VISA – New Mandate for Processing Transactions

We wish to inform both merchants and cardholders of a recent update from VISA, regarding the processing of debit and credit card transactions at Point-of-Sale terminals, effective 30, April 2024.

Processing Changes for VISA Debit and Credit Cards

All card issuers (i.e. financial institutions such as CNB that create, manage and approve applications for credit card accounts)within the Latin America and Caribbean Region have been mandated by VISA to decline "key-entered" transactions received from chip-enabled terminals. This measure is implemented to support the bank's efforts in safeguarding you from potential fraudulent activities associated with "key-entered" transactions.

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 utilise 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).

N.B. The proposed changes outlined above will not yet impact cardholders of VISA debit and credit cards issued outside the Latin America and Caribbean region.

Rational for change

• 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

We would like to remind you that you can get free transaction alerts, so you will know what your money is doing 24/7. Email us at This email address is being protected from spambots. You need JavaScript enabled to view it. to sign up and we will send you a text or email each time your card is used.

Should you have any questions or require further assistance, please do not hesitate to reach out to our team at Customer Support Team at 949-4655 or 949-8300.

We appreciate your understanding and cooperation. Thank you for choosing Cayman National Bank.

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