Added Security for Your Credit and Debit Cards
Every time a chip credit or debit card is used in-store at a chip-activated terminal, a unique one-time code is generated that’s used to approve the transaction—providing an additional layer of security. Quick Chip for EMV® streamlines checkout to make secure chip card transactions faster and even more convenient. So you can have the confidence to pay and be paid everywhere.
Preventing fraud from occurring
Chip cards generate a unique one-time code every time they’re used in-store at a chip-activated terminal. This feature is virtually impossible to duplicate in counterfeit cards, helping to reduce in-store fraud.
Protecting consumers from loss
All Visa transactions—chip and non-chip—will continue to be protected through Visa’s Zero Liability Policy, just as they are today.
Securing the future of payments
Visa® chip technology paves the way for innovations like mobile commerce, helping to ensure that wherever and however you want to pay in the future is secure and convenient.
Chip Cards: Frequently Asked Questions
Why the change to chip cards?
The move to chip cards is intended to reduce fraud in the card payment system and to increase international acceptance of cards issued by U.S. issuers. While magnetic stripe technology, widely in use today in the U.S., can usually be used in countries where the chip card is prominent, some international merchants now require customers to use a chip card.
What is EMV?
EMV stands for Europay, MasterCard and Visa®, the founding companies for chip card technology. EMV is a payment application that resides in a computer chip embedded in a credit or debit card, in order to help fight fraudulent use of the card account. EMV has been widely used in Europe for many years; U.S. card issuers are now taking steps to make EMV the standard payment application for enhanced card security. The adoption of EMV will require financial institutions, payment networks, card issuers, payment processors, and businesses to make substantial changes to card issuing, transaction authorization and related processes, as well as point-of-sale and/or ATM equipment.
What is a chip card?
A chip card is a plastic credit or debit card with a metallic, embedded microchip that can be used on chip-enabled point-of-sale (POS) terminals. In addition to a small computer chip, a magnetic stripe can also be found on the card.
How does this new technology work?
Chip cards help keep consumers safer by generating a unique transaction code every time a transaction is done. If a hacker steals your financial data through an unsecure POS terminal, he or she will not be able to use the card without producing a one-time code. The release of upgraded chip cards makes it much more difficult for criminals to steal payment information. In countries where EMV compliance is widespread, fraudulent card activities have dropped considerably.
Will my existing card still work? How long can I continue to use it?
Your existing C&F debit card currently uses a magnetic stripe for transaction processing; in the future merchant terminals will be able to process both chip and magnetic strip cards. If the card and terminal are chip-enabled, the card is inserted into the terminal, where it remains until the transaction is complete. If a merchant does not have a chip-enabled terminal, transactions will be processed by swiping the card’s magnetic stripe, just as in the past.
Will my account change because of the transition to chip cards?
There is no change to your account, card limits, or any other card functions as a result of the rollout of this new technology.
Will I be able to use the same PIN with my new chip card? Will the card number change?
Your card number and PIN will remain the same.
Where can I use my chip card?
Many merchants across the U.S. are beginning to accept chip card transactions, and this will continue to grow within the coming years. Your chip card will still work at non-chip enabled terminals.
My current debit card doesn’t expire for another year – can I still use it?
Yes. Non-chip enabled cards will continue to work until your new chip card arrives and is activated by you.
What if I travel outside of the US – will I be able to use my non-chip debit card?
Yes and no. Some international self-service terminals do not accept U.S. issued debit cards without the chip technology and may display a message such as “Transaction Canceled.” In these cases, please locate an attended terminal to complete your transaction, or plan for an alternative payment method.
If fraud occurs after EMV cards are issued, who will be liable for the costs?
Before October 1, 2015, if a card present (POS) transaction was conducted using a counterfeit, stolen, or otherwise compromised card, consumer losses from that transaction fall back on the merchant or issuing bank, depending on the situation. Today, the liability for card present fraud shifts to whichever party is the least EMV compliant. For instance, if a chip card is used in a non-EMV-compliant terminal, and a fraudulent transaction is processed, the liability would belong to the merchant. There is no change in consumer liability for fraudulent card transactions.
Will chip cards prevent all fraud from occurring?
Unfortunately, no. As the industry continues to develop new ways to protect consumers, perpetrators continue to look for new ways to commit fraud. Chip cards provide an additional layer of security at chip-enabled terminals, on top of the fraud prevention monitoring we already have in place.
Is there an additional fee for a chip card?
Existing C&F debit cards will be replaced by chip cards at no cost to the cardholder.