The technology behind Standard Chartered Ghana’s new secured credit cards
Standard Chartered Ghana launched their Credit Cards at the Kempinski Hotel, Gold Coast City, Accra on 5th July 2017.
The launch was attended by professionals from the Banking and Finance Industry in Ghana as well as customers of the Bank.
As security is one of prime concern to Ghanaians, Mfidie.com looks at the technology behind these Credit Cards that make as secure as possible.
- Chip and Pin Technology
The new Credit Cards by Standard Chartered Ghana have a Chip and Pin technology. What does this mean? Well, A chip and PIN card mitigates the risk of fraudulent activities on your card at ATMs and merchant outlets. This means you will be required to enter your PIN in order to complete your transactions – giving you increased security when paying for retail transactions.
- Self-Select Pin
Credit Cards that will be issued by Standard Chartered Ghana will not come with a “pre-activated pin”. Customers will have to select the pin they would want to use themselves. This means that customers are more likely to remember their pins when they transact.
- Advanced Transaction Monitoring for Fraud Prevention (FALCON)
Online fraud has got a lot of people worried especially as hackers try very hard to make their “fraudulent transactions look genuine to banking systems”. With the Advanced transaction monitoring activated on Standard Chartered Ghana’s Credit Cards, fraudulent activities on a card will be spotted and flagged/blocked in real time. For example, if customer A uses her Stanchart Credit Card in Osu at 10:50 am, and later at 11:12 her credit card is being used in say Washington, the system will notice the irregularities and flag the said transactions. The FALCON technology, one of the best in the world, lowers false positive rates, minimising unnecessary customer disruptions.
In addition to all these, Standard Chartered Ghana’s Credit Cards also have two-factor authentication so someone cannot pretend to be the card holder. Transactions on the cards also send out instant and free SMS to customers, so they are always up to date.
The Credit Cards by Stanchart have also been linked to customers’ secure online banking platform to allow for increased accessibility.