EMV Microchip Technology FAQs
Q: What is an EMV chip card?
A: EMV (Europay, MasterCard, Visa) card technology is a special magnetic chip that is uniquely created with each card. The embedded microprocessor chip stores and protects cardholder data during card-present sales, making it harder for criminals to produce counterfeit cards. Previously, card information was stored on a magnetic strip (magstrip) which provided an easier way for criminals to reproduce cards. The new chip technology will help increase security and reduce fraud associated with card-present purchases.
Q: How is the EMV chip card more secure?
A: Magnetic strip cards contain sensitive information that stays the same with each transaction. This makes it easier for criminals to make duplicate copies since the information isn't changing. The chip however, creates a unique transaction code each time the card is used to make a payment, making it much harder for someone to replicate. If a criminal did replicate the card chip information, the transaction code wouldn't be usable again, therefore, the purchase they would try to make would be denied.
Q: How do I use my EMV chip card?
A: At a merchant checkout (if terminal is chip-enabled), you will insert the card into the bottom of the terminal. Keep your chip card in the terminal until the transaction is completed, giving the chip time to transmit the information to the merchant. If the merchant terminal is not set up to process EMV cards, you will swipe your card as normal.
For Phone or Online purchases, you can make purchases wherever Visa is accepted. When making online purchases, always look for the pad lock icon and secure purchase sites with addresses that begin with https:// (the 's' stands for secure).
Q: Do I need to request an EMV card?
A: All BlueOx Credit Union credit and debit cards now come equipped with EMV technology.
Q: Can I use my EMV chip card outside of the United States?
A: Yes! Many European countries and all other major markets have already adapted to EMV technology. Having a chip enabled card will make transactions in those countries easier as well as safer.