JCC Payment Systems Ltd., the banks-owned credit clearing house, is introducing ‘Pin & Pay’, a new four-digit security feature for all credit and debit cards that will be gradually replaced as of this month. The secret number is the same as any cardholder’s ATM code.
All new cards will include a data chip and conventional point of sale (POS) machines will be enhanced with a security device that will have a concealed numeric pad, as has been normal practice in many developed markets, primarily in the European Union.
JCC’s General Manager, Takis Fekkos, said at the launch that the new technology offers significant advantages to consumers and traders alike, the primary being increased security and speed of clearing transactions.
“Chip cards can make paying faster and shopping queues shorter,†explains a JCC leaflet, adding that “with chip technology, some transactions can be authorize offline, which saves time.â€
Andreas Savvas, manager of the JCC new cards division, said that “gradually all cards in
The consumer will have to approve the amount first, then enter the four-digit PIN number and then get a receipt for the paid amount, while if a trader offers to swipe the card and enter the four-digit number, the consumer should refuse this and insist on personally entering the PIN number on the concealed numeric pad.
“JCC and the commercial banks have undertaken to inform the public and to guide enterprises through a smooth transition that is valid as from March,†explained Maro Panayiotou, marketing manager at JCC.
The period for all replacements should last for two years, during which time the print-out signature method will coexist with the new POS machines, as current cards will remain in use until the expiry or replacement, a JCC announcement said.
The new chip cards will also be accepted overseas by all terminals that have a separate PIN pad, while in the absence of such terminals, the new cards can be used to print out a receipt for signature, even in countries that have adopted the new chip-card system.
As regards changing the PIN number, this can be done at any ATM machine of the user’s bank of choice, while if a card is used by another person who does now know the four-digit PIN number, then this will be locked after 3-5 attempts as the PIN is securely encrypted in the new chip cards, which makes them difficult to counterfeit.
