Chemung Canal Trust Company (CCTC) recently announced that, in an effort to reduce potential fraud, it would reissue all new debit cards to nearly 45,000 clients in the coming weeks. All of the new cards will feature anti-fraud technology which is expected to reduce risk to the bank and its clients, and minimize the number of card re-issuances that result from data breaches which sometimes occur at local, regional or national merchants. This anti-fraud technology is commonly referred to as an EMV Chip.<\/p>\n
\u201cThe cost and inconvenience, to both our clients and the bank, combined with the advancement of technology and changes in regulations, all makes this the perfect time to reissue the cards and provide additional peace of mind to our clients and the business community within our twelve county footprint,\u201d said Anders M. Tomson, CCTC president and chief operating officer.<\/p>\n
\u201cThe new cards, which will be distributed during the next thirty days, will contain a microchip which, when used with a merchant\u2019s new microchip reader, provides an extra layer of anti-fraud protection,\u201d said Michael J. Crimmins, CCTC senior vice president of support services. \u201cThis technology has been used successfully, over the last several years, throughout the world and is only now becoming standard throughout the United States,\u201d Crimmins added.<\/p>\n
Along with the re-issuance of the card with the EMV chip, Chemung Canal announced that it would be changing the look of each type of Debit Card, and changing the bank\u2019s affiliation to MasterCard\u00ae.<\/p>\n
\u201cMasterCard\u00ae is a highly respected and recognizable brand, accepted by millions of retailers, restaurants and service providers worldwide,\u201d Tomson said.<\/p>\n
According to Chemung Canal, not all retailers and service providers have adapted to the new payment technology, but that won\u2019t be an issue for Chemung Canal clients when using their newly issued cards.<\/p>\n
\u201cOur cards will utilize both the EMV and \u2018swipe and sign\u2019 technology,\u201d Crimmins said, \u201cso going forward our clients\u2019 cards will be adaptable to whichever card machine that the merchant utilizes.\u201d<\/p>\n
\u201cThe bank has been very pro-active in getting the message out to clients,\u201d according to Crimmins, adding, \u201cWe\u2019ve utilized traditional mailings and social media (Facebook, Instagram and eBlasts) to get the word out. Our website is updated with pictures of the new cards, a Q&A for clients and even an instructional video.\u201d<\/p>\n
\u201cThis re-issuance project touches a high percentage of our client base and by educating our staff and utilizing a variety of communication opportunities, we are confident that when the card comes in the mail our clients will be ready and eager to react to this change,\u201d he said.<\/p>\n
On June 30, 2015, Chemung Financial Corporation, the holding company of Chemung Canal Trust Company, reported assets of $1.6 billion and total equity of $136.5 million. The bank\u2019s operations include 34 branch offices located in 11 New York counties and Bradford County, Pa.<\/p>\n
Chemung Canal also features a full service Wealth Management Group that reported $1.9 billion in assets under management or administration on June 30. The bank has 397 full-time and part-time employees.<\/p>\n
Established in 1833, Chemung Canal Trust Company, a full service community bank with full trust powers, is the oldest, locally-owned and managed community bank in New York State. Chemung Financial Corporation is also the parent of CFS Group, Inc., a financial services subsidiary offering non-traditional services including mutual funds, annuities, brokerage services and insurance. CFS Group, Inc. was founded in 2001.<\/p>\n","protected":false},"excerpt":{"rendered":"
Chemung Canal Trust Company (CCTC) recently announced that, in an effort to reduce potential fraud, it would reissue all new debit cards to nearly 45,000…<\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"ngg_post_thumbnail":0,"footnotes":""},"categories":[6],"tags":[],"class_list":["post-46526","post","type-post","status-publish","format-standard","hentry","category-news"],"yoast_head":"\n