Family bank has made the switch to chip-and-pin payment cards as part of an ongoing to adhere to regulations in the banking sector targeted at reducing fraud.
To be branded by Visa, the Chip-and-pin cards, also known as Europay MasterCard Visa (EMV) cards are more secure unlike the magnetic strip payment cards which are vulnerable to security breaches.
“The card makes payments safe and easy at no extra charge. These cards are also usable globally wherever our customers travel,” Family Bank Chief Executive Officer Peter Munyiri said.
Local banks were supposed to make the move from magnetic strip cards by the end of March this year but have since asked for an extension as they were not ready.
The Kenya Bankers Association however maintains that banks that failed to issue their customers with EMV cards would take the liability for any fraud committed with the magnetic strip cards.
