(CMR) In an effort to prevent fraudulent activities, Visa has mandated that all card issuers or financial institutions in the Caribbean and Latin America decline “key-entered” transactions received from chip-enabled terminals.
In a notice to merchants and cardholders, Cayman National Bank advised that the new Visa regulation regarding the processing of debit and credit card transactions at Point-of-Sale terminals will be effective 30 April 2024.
As a result, the following guidelines are to be adhered to from April 30, 2024:
-All card transactions conducted at Point-of-Sale terminals must exclusively utilize chip insertion and PIN entry, tap, or contactless methods if the terminal supports chip technology.
-CNB will decline all manually “key-entered” transactions conducted with VISA debit and credit cards.
-Cardholders will not be able to provide their card details over the phone to merchants for the processing of transaction(s).
The proposed changes outlined above will not yet impact cardholders of VISA debit and credit cards issued outside the Latin America and Caribbean region.
Rationale for change
According to the advisory, generally, transactions entered manually pose a higher risk and may result in financial losses for merchants if disputed by the cardholder.
Merchants who store sensitive cardholder data for manual transactions could face potential non-compliance issues with Payment Card Industry Data Security Standards (PCIDSS).
No Impact to Online Transactions
This update does not affect online transactions; it solely pertains to transactions processed at physical Point-of-Sale terminals.
Peace of Mind with Card Security Alerts
CNB is reminding customers that they can get free transaction alerts so they will know what their money is doing 24/7. Email CNB at [email protected] to receive text or email notifications each time your card is used.
Customers with questions or who require further assistance are encouraged to reach out to CNB's Customer Support Team at 949-4655 or 949-8300.
- Fascinated
- Happy
- Sad
- Angry
- Bored
- Afraid