Starting early 2016, DoverPhila Federal Credit Union will be adopting EMV “chip” cards. An EMV card, which stands for Europay, MasterCard, and Visa, is a standard-size plastic debit or credit card that contains an embedded microchip, as well as the traditional magnetic stripe. The chip in the card protects in-store payments from fraud by generating a unique, one-time code that is needed for each transaction to be approved. Because it is virtually impossible to replicate this type of technology, you receive a greater security and peace of mind when making transactions at a chip-enabled terminal.
If you do not have a chip card – don’t fret – credit/debit card machines and ATMs accept both chip cards and cards with magnetic stripes. If you have a chip card, you will start inserting your card into the enabled terminals when making a purchase. If your card does not have a chip, you will continue to swipe your card at point of purchase.
Here are some quick facts about the EMV Cards:
- Other terms for an EMV Card are “chip cards” and “smart cards.”
- They are used in over 130 countries around the world.
- They still work at terminals where only magnetic stripe transactions are accepted.
- It is a very secure method of payment.
- The chip card technology is not a locator system. The technology is strictly limited to supporting the authentication of card data during a purchase.
If you have any questions about the new chip cards, please contact DoverPhila Federal Credit Union at 330-364-8874.