FREMONT (KCBS) – Fremont Bank has become the first on the West Coast to offer security-enhanced debit cards with information stored on a chip instead of on a magnetic stripe. It’s called CertiFlash technology.
”Today, the magnetic stripe on the back of a debit card contains all of the information on the card, including the security code,” said Fremont Bank COO Christopher Olson. “The CertiFlash chip only contains the last four digits of the card number, and creates a one-time security algorithm that is passed on to the card processor. Therefore, your identity cannot be stolen.”
KCBS’ Mike Colgan Reports:
Olson said that they’re making the change because of a huge increase in the number of debit cards being compromised.
”We, at Fremont Bank, have seen almost a 70 percent increase in just the numbers of claims in the first six months of 2011, versus the first six months of 2010,” said Olson.
The bank is aiming to start issuing the new cards by the end of the month.
Founded in 1964, Fremont Bank is one of the oldest independently-owned and managed banks in the Bay Area, headquartered in Fremont.
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