Ecobank Rwanda has rolled out a Chip technology for all its Visa Debit card products to enable customers carry out transactions at ATMs and Point of Sale (POS) in a more secure way. Chip and Pin card is believed to offer highest level of security in the card industry internationally.Ecobank Rwanda, the member of the Ecobank Group said in a statement that with the new Chip technology, the bank will be able to fight cases of theft and fraud through various card usage restrictions such as Personal Identification Number (PIN) authentication for POS transactions and data authentication to protect against counterfeit“We never stop to improve the security of our customer’s funds and one of the major challenges facing the card industry is theft and fraud cases involving cards as a result of limited security features,” said Gilles Guerard, the Managing Director of Ecobank Rwanda.The card enhances security against the use of skimmed or stolen account data, a trend that is gaining ground with ATM fraud cases in the world market, the statement said.“This development is a further step to our commitment to provide our customers with innovative and secure solutions for their ever changing needs,” Guerard added. Ecobank Group has embarked on this project across its 33 countries where it operates in line with its strategy of ensuring convenience, accessibility and reliability for all its products.”Statistics show that there is an increasing option of using debit and credit cards as a preferred means of settling payments around the world, currently we have over 290,000 cards with which 75,257 are international cards in our market,” the staement said.
