Bank of America Using New Chip Technology to Improve Credit Card Safety
Bank of America announced today that they are going to start merging some new technology with their credit cards, which will improve the security of the card. More specifically, Bank of America will install microprocessor chip technology into their new cards, which will encrypt and store information.
Consumer and Small Business Products Executive, Susan Faulkner, said that the card is also designed to make purchases abroad more convenient and secure. “The new chip-enabled cards will improve convenience and security of customers’ transactions when traveling abroad. We want our customers to have the best possible experience while making purchases with their credit cards anywhere in the world.
Bank of America said that the new microprocessor chip technology would first be featured in their new Merrill Lynch, U.S. Trust Accolades, Bank Americard Travel Rewards, BankAmericard Privileges, and Virgin Atlantic credit cards. The chip technology will be a feature that cardholders can opt in for when they sign up for BankAmericard Cash Rewards, BankAmericard Power Rewards, BankAmericard, AAA Members Rewards, NEA, Asiana Airlines, Alaska Airlines, Hawaiin Airlines, Royal Caribbean, and Norwegian Cruise Lines.
Bank of America has been using this technology since last year. They first tried the technology out for their corporate and commercial clients in Europe and then select corporate and commercial clients in the U.S. This type of chip technology is pretty prevalent already in Europe because many of their credit cards do not use the magnetic stripe on their cars, but rather rely on EMV chip technology.