The introduction of credit card chip technology is the latest addition to Westpac's CardshieldTM fraud protection package for consumer credit cards which includes the Falcon fraud detection system and online shopping guarantee.
Westpac Group Executive, Consumer Financial Services, Mike Pratt, said the introduction of security chip technology for all consumer credit card customers would reduce fraud by providing added protection from card counterfeiting, when used at a chip payment terminal.
"Westpac's introduction of chip credit cards adds a real security benefit for our customers. When chip credit cards are used at chip enabled terminals, fraud is expected to reduce significantly.
"Chip cards store customer's credit card account details on an embedded security microchip which makes the chip card harder to counterfeit than magnetic stripe cards when used at a chip payment terminal - reducing fraud," Mike said.
"Our customers tell us that they value additional security features on their products and we are pleased to be able to now offer the latest global standard in credit card security.
"The rollout of credit cards embedded with security chips is an important step in combating the problem of credit card fraud and further adds to our existing CardshieldTM package that is included on all Westpac credit cards."
Westpac will roll-out credit cards with chip technology to its consumer Visa and MasterCard credit cardholders from May this year. Customers will also receive information on features of the new chip card.
Westpac's merchant credit card terminals in Australia will also be progressively upgraded to support chip processing. Once merchant terminals begin chip processing, the chip credit card will be inserted into the chip terminal reader for the duration of the payment process, similar to using an ATM.
Customers will continue to use their chip credit card in the same way that they use a regular credit card at terminals that don't currently support chip processing.
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