EMV Cards: From Strip to Chip

If you have a credit card with The Partnership FCU, upon renewal of your card you will receive a new card that is EMV ready. Take a close look and you will see a new chip on the front of your card. This chip provides more security and added piece of mind. These chip cards, known as EMV cards, are the global standard for credit card acceptance.

You’ve likely been hearing a lot in the news about EMV credit cards. This is because as of October 1, the liability for some counterfeit fraud may shift from card-issuing financial institutions to retailers unless they are able to accept and process EMV card transactions.

What are EMV cards?

EMV cards are named after the three original developers: Europay, MasterCard and VISA, and provide enhanced security for transactions. With an embedded microchip, they are designed to be more fraud-resistant. The microchip contains dynamic data that cannot be easily copied by fraudsters. It adds a unique, one-time code that changes every time you use your card to make an in-store payment. That automatic security code change makes your data nearly impossible to use to create a counterfeit card.

How do I use my EMV card?

If you’ve been overseas, you’ve probably seen these cards in action. Extremely prevalent in Europe, EMV terminals are becoming more popular in the United States. As merchants begin to adopt the technology, your card will be ready to provide you with the most secure transactions. However, once these new terminals are installed, how you pay with your card will be different:

  1. Swipe your card. If a merchant does not have an EMV terminal, or you do not have a chip card, don’t panic. Your transaction will be processed just like it is today, using the magnetic strip for the foreseeable future.
  2. If there is an EMV terminal, you will be prompted to insert your card. The terminal will proceed to authenticate your card, which may take up to thirty seconds, and keep it safe until you complete the transaction. You may authenticate your card one of two ways: with a PIN (Personal Identification Number) or a signature, depending on the terminal. Once your card is authenticated and your transaction is complete, remember to remove your card from the terminal and take it with you!

EMV-PFCU

What about online shopping?

Please keep in mind, EMV cards do not protect from online fraud—it only protects consumers when they insert their card in an EMV terminal during an in-store transaction. Even if the store has EMV terminals, if you shop online, you’re still not protected from online fraud. EMV cards won’t stop thieves from stealing your online shopping payment, login or password information. It’s still entirely up to you and the online merchant to protect card data that you key in manually. Remain vigilant and always ensure you’re practicing safe online shopping habits to lower your changes of online fraud:

  • Shop at sites that are reputable. Avoid shopping on unfamiliar or unsecure website. Secure sites will have “https” at the beginning of the payment page’s URL, instead of just “http”.
  • If you store your card information with any online retailers, change your passwords regularly, and do not use the same password for every site.
  • ALWAYS avoid sending credit card information over email or social media.

Visit our EMV Chip FAQs for answers to the most popular questions. Still have questions or concerns? Please contact us.