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Butterfield Enhances Credit Card Security; Extends Chip and PIN to Full Card Lineup

Hamilton, Bermuda—21 October 2015: The Bank of N.T. Butterfield & Son 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 virtually impossible to replicate, enhancing fraud and counterfeit protection for customers and merchants.

The Bank was the first in Bermuda to introduce Chip and PIN technology on its premium (rewards) Cards in 2013. 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 Chips during the next three months. Cardholders will also be issued a personal identification number (or “PIN”) to use to authorise Card transactions where technology is available. Cardholders who have already selected PINs 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, minimising 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 Bermuda’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 bringing the technology to the island and was the first to market with Chip and PIN Credit Cards two years ago. We are pleased that we are now able to offer this enhanced level of fraud protection and convenience to all of our Credit Cardholders, and we will work closely with our merchants to assist them with converting to Chip and PIN POS technology as quickly as possible.

“Replacing all our customers’ outstanding mag-stripe only Credit Cards with Chip-embedded Cards will provide the peace of mind to our Cardholders when travelling anywhere in the world that, regardless of the POS option, their Cards will be readily acceptable.”


Notes to Editors:
Butterfield Debit Cards, and Butterfield Line Cards—which provide Butterfield customers with access to home-equity based revolving line of credit accessible through a MasterCard product—will not be included in the Chip and PIN conversion at this time.
This Release does not constitute an offer to sell securities, or a solicitation of an offer to buy securities, in any jurisdiction, including without limitation the United States of America. Securities may not be offered or sold in the United States of America absent registration or an exemption from registration under the U.S. Securities Act of 1933, as amended. A public offering of securities in the United States, if any such offering is made, will be made by means of a prospectus that may be obtained from The Bank of N.T. Butterfield & Son Limited (“Butterfield”) containing detailed information about Butterfield  and management, as well as financial statements.
Butterfield is specialist provider of international financial services. The Butterfield Group offers a full range of community banking services in Bermuda, and the Cayman Islands, encompassing retail and corporate banking and treasury activities. In the wealth management area, the Group provides private banking, asset management, investment advisory and personal trust services from its headquarters in Bermuda and subsidiary offices in The Bahamas, the Cayman Islands, Guernsey, Switzerland and the United Kingdom. Butterfield also provides services to corporate and institutional clients from offices in Bermuda, The Bahamas, the Cayman Islands and Guernsey, which include asset management and corporate trust services.
Butterfield is publicly traded in Bermuda, and its shares are listed on the Bermuda Stock Exchange.  Butterfield’s share price is published daily in The Royal Gazette ( and is also available on Bloomberg Financial Markets (symbol: NTB BH) and the Bermuda Stock Exchange website (  Further details on the Butterfield Group can be obtained from our website at:



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