Later this year, credit and debit cardholders can look forward to enhanced fraud protection via chip card technology, also known as EMV (Europay, MasterCard®, Visa®). Secure. The small square chip on the front of the card is at the heart of the card’s fraud prevention. When you use your card at a chip-activated terminal, the embedded chip generates a onetime purchase code that helps prevent fraud. Using stronger authentication via data encryption and immediate purchase verification, it becomes more difficult to access, use or duplicate the information stored on your card. Simple. You can use your chip card everywhere. Merchants are in the process of updating their payment terminals to process transactions using chip technology. If a merchant is not yet EMV-capable, your transaction will be processed with a swipe using the magnetic strip on back, just like usual. Plus, you can continue to use your card online and by phone in the same way you always have. Universal. Although new to the United States, chip cards have been the standard form of payment in Europe and many other countries for years. With your new chip card, you’ll enjoy greater acceptance when traveling abroad. What’s Next? We will keep you updated on this change, as you prepare for your new chip card(s) to arrive later this year! To learn more, visit the chip card section of our FAQs page. 2 Chip Cards Are Coming! Learn more about chip card technology at truwest.org/chip-card
On_The_Money_Summer_2015
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