Abu Dhabi Islamic Bank, a top-tier Islamic financial services institution, announced today that it is on track to migrate all of its Visa Covered and Debit cards to the new generation Chip & PIN cards, in line with the recent Central Bank mandate. Also known as EMV chip-based payment cards, this new technology contains an embedded microchip in addition to the magnetic stripe which offers cardholders additional security features when compared to existing cards.
From mid-2010, all new ADIB cardholders were issued with an EMV Chip & PIN debit and/or covered card. At the same time, ADIB started to migrate existing cardholders from their magnetic stripe cards to EMV cards. Given its successful experience, ADIB has been invited by the UAE Central Bank to provide guidance on Chip & PIN migration to other banks. The UAE Central Bank has mandated that all prepaid and debit cards are to be EMV compliant by 31 December 2012 and all credit (including covered) cards by 31 December 2014.
“As Chip Cards are a more secure alternative to traditional magnetic stripe payment cards, we had the foresight to migrate to this new technology to give our customers added peace of mind. As one of the leading banks in the UAE, we have been early adopters of this new technology to bring us on par with developed countries around the world. Besides increasing convenience for customers, the new technology will avert fraud and other customers’ issues which will enhance our customer service standard,” said Sarvesh Sarup, Head of Retail at ADIB.
"We are delighted that we were invited by UAE Central Bank to address this issue and help the UAE Banking system in implementing the technology. The extra layer of security provided by Chip & PIN plays a key role in creating a secure environment and replaces the need for a signature with a personal pin code. This helps prevent the unauthorised use of card information," added Sarvesh Sarup.
EMV chip embedded cards hold information in an encrypted form, enhancing security by making it tamper-resistant and difficult to access.