News Column

M&T offering commercial credit cards with enhanced security

July 10, 2014

By Matt Glynn, The Buffalo News, N.Y.

July 10--M&T Bank has introduced commercial credit cards with microchips, a feature designed to fight fraud.

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 Chris Morphew, group vice president for commercial products at M&T Bank, in a statement. "Travelers will benefit from the chip-enhanced card as international adoption for this technology is in everyday use."

Credit cards with chip technology are used much more commonly outside the United States. The chip and PIN provide an additional layer of security to block counterfeiters from stealing customers' data. M&T will issue its new commercial cards with chips to customers as their current cards expire.

While M&T's commercial credit cards use both a microchip and a PIN, Matt Schulz, a senior industry analyst at, noted that some other U.S. financial institutions are offering chip-enabled cards without that same level of enhanced security.

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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Source: Buffalo News (NY)

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