VISA – New Mandate for Processing Transactions effective April 30, 2024

Dear Valued Cardholders,

We would like to inform you of an important update from VISA regarding the processing of VISA card transactions at Point-of-Sale terminals, effective April 30, 2024.

As mandated by VISA, all card issuers within the Latin America and Caribbean Region are required to decline “key-entered” transactions received from chip-enabled terminals. This measure aims to enhance security and protect against potential fraudulent activities associated with “key-entered” transactions.

As part of this mandate, the following changes will be implemented:

• All card transactions conducted at Point-of-Sale terminals must exclusively utilize chip insertion and PIN entry, tap, or contactless methods if the terminal supports chip technology.
• PROVEN will decline all manually “key-entered” transactions conducted with VISA cards.
• Cardholders will no longer be able to provide their card details over the phone to merchants for transaction processing.

Please note that this update only affects transactions processed at physical Point-of-Sale terminals and does not impact online transactions.

If you have any questions or concerns, please do not hesitate to contact our customer support team at info@provenbank.com.

Thank you for your cooperation and understanding.
Best Regards,
PROVEN Bank Cayman Cards Team