Q1: What is EMV?
A1: EMV (stands for Europay, MasterCard®, Visa®) is a global standard for cards equipped with computer chips and the technology used to authenticate chip-card transactions. In the wake of numerous large-scale data breaches and increasing rates of counterfeit card fraud, U.S. card issuers are migrating to this new technology to protect consumers. EMV chip cards are equipped with a small metallic square ( a computer chip) on the front of the card that holds your information.
Q2: Why is the Credit Union adopting EMV technology?
A2: The Credit Union is implementing EMV technology to ensure you have the most secure and seamless purchase experience possible. EMV chip cards ensure your information remains protected. To avoid liability, merchants are required to convert their current card readers to EMV-compliant processing terminals by October 2015. Unattended kiosks – gas pumps, movie ticket kiosks, etc. – are not required to update for a few more years.
Q3: Do I need to update my contact information to receive my new card?
A3: Yes, it is extremely important to make sure your contact and address information is updated with the Credit Union. If the information on your account does not reflect your current address, you may not receive your card.
Q4: What are the benefits of EMV?
A4: There are many benefits to EMV, namely the fraud deterrent technology. One of the biggest benefits is the reduction in credit card fraud resulting from counterfeit cards.
Q5: Why are EMV credit cards and EMV payment transactions secure?
A5: EMV chip cards are inherently more secure due to card authentication and transaction authorization features. EMV chip cards are more secure than the magnetic strip cards currently used in the United States because they have the ability to encrypt data. This means that only authorized users can access your information and duplicate cards. These capabilities help protect against card fraud and provide an enhanced level of comfort when making purchases.
Q6: Is EMV going to be implemented in the U.S.? Are any of the big banks adopting this technology?
A6: Yes, EMV technology will be the chosen method of payment in the United States within the next few years for credit unions and big banks.
Q7: How does EMV help protect against fraud?
A7: EMV cards help protect against fraud by ensuring unauthorized users cannot access your data. EMV cards carry security credentials – known as keys – that are stored securely in the card. These keys help prevent skimming and card cloning. In an EMV transaction, your card goes through an authentication process to ensure it is genuine, and you are verified as the cardholder. All of these features help to prevent fraudulent activity on your card.
Q8: Will I have issues traveling abroad if I have a card with the EMV chip?
A8: If you are traveling abroad, you should not have any issues making purchases. EMV chip card technology is supported in 80 countries abroad, including Canada, countries in Europe, Latin America and Asia, making your purchasing experience that much easier.
Q9: Can EMV protect me against fraud when I make purchases online?
A9: There are ways to protect against fraud when making online purchases with EMV, but currently there is no foolproof method in place. Use the same caution you currently do when making online purchases, including verifying that the website is secure. Two ways to verify the authenticity of the website is to ensure that, when you go to make a purchase, there is a yellow lock symbol in the lower right-hand corner of the page and an “s” at the end of the “http:” URL line in your browser. If you do not see these indicators, leave the page right away.
Q10: Will the EMV chip cards also have the magnetic strip?
A10: Yes, your new EMV chip card will include the magnetic strip, giving you dual-purpose technology to enhance your purchasing capabilities. This means that you will be able to use the EMV chip at retailers who support EMV processing, and the magnetic strip at all other locations.
Q11: By having both the EMV chip and the magnetic strip on my card, is the improved fraud provided by EMV void?
A11: No, the improved fraud protection provided by the EMV chip is not void. The EMV chip provides enhanced security utility when used at an EMV card reader, and the magnetic strip provides the convenience to use your card at any merchant locations that have not yet implemented EMV payment processing terminals.
Q12: Will EMV cards still be protected by Visa’s Zero Liability* policy?
A12: Yes, all transactions made using your EMV credit card will be covered by Visa’s Zero Liability policy. This gives you the option to contest unauthorized charges made on your credit card, giving you peace of mind about your finances.
Q13: Will activating the new card deactivate my old credit card?
A13: No, activating your new card will not deactivate your old credit card. You will still be able to use your old card for approximately 3 weeks after we have distributed your new card. Following that time, the old card will be automatically deactivated.