Extends Chip and Pin to full card lineup

George Town, Grand Cayman—16 October 2015: Butterfield Bank (Cayman) Limited (“Butterfield” or the “Bank”) today announced that it has extended “Chip and PIN” technology to its full line of Credit Cards. Chip and PIN Cards feature an embedded, encrypted microchip for data storage that is nearly impossible to replicate, enhancing fraud and counterfeit protection for customers and merchants.

Beginning today, all newly issued Credit Cards in the Butterfield suite will carry the microchip, and all existing non- Chip Cards will be reissued with Chip within the next four months. Cardholders who receive Chip and PIN Cards will also be issued personal identification numbers (or “PINs”) to use to authorise Card transactions where technology is available. Cardholders who have already selected a PIN for their Butterfield Credit Cards (for use at ATMs) will be able to continue to use those same PINs with their new Chip and PIN Credit Cards for point-of-sale (“POS”) transactions.

To make purchases at merchants who are equipped with POS terminals that support Chip and PIN technology, Cardholders insert their Credit Cards at the register into the Chip-enabled POS devices and then confirm the transaction amounts and provide authorisation by entering their PINs on a keypad. With Chip and PIN transaction processing, Credit Cards are never out of the possession or sight of Cardholders, minim ising the risk of Card skimming.

While most overseas merchants in Europe, Canada, Central America and South America are equipped with POS terminals that support Chip and PIN transactions, the technology is still in the process of being rolled out among Cayman’s merchants. As such, Butterfield Chip and PIN Cards will continue to be issued with magnetic stripes and can be used at locations that do not yet have the capabilities of chip processing devices.

Peter Jackson, Senior Vice President, Group Head of Card Services at Butterfield said, “Chip and PIN technology is already in use in more than 130 countries, offering Cardholders greater fraud protection and peace of mind. Butterfield has been a leader in introducing the technology here, and we are pleased that we are now able to offer this enhanced level of fraud protection and convenience to holders of all of our Credit Card products. We are also working closely with our merchants to assist them with converting to Chip and PIN POS technology as quickly as possible.”

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IMAGE: WSJ