Announcing the New Fremont Bank and MasterCard Partnership
We’re delighted to announce our new partnership with one of the world’s leading global payment companies – MasterCard as our new debit card issuer. This new partnership is part of our commitment to continuously improve the security, benefits and services we deliver. The new Fremont Bank debit cards will be equipped with the latest chip technology, providing an extra layer of security for both the cardholder and merchant and offers cardholders a range of new benefits.
Cards equipped with chip technology (also known in the industry as EMV, which stands for Europay, MasterCard® and Visa®) better protect card information from fraud. When swiping the magnetic stripe of a card, the transaction is open for stealing information at both the device and in transmission. The information is also static, staying the same for every swipe transaction. In addition to the magnetic stripe data, chip cards contain an embedded microchip with the ability to use dynamic data with each transaction. When inserting a chip card at a chip-enabled terminal, each purchase or transaction generates a unique one-time code that cannot be utilized again. This makes these types of transactions extremely secure and reduces the risk of card payment fraud.
“For the last 15 years, MasterCard has played a leading role in the creation of chip technology which has proven to reduce card payment fraud across the globe. We’re excited to be able to leverage their experience to provide our clients with chip cards,” said Chris Olson, SVP, COO. He continued, “Upgrading our debit cards with chip technology is another way that we are taking on fraud and security threats. By equipping our clients with chip cards, they will be disrupted less by data breaches and counterfeit activity from their debit cards.”
In addition to the increased security, Fremont Bank will also be rolling out two new reward programs for debit cards, UChoose Rewards® and MasterCard Easy Savings®. The new UChoose Rewards® points program will give consumers 1 point for every two dollars spent using a signature based transaction. The MasterCard Easy Savings® reward program gives business clients a chance to get money back at participating merchants.
Beginning in December, debit cards issued to new clients will automatically include chip technology. Clients who currently have an active Fremont Bank debit card can expect to receive a new Fremont Bank Debit MasterCard with chip technology in early 2016.
Posted by: Jenny Avon, Online Marketing Manager, Associate Since 2002
10/20/2015 3:38:23 PM
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Filed under: Debit Card
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