New chip credit and debit cards are safer
OAK RIDGE, N.J., Dec. 1, 2015 -- Lakeland Bank is adding an additional layer of security to its credit and debit cards to protect customers against fraud – a computer chip. The advanced security of the chip card will make it extremely difficult for fraudsters to counterfeit or copy the card.
“We’re excited about this highly-secure chip technology,” said Robert Vandenbergh, COO and Regional President. “Our first priority is protecting our customers’ financial data from misuse – chip technology is just one more way to accomplish that.”
The computer chip – a small, metallic square on the front of the card – assigns a one-time code making every transaction unique and the card more difficult to counterfeit or copy. The new cards will still have a magnetic stripe for cases where the merchant does not have an activated chip reader.
“You need to insert the chip card to benefit from this new technology. If the merchant has a chip reader, be sure to use that instead of swiping your card for maximum security,” said Vandenbergh.
Using chip cards is simple and easy to learn. Lakeland Bank is providing the following step-by-step instructions to educate customers:
- Insert your card into the chip-enabled terminal with the chip first, facing up.
- Leave the card in the terminal until the transaction is complete. You may be prompted to sign your name. Be sure to take your card at the end of the transaction.
- If there isn’t a chip-enabled terminal, use the card the traditional way and swipe.
Lakeland Bank has begun to issue chip enabled credit cards to all new customers, and beginning in 2016, will automatically replace an existing customer’s debit card with a chip-enabled card on the card’s next renewal date.
Learn more about smart chip technology in Lakeland Bank’s blog What You Need to Know About Your New Smart Chip Credit Card.
Graphic Courtesy: American Bankers Association
About Lakeland Bank
Lakeland Bancorp (LBAI), the holding company for Lakeland Bank, has $3.7 billion in total assets with 48 branch offices, five regional lending centers, and two loan production offices spanning Bergen, Essex, Middlesex, Morris, Passaic, Somerset, Sussex, Union and Warren counties in New Jersey, and the Hudson Valley region of New York. Lakeland Bank offers an extensive array of consumer and commercial products and services, including online and mobile banking, localized commercial lending teams, and 24-hour or less turnaround time on consumer loan applications. For more information about the full line of products and services, visit LakelandBank.com.