A Safer, More Secure Card is Coming Soon
I’ve had my debit card compromised multiple times. That sinking, defenseless feeling of noticing an unfamiliar charge from an unfamiliar gas station in Memphis sandwiched in between my Chipotle and Touchtones Jukebox purchases is very familiar to me. My money is always recouped but the hassle of filing reports and the thought of some crook filling up his car on my dime drives me insane. Is there any defense for this? Do we just sit around and hope that it doesn’t occur again? Luckily, defense is on the way. Financial institutions throughout the world are being proactive in preventing debit/credit card fraud and your Credit Union is as well.
EMV chip cards are coming soon to American Eagle Credit Union. For those unfamiliar with EMV (Europay, Mastercard, Visa) chip technology, trust me – this is big news. EMV credit/debit cards are embedded with a visible chip designed to keep your information safer and more secure. Every time you use the card at a chip-enabled transaction terminal, a unique one-time code is created and used to validate and authenticate the card, making it extremely difficult to counterfeit. Be still my beating heart.
To make a purchase with these new cards at a retailer with a chip-enabled terminal, you simply insert your card into the terminal slot and wait for your information to process. As usual, you will be prompted to authorize your purchase with a PIN or signature. Easy as that. Of course, don’t forget to remove your card after the transaction. If the merchant doesn’t have a chip terminal, you can swipe your card as you do today, as the EMV card also functions as a traditional magnetic strip card.
EMV chip cards are the future. Not every merchant offers chip card terminals but the number is expected to rise dramatically by the end of the year. Be sure to stay connected to your Credit Union for more details in the coming weeks.
Have you been affected by debit or credit card fraud? Any thoughts on the EMV chip technology? Please tell us below!
