Nedbank rolling out cards with improved security to clients
Nedbank is currently rolling out cards with improved security features to its current and savings account clients. This is part of a process to completely phase out old magnetic strip cards and to replace them with the improved and higher security Chip-and-Pin technology.
The new cards are embedded with an integrated circuit (a chip) which are unlocked with a pin and cannot be cloned. Although the cards still have a magnetic strip, this strip does not contain any account information and cannot be used to make transactions. The new technology provides a major security improvement on the old magnetic strip only cards and Nedbank is currently one of only two major commercial banks to issue them.
The new cards allow clients ATM access around the world, free transactional SMSes to track card transactions and have a preset limit of N$3000. The cards are also Europay, Mastercard and Visa (EMV) compliant and can be used anywhere in the world where these payment systems are offered.
Nedbank savings and current account holders are encouraged to visit their nearest Nedbank branches to trade in their old cards for the new Chip-and-Pin cards. The exchange process takes about five minutes at no cost to the client for the first card. For added convenience Nedbank clients can visit the Nedbank Namibia stand at the Namibia Tourism Expo (NTE) between 18 – 20 May 2016 to exchange their cards with minimal effort.
Banking clients should also take note that the Bank of Namibia has requested all current and savings account cards issued by commercial banks to implement Chip-and-Pin technology by March 2017, after which the use of old magnetic strip only cards will be phased out.