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SECU takes lead with new EMV card chip (02/21/2011)
RALEIGH, N.C. (2/22/11)--State Employees’ CU (SECU) in Raleigh, N.C., announced the addition of EMV (chip) technology to its debit card portfolio, making it one of the first financial institutions in the U.S. to add the microchips for increased transaction security over traditional magnetic-stripe cards. Oberthur Technologies will provide SECU with the technology for its EMV migration. While there is widespread adoption of the new technology worldwide, virtually none of the more than one billion chip cards in circulation are in the U.S. SECU’s 1.6 million debit cardholders will now lead the U.S. migration. Chip cards securely store and process data efficiently, said SECU. The cards are also more difficult to copy, providing enhanced security against lost, stolen and counterfeit card fraud. SECU will begin its migration in March, with a completion target date for later this year. “SECU’s goal is to provide products and services which offer enhanced value and protection,” said Leanne Phelps, senior vice president of SECU’s card services department. “The EMV technology enables us to offer members increased fraud protection along with stress-free use of their card worldwide.” SECU has more than $21 billion in assets.


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