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EMV Chip Technology, The Future Is Here
Posted on 8/19/2015
The need to protect your finances from fraud isn’t new. But with identity theft on the rise in recent years, it’s a growing concern. EMV cards, the next generation of credit and debit cards, are here and will help the fight against fraud.
The need to protect your finances from fraud isn’t new. But with identity theft on the rise in recent years, it’s a growing concern. EMV cards, the next generation of credit and debit cards, are here and will help the fight against fraud.
Consumers Credit Union cards are making the switch to the new EMV chipped cards to ensure our Members are protected from financial fraud as much as possible. EMV cards, also known as chip enhanced cards, are an effective way to help guard against credit card fraud. Named after the companies that came together to develop them, Europay, Mastercard, and VISA, these cards are already the standard across Europe and much of the rest of the world. Now the U.S. is getting up to speed.
The new EMV cards are coming and you may have noticed that a lot of merchants have already switched out the terminals. EMV cards are not only more secure, they are also simple to use. EMV cards and terminals work together to protect against fraud. A unique one time code is generated behind the scenes that is needed for the transaction to be approved, a feature that is virtually impossible to replicate in a counterfeit card. These cards will be inserted in the machine rather than the old method of swiping the card. If you do swipe, the machine will prompt you to insert the card instead.
Because many merchants have the EMV enable terminals but are not yet accepting the EMV card, CCU recommends Members to still swipe their card first and follow the terminal prompts. This will ensure your card will be read properly.
Greater Personal Fraud Protection: Because the transactions are encrypted, there is a significant reduction in counterfeiting and fraud due to lost and stolen cards.
Safer Online Transactions: If your card information is stolen through an online purchase, the numbers are likely sold on the black market to produce a counterfeit card. With the EMV technology, fraudsters cannot reproduce the EMV chip which will prevent them from using the counterfeit card at merchants accepting the EMV technology.
Greater Convenience for Travelers: Since many other countries have already made EMV cards the standard, you won’t have to worry about your card being turned away when traveling outside the U.S.
Global Financial Lessons: Fraud is moving to the areas that haven’t upgraded to the new technology. The rest of the world has either already migrated to EMV or has firm plans to do so, if the United States did not move to EMV, it could become a primary target of fraudsters.
A Threat Still Remains: When you receive your new EMV card, continue to be cautious of fraudulent online purchases. The EMV chip will help reduce fraud but it is important that Members continue to review their accounts regularly and report any fraudulent or suspicious transactions immediately.
Your new Consumer Credit Union EMV chip card will still include the magnetic stripe giving you dual purpose technology to enhance your purchasing capabilities. This means that you will be able to use the EMV chip at merchants who support EMV processing and the magnetic stripe at merchants that don’t.
Consumers Credit Union is very excited to bring this new technology to you. We know that you will love this feature and the level of protection that the EMV cards provides. As we move forward, Members will receive the new cards automatically. The CCU credit cards will be converted to EMV by the end of 2015 and CCU debit cards in 2016. There is no need to call and order one. For more information about EMV card please visit https://www.myconsumers.org/tools/security/emv-for-debit-cards.
Consumers Credit Union cards are making the switch to the new EMV chipped cards to ensure our Members are protected from financial fraud as much as possible. EMV cards, also known as chip enhanced cards, are an effective way to help guard against credit card fraud. Named after the companies that came together to develop them, Europay, Mastercard, and VISA, these cards are already the standard across Europe and much of the rest of the world. Now the U.S. is getting up to speed.
The new EMV cards are coming and you may have noticed that a lot of merchants have already switched out the terminals. EMV cards are not only more secure, they are also simple to use. EMV cards and terminals work together to protect against fraud. A unique one time code is generated behind the scenes that is needed for the transaction to be approved, a feature that is virtually impossible to replicate in a counterfeit card. These cards will be inserted in the machine rather than the old method of swiping the card. If you do swipe, the machine will prompt you to insert the card instead.
Because many merchants have the EMV enable terminals but are not yet accepting the EMV card, CCU recommends Members to still swipe their card first and follow the terminal prompts. This will ensure your card will be read properly.
Information About the EMV Chip Card
Greater Personal Fraud Protection: Because the transactions are encrypted, there is a significant reduction in counterfeiting and fraud due to lost and stolen cards.
Safer Online Transactions: If your card information is stolen through an online purchase, the numbers are likely sold on the black market to produce a counterfeit card. With the EMV technology, fraudsters cannot reproduce the EMV chip which will prevent them from using the counterfeit card at merchants accepting the EMV technology.
Greater Convenience for Travelers: Since many other countries have already made EMV cards the standard, you won’t have to worry about your card being turned away when traveling outside the U.S.
Global Financial Lessons: Fraud is moving to the areas that haven’t upgraded to the new technology. The rest of the world has either already migrated to EMV or has firm plans to do so, if the United States did not move to EMV, it could become a primary target of fraudsters.
A Threat Still Remains: When you receive your new EMV card, continue to be cautious of fraudulent online purchases. The EMV chip will help reduce fraud but it is important that Members continue to review their accounts regularly and report any fraudulent or suspicious transactions immediately.
Your new Consumer Credit Union EMV chip card will still include the magnetic stripe giving you dual purpose technology to enhance your purchasing capabilities. This means that you will be able to use the EMV chip at merchants who support EMV processing and the magnetic stripe at merchants that don’t.
Consumers Credit Union is very excited to bring this new technology to you. We know that you will love this feature and the level of protection that the EMV cards provides. As we move forward, Members will receive the new cards automatically. The CCU credit cards will be converted to EMV by the end of 2015 and CCU debit cards in 2016. There is no need to call and order one. For more information about EMV card please visit https://www.myconsumers.org/tools/security/emv-for-debit-cards.