Improved Security for your Visa® Card
We have all heard of the data breaches that have compromised millions of credit and debit card numbers at local and national retailers. You may have even been affected by fraud. With the media spotlight surrounding these breaches, you have probably heard or read a story surrounding the EMV chip-enhanced cards already being utilized in other countries. The time has come for financial institutions in the United States to adopt this fraud deterring technology.
What is EMV? It stands for EuroPay, MasterCard® and Visa. These are the three companies that collaborated and developed the technology.
What makes the chip more secure? Chip technology encrypts different data for each transaction (dynamic authentication). Magnetic stripes provide the same data (static data) each and every time you conduct a transaction, and fraudsters have access to inexpensive means of making counterfeit versions of magnetic stripe–only cards.
The chip that is embedded in the card is like a miniature computer with its own operating system, memory, communications, security features and the ability to encrypt and decrypt data. This technology makes it nearly impossible for thieves to create counterfeit EMV chip cards.
Worldwide acceptance. You can use your chip card conveniently when traveling. There are billions of chip cards in wallets today and millions of active terminals worldwide in over 130 countries. In the U.S. the number of merchants with active terminals is on the rise due to increased adoption in order to reduce fraud.
How does chip technology work at checkout?
Because some merchants will be slower to accept chip technology, chip cards still include a magnetic stripe for use in traditional terminals. Merchants who accept cards with chip technology provide terminals for chip-embedded cards. If you swipe your card at an active terminal, it will prompt you to insert your card. To conduct a transaction, just follow these easy steps:
Rather than swiping your card, insert it into the terminal, chip first, face up and leave the card in the terminal while your transaction is being processed.
Follow the prompts on the screen and sign the receipt or enter a PIN. PIN or signature is dependent on how the merchant sets up processing on their terminal.
When the transaction is complete, the terminal screen will prompt you to remove your card.
Remember to take your card with you.
Watch this short video to see a typical EMV chip card purchase.
EMV chip card FAQ's
Q: Will I receive a new card that includes EMV technology?
A: By the first quarter of 2016 all Visa Credit and Debit Cards will include an EMV chip. Our members will receive an enhanced level of security as well as global acceptance.
Q: How does the chip technology protect my information?
A: Every time you use your card at a chip-enabled terminal, the embedded chip generates a
unique transaction code. This prevents stolen data from being fraudulently used.
Q: What should I do with my existing Visa Credit or Debit Card?
A: Once you receive and activate your new card, please destroy your existing card for security reasons.
Q: Where can I use my chip-enabled card?
A: You can use your card at millions of places that accept Visa credit and debit cards, at home and
around the world.
Q: Can I still swipe my card to pay?
A: Yes, if a merchant is not yet chip-enabled, you can continue to swipe your card.
Q: Will my card information change?
A: Your card number, PIN and expiration date will change with the new EMV card. Be sure to update your information with billers that charge your card regularly and with your bill-pay service to ensure payments post properly.
Q: Will I have to pay any fees to use my chip-enabled card?
A: No. There are no additional fees to use your new card.