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New EMV Debit Cards Coming Soon

New chip technologies are evolving that will help increase security, reduce fraud and enable the use of future value-added applications. A chip card is a standard-size plastic debit or credit card that contains an embedded microchip, as well as the traditional magnetic stripe. The chip protects in-store payments because it generates a unique, one-time code that is needed for each transaction to be approved. It is virtually impossible for fraudsters to replicate this feature in counterfeit cards, providing you greater security and peace of mind when making transactions at a chip-enabled terminal.

 

If the retailer has a chip-enabled terminal, simply insert the chip end of your card face up into the terminal.

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The chip card will remain in the terminal while the transaction is processed. To authorize your transaction, just follow the prompts as you do today. You’ll be prompted to enter your PIN or to provide a signature as you normally would to verify the transaction. You may not be asked for a PIN when travelling internationally. Your card will remain in the terminal until the transaction is completed. If the retailer is not equipped to read the chip card, just swipe as you do today. However, if you swipe your chip card at a chip-enabled terminal, the terminal may prompt you to insert your chip card into the terminal. Transactions made over the phone or online will not change.

 

A cardholder’s confidential data is more secure on a chip-enabled payment card than on a magnetic stripe (magstripe) card, as the former supports dynamic authentication, while the latter does not (the data is static). Consequently, data from a traditional magstripe card can be easily copied (skimmed) with a simple and inexpensive card reading device – enabling criminals to reproduce counterfeit cards for use in both the retail and the CNP environment. Chip (EMV) technology is effective in combating counterfeit fraud with its dynamic authentication capabilities (dynamic values existing within the chip itself that, when verified by the point-of-sale device, ensure the authenticity of the card).

 

TUFCU will be rolling out new EMV debit cards in the near future. These new cards will provide more protection against fraud. Of course they will not help in “not present” transactions such as purchases made over the internet. You debit card number and PIN will not change, however you will have a new expiration date. There is no charge for the new cards however there is a fee if you need a replacement card.