The cards with encrypted microchips include a custom personal identification number, or PIN, that can be used at merchants equipped for that technology. The cards will still have magnetic stripes to allow for transactions at merchants that are unable to accept a credit card chip.
"These changes enhance the security and fraud protection of our commercial cards while also providing benefits to our customers," said
Credit cards with chip technology are used much more commonly outside
While M&T's commercial credit cards use both a microchip and a PIN,
Some other institutions are offering cards with chips but without a PIN -- meaning customers' signatures are still required. Without the PIN, it can be harder for Americans overseas to use their enhanced cards, Schulz said.
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