnetic stripe to ensure continued acceptance everywhere (including locations that have not converted to Chip and PIN technology). Without the magnetic stripe, cards could not be used at non-chip-enabled terminals. Rest assured that transactions completed with the magnetic stripe on your BCB Chip and PIN credit card are as safe and secure as ever. BCB maintains aggressive fraud prevention practices to reduce card fraud and to ensure cardholders are protected.

7. How will making a purchase with my BCB Chip and PIN credit card work?

When you make a transaction at a chip-enabled terminal with your BCB Chip and PIN credit card, you're in control. The process is quick and easy and your card should never leave your sight:

  1. Rather than swiping your card, it will be inserted into the terminal and left there for the entire transaction. Removing the card will terminate the transaction.
  2. You will follow the prompts on the screen and enter your PIN instead of verifying the transaction with your signature.
  3. When the transaction is complete, you will remove your card when prompted and wait for the receipt.

If the store or restaurant does not yet have a chip-enabled terminal, your card will be swiped and you will sign the receipt as you do today.

8. Are there any other changes I will notice with my BCB Chip and PIN credit card?

At restaurants that have upgraded to chip-enabled terminals, you will need to do one of the following to complete:

  • A portable device may be brought to the table for you to insert the card and enter your PIN, or
  • You could be asked to walk over to a free-standing terminal in a central location to insert the card and enter your PIN. 

9. Can my BCB Chip and PIN credit card be used everywhere?

Yes, your BCB Chip and PIN credit card can be used anywhere in the world where Visa is accepted.

At a chip-enabled terminal, you will insert your BCB Chip and PIN credit card into a chip reader, follow the prompts and enter your PIN to complete the transaction.

If you are using your BCB Chip and PIN credit card at a location that does not yet have a chip-enabled terminal, your card will be swiped and the transaction will be completed with your signature as you do today.  

10. How do BCB Chip and PIN credit cards work for transactions made online or over the telephone?

Transactions made online or over the telephone with your BCB Chip and PIN credit card should be conducted the same way as with your current card. This may include using the three-digit verification code on the back of the card.  Never disclose your PIN to anyone, even if it's requested to complete a transaction — whether in person, online (via email or the Internet), or by phone.  

11. Will all merchants know how to process a Chip and PIN transaction?

When a terminal is upgraded to accept a Chip and PIN transaction, the merchant will receive training from the terminal provider. Although the transaction process is straightforward when the terminal prompts are followed, it is a change that will take time for everyone to get used to. We also know that many merchants employ a wide variety of full and part-time staff who receive varying levels of training. Your transaction might be the first one for the clerk or server and it could take a little longer for them to complete (especially if they engage a colleague or manager for help). Your patience in these situations is appreciated.  

12. What should I do if the store or restaurant insists that I sign the receipt after I've already entered my PIN?

When completing a Chip and PIN transaction, there's no need to sign the receipt because the PIN serves as the validation. During the transition, some merchants may still ask for a signature. Even though it's not required, we recommend that you sign the receipt to avoid any disruption. This will only be a temporary practice until all merchants become more familiar and comfortable with the new process.

You will however still be required to sign your receipt when the magnetic stripe on your card is swiped. Rest assured that these transactions are just as secure as ever.  

13. Which BCB credit cards currently contain Chip and PIN technology?

All BCB credit cards are now being issued with Chip and PIN technology and existing cards will be replaced based on expiry date. Not all cards will be replaced at the same time and the process will take a few months. 

14. When can I expect to receive my BCB Chip and PIN credit card?

BCB has already started to replace BCB credit cards with Chip and PIN cards based on expiry date.

Not all cards will be replaced at the same time and the process will take a few months. This is an automatic process and there is no action required on your part. Until then, continue using your current BCB credit card with confidence, just as you do today. Upon activation of your replacement card, your old card will no longer be usable.  Please destroy and dispose of your old card safely; we suggest you cut it up or shred it before disposing of the plastic.   

15. Can I request my new BCB Chip and PIN credit card right now?

Unfortunately, BCB is not able to accommodate requests for BCB Chip and PIN credit cards at this time. This is an automatic process and there is no action required on your part. Until then, continue using your current BCB credit card with confidence, just as you do today.  Upon activation of your replacement card, your old card will no longer be usable.  Please destroy and dispose of your old card safely; we suggest you cut it up or shred it before disposing of the plastic. 

16. If BCB Chip and PIN credit cards are more secure, why don't you just give them to all cardholders right now?

As there are still a limited number of chip-enabled terminals in North America, not all cardholders would benefit from having a BCB Chip and PIN credit card right away. While each financial institution will have its own timelines for conversion to Chip and PIN technology, we are all working in cooperation to set the standards that will result in the best experience for you.  

17. Can I keep my current BCB credit card if I don't like chip or if I am unable to use a PIN?

All BCB magnetic stripe credit cards will be replaced with Chip and PIN credit cards. Current market research shows an overwhelming preference by clients for the use of a PIN instead of a signature to authorize their transactions. Clients with concerns about using a PIN should contact BCB.  

18. Where do I get a PIN for my BCB Chip and PIN credit card?

A new PIN will be assigned and will be sent to you separately from your BCB Chip and PIN credit card.   If you experience difficulties using your card, if you don’t know your PIN or if you are unsure of your PIN, contact BCB on 441-299-2883 to request a replacement.. This is the best way to protect yourself and will help avoid potential disruptions or delays when using your card.  

19. How can I change my PIN or have it reset because I've forgotten it?

If you'd like to change the PIN on your BCB credit card or if you've forgotten your PIN, simply call BCB on 441-299-2883 to request a replacement.

20. If I'm travelling outside of Bermuda, will my current BCB magnetic stripe credit card still work?

Yes, you can use your current magnetic stripe credit card anywhere in the world where Visa is accepted. While many countries in Europe, Asia and Latin America have already moved to or will be moving to Chip and PIN technology, they also still accept magnetic stripe cards as a reliable and secure form of payment. You are not required to have a Chip and PIN credit card to transact in these countries and can use your current BCB magnetic stripe credit card with confidence.  

21. How will my BCB Chip and PIN credit card transactions work outside of Bermuda?

Chip and PIN credit card transactions will work the same way as they do in Bermuda.

  1. Rather than swiping your card, it will be inserted into the terminal and left there for the entire transaction. Removing the card will terminate the transaction.
  2. You will follow the prompts on the screen and enter your PIN instead of verifying the transaction with your signature.
  3. When the transaction is complete, you will remove your card when prompted and wait for the receipt.

22. Where can I get more information about Chip and PIN technology?

Please visit the following website for more information about Chip and PIN technology:

https://bm.visa.com/pay-with-visa/featured-technology/chip-cards.html

 23. Who can I contact if I have questions or concerns about my BCB Chip and PIN credit card?

For questions or concerns about your BCB Chip and PIN credit card, please contact us at 441-299-2883.  

Copyright @ Bermuda Commercial Bank Limited, 2018
All rights Reserved

Copyright @ Bermuda Commercial Bank Limited, 2018
All rights Reserved