Welcome to the new way of keeping your personal and financial information safe from fraud: the chip card. It’s basically the same card you’re used to using, but with a microchip embedded that works to keep hackers from stealing your data. Pretty great, right?
Why are chip cards more secure than traditional magnetic stripe cards?
See the tiny metallic square on the front of your card? That’s where the microchip is embedded. It works by creating a unique transaction code for each transaction you make. The code can’t be used a second time.
How do I use my chip card to make a purchase?
If there’s a chip-enabled terminal, simply slide your card, chip end first, into the machine and follow the prompts. Be careful not to remove your card until it says you’re okay to do so. If the terminal isn’t chip enabled, you can swipe your card like you normally would.
Where can I use my chip card?
You can use it anywhere you normally would use your card. If the terminal you’re checking out in is chip-enabled, use that feature like we described above. If it’s not a chip-enabled terminal, just swipe your card as you’re used to. If you are online shopping, you can still manually enter your card number.
If I want to use my chip card at a merchant that doesn’t have a chip-enabled terminal, will I still be able to do a transaction?
No worries! There’s a magnetic strip on your card so that you can use it anywhere that chip terminals aren’t up and running yet.
Will I still have to sign or enter a PIN for my card transaction?
In most cases, yes. If you usually sign or enter your PIN for a transaction right now, you’ll still have to do that going forward. This is because the chip on the card works to protect the card. Entering a PIN number or signing your name proves that you’re you and not someone masquerading as you.
What is my PIN?
A PIN number is a way to verify that you are you, and not someone pretending to be you. You’ll receive your new PIN in the mail a few weeks after you receive your new card. You can also request a PIN through Online Banking. PINs are helpful with credit cards when you want to withdrawal money from an ATM. As a way to protect yourself, be sure not to share your PIN number.
How can you be sure that a transaction isn’t fraudulent?
You know that 3-digit number on the back of your card that you need to enter when you’re online shopping? Well, your card’s microchip is set up to scramble that number at every use, so that your three-digit number is never the same for different transactions. That prevents thieves from being able to steal all your card information and use it, because it changes every time. This is called a “dynamic transaction,” and it’s pretty sweet.
How does EMV deal with payment fraud?
The microchip embedded in your card carries personalized security credentials that are unique to your card. Because the credentials are housed within the chip and inaccessible to unauthorized parties, they are able to help prevent card skimming and cloning, common ways that magnetic stripe cards are replicated and used for fraud. The card and the person using the card are both verified. The transaction itself uses dynamic data created by the microchip. The dynamic data is able to prevent fraudulent transactions by changing the data every time a transaction happens, so even if one transaction is stolen, that data won’t work again for a fraudulent transaction later.
What does EMV stand for?
EMV stands for Europay, MasterCard and Visa.
Will I somehow be liable for any fraud committed using my card before I get my EMV card?
Fraud liability will be the same no matter which card you’re using. As always, if you notice something on your account that just doesn’t seem right, give us a ring at 855.835.6328 so we can get things figured out with you!
Where do I mail in payments for my MFCU Visa?
Members First Credit Union
PO Box 2165
Midland, MI 48641
Can I make a payment online?
Yes! And now it’s easier, and faster than ever! Simply log into Online Banking and make a transfer from your checking or savings. The payment will be instantly posted to your Visa account.
You can also schedule automatic payments for your Visa card so you don’t have to worry about remembering each month. If you need help setting this up, give us a call!
Need to change your PIN or activate your card?
Give us a call at 800.290.7893 if you are in the U.S. or 206.624.7998 for international calls.