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  July 21, 2010
Interswitch Attains Payment Card Data Security Standard Certification (PCI DSS).

February 09, 2010
InterSwitch Invests in Nigerian Children’s Education, Initiates CSR Programme.

January 04, 2010
Interswitch Receives Honour From Global Atm Association, Becomes Loyal Member.

BANK PHB LAUNCHES HIGH SECURITY CHIP ENABLED CARDS.

Bank PHB has commenced the issuance of the Verve Card. The Verve card is the new face of Bank PHB’s Activ debit card.

Mrs. Uchenna Okwodu, Bank PHB’s Vice-President, E-Business, underscored the bank’s commitment to conclude its migration from magnetic strip cards to chip and PIN cards ahead of the deadline set by the Central Bank of Nigeria (CBN).

She explained that the bank’s new customers would be issued Verve cards while old customers would be requested to visit any of the bank’s branches to replace their magnetic stripe cards with the more secure Verve cards. The Verve cards will also be issued for lost, stolen or damaged cards.

Mrs. Okwodu also highlighted some of the benefits derivable from the Verve card; the chip enabled Card is accepted across all available payment channels in Nigeria. Verve cardholders can conduct their payment transactions on over 12, 000 Point of Sale (POS) terminals, 8,300 Automated Teller Machines (ATMs), 400 web merchants’ sites and on over 50,000 mobile phones powered by Interswitch.

   

 

In his comments, Mr. Mitchell Elegbe, CEO of Interswitch stated that the company’s chip and PIN card is the most secured chip card available to cardholders in Nigeria today; “We have woven a number of security features and fraud management solutions around the Verve card and these initiatives were developed to address different types of fraud which have been observed in the last couple of years.”

According to Mr. Elegbe, the security features includes; an SMS alert and response card protection service that triggers an SMS alert whenever transactions are processed with the Verve Card with an option to hotlist if transaction is unauthorized (MoneyGuard). An IdentityGuard device to ensure that a one-time PIN number is generated for each transaction conducted with the Verve Card and FraudInsure a card fraud insurance scheme. Others include FraudAware a multi-channel marketing and education campaign, aimed at educating cardholders on the importance of safe guarding their PINs and FraudWatch a portal and mailing system for fraud reporting.

Mr. Elegbe noted that Interswitch is committed to helping banks accelerate their cut-over to the chip and PIN platform.

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