Fremont Bank to Offer Secure Chip Debit Cards
New debit card further protects cardholders from theft and fraudulent charges
FREMONT, California - July 11, 2011 - Fremont Bank, the
leading full-service community bank in Northern California, announced
today it will be one of the first community banks on the West Coast
to offer clients state-of-the-art secure chip debit cards. The technology
featured in the new debit cards will provide an advanced level of
data security for Fremont Bank's clients. The new debit cards will
be available to an initial group of approximately 400 Fremont Bank
debit cardholders during the third quarter of 2011.
"The safety and security of our clients' data is our top priority,
and we are pleased to be one of the first West Coast community banks
to offer this level of debit card data protection," said Chris
Olson, Fremont Bank's chief operating and enterprise risk officer.
Fremont Bank's new debit cards will use STAR CertiFlash™,
a chip application developed by First Data's STAR® Network that
uses one-time card number technology to advance security at the
point of sale.
Most banks in the U.S. currently use a magnetic stripe on debit
and credit cards to store the cardholder&'s name, account number
and other authenticating information. It is possible for thieves
to copy the data off of the magnetic stripe to create fraudulent
To counter this type of fraud, the STAR CertiFlash technology eliminates
the consumer’s card data from the payment transaction. The
technology is programmed onto a chip that is embedded within a payment
device, such as a debit card. For each STAR CertiFlash transaction,
the chip encrypts and transmits a card number that is good for only
a single use.
Real cardholder data from the STAR CertiFlash transaction is not
stored in the merchant's systems or transmitted when the transaction
is processed. If the information that is transmitted was stolen,
it would be useless for additional transactions. As an added layer
of security, cardholders are required to verify their identities
by entering PINs for transactions over $25 or those that contain
Cardholders can take advantage of the added security at retail
establishments that have "contactless" card readers at
the point of sale. Contactless readers read the chip when the card
is touched to the reader; they do not require the card to be swiped.
The cards will continue to have magnetic stripes to allow use at
all point-of-sale locations until the U.S. moves away from magnetic
stripe technology as other countries are doing.
STAR is one of the nation’s leading EFT networks with more
than 2 million retail and ATM locations, and a First Data company.
First Data is a global leader in electronic commerce and payment
About Fremont Bank
Fremont Bank (www.fremontbank.com)
is the leading full-service community bank in Northern California.
Founded in 1964, Fremont Bank is one of the oldest independent family
owned and managed banks in the region and focuses on personalized
service for individuals and businesses. It serves communities through
19 branches and seven additional ATMs throughout the Greater Bay
Area. Exceptional client service is the cornerstone of Fremont Bank’s
business. Accommodation of customer needs in a friendly, personal
atmosphere characterizes the Bank’s culture.