Starting this summer, we are upgrading our Visa Debit Cards to the new EMV Smart Chip Technology to provide our members the highest level of card security available. EMV stands for Europay, MasterCard, and Visa. It is a global standard for cards equipped with computer chips and the technology used to authenticate chip-card transactions. There is a huge increase in large-scale data breaches and increasing rates of counterfeit card fraud, which is the reason card issuers are migrating to this new technology. We want to protect against and reduce the cost of card fraud.
The magnetic stripes on traditional credit and debit cards contain unchanging data. Whoever accesses that data gains the sensitive card and cardholder information necessary to make purchases. This makes traditional cards prime targets for counterfeiters who convert stolen card data to cash.
An EMV Smart Chip is that small, metallic square you’ll see on newer cards. That is a computer chip. Unlike the magnetic stripe cards, every time an EMV card is used for payment, the chip creates a unique transaction code that cannot be used again. If someone stole the chip information from one specific point of sale, typical card duplication would never work because it isn’t useable again. EMV technology won’t prevent data breaches from occurring but it will make it much harder for criminals to successfully profit when they steal. The hope is EMV cards will reduce fraud.
If you want to know more about this transition and your new EMV Smart Chip VISA Debit Card, feel free to contact a Credit Union Representative at 800-683-6455.