EMV, an acronymn for Europay, Mastercard and VISA, is the worldwide standard for credit and debit payment cards using embedded microchips. This new chip-based technology provides better security protection because the chip inside the card encrypts transaction information. It is usually a one-time encryption, so every transaction gets its own unique data. That makes it harder for someone to steal your information.
Our new cards enable both
magnetic-stripe and chip-enhanced payments. This way we can help simplify your purchase experience as technology continues to change. We're making sure that in the future, all members with the EMV chip cards will be up and running with this new, more secure technology as it is adopted by U.S. merchants. It is already commonly used outside the U.S., especially in Europe, making your card a great choice to use while traveling.
Look for the new EMV VISA chip card to be sent to you upon expiration of your current one in the
USSFCU is always working to keep our members on the forefront of financial technology. While the new cards may look slightly different, flat text and newly added EMV chip on the front, the cards will still function the same way as the old cards.The new cards can be swiped if the technology is not available or inserted into the terminal when the technology is available. All merchants will be required to update their processing terminals which means you should start familiarizing yourself with inserting the card into the terminal to process the payment. To learn how to use the new card, click here.
We also want to assure you that our new EMV chip cards will continue to provide all the same benefits and rewards you received with your previous card.
Enjoy your new cards!
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Why are countries migrating to EMV?
Issuers around the world are including chips in bank cards and merchants are moving to EMV-compliant terminals to increase security and reduce fraud resulting from counterfeit, lost and stolen cards.
When will the US Senate Credit Union start issuing the EMV Chip Cards?
We started issuing the EMV chip cards for our Smart Rate and Smart Reward cards only as of April 21, 2014. Our members will get the EMV chip cards at the time of renewal of their expired card or when they report their card lost or stolen. EMV chip debit cards will be issued at a later date to be determined.
What is a chip credit or debit card?
Chip cards, or "smart cards" have a microchip embedded in the credit or debit card. The chip is encrypted and provides stronger security and protection against fraud. A chip card also has a magnetic stripe on the back of the card. EMV cards store payment information in a secure chip rather than on a magnetic stripe and the personalization of EMV cards is done using issuer-specific keys. Unlike a magnetic stripe card, it is virtually impossible to create a counterfeit EMV card that can be used to conduct an EMV payment transaction successfully.
What does a chip card look like?
Many features of a chip card are the same as a magnetic stripe card. Both cards are embossed on the front with the card number, cardholder name and expiration date and provide the three-digit security code on the back of the card. The key difference is the gold or silver-colored embedded chip on the front left side of the card.
Why are EMV credit and debit cards and EMV payment transactions secure?
The microchip embedded in the card stores required and vital information. The chip is encrypted and provides strong security and protection against counterfeiting. The chip contains an extra layer of security. If the data from the chip card is breached it cannot be used on a magnetic stripe of a fraudulent card. No personal information about your account is stored on the chip card.
How do I make a chip card transaction?
Will Members with EMV cards have issues paying for purchases within the U.S.?
- Insert the chip portion of the card (left hand side) into the terminal with the chip facing up. It's important to leave the card in the terminal until the transaction is complete. (If you remove the card too soon, the transaction will end and your purchase will not be processed.)
- Follow the prompts on the terminal's screen.
- The terminal will display the purchase amount
- Once the purchase is approved, a receipt is printed for your signature. When your transaction is complete, you will be prompted to remove your card.
No. Currently, all EMV cards also have a magnetic stripe, so that those cards can be used in regions and countries that have not deployed EMV.
Should U.S. travelers with magnetic stripe only (i.e., no EMV chip) payment cards expect issues when traveling to countries that have implemented EMV?
Some U.S. travelers have been reporting troubles using their magnetic stripe cards while traveling. The most common areas where travelers may face issues are at unmanned kiosks for tickets, gasoline, tolls and/or parking, and in rural areas where shop owners do not know how to accept magnetic stripe cards