What's an EMV chip card?

We all use our debit and credit cards for shopping, eating out and buying groceries. Now you can do so with the added security benefits of an EMV chip card (which stands for Europay, MasterCard and Visa) — is a global standard for credit cards that uses computer chips to authenticate (and secure) chip-card transactions. You probably have a lot of questions.. The new cards are nearly impossible to counterfeit, and travel will be even easier in more than 130 countries where chip cards are already used. EMV chip cards do everything magnetic stripe cards do but even more securely; plus, you are still protected from fraud by Visa's Zero Liability policy.

U.S. card companies are making the transition from magnetic stripe technology to cards with chips. Chip cards are payment cards that have an embedded chip, offering increased security when your customers use the chip to pay in store.  Chip cards are based on a global card payment standard called EMV, which stands for Europay, MasterCard and Visa, currently used in more than 80 countries around the world.  The United States is now in the process of making the migration to EMV technology.

In an effort to reduce fraud, EMV Chips are becoming the standard for integrated circuit cards (IC cards), IC card capable point-of-sale terminals, and automated teller machines.   Chip card transactions offer advanced security for in-store payments by making every transaction unique.  Chip cards are also much harder to counterfeit or copy.  If the card data and one-time card are stolen, the information cannot be used to create counterfeit cards and commit fraud.

For merchants and financial institutions, the switch to EMV means adding new in-store technology and internal processing systems.  To get chip-enabled for your business, contact your acquirer or payment services provider.

The switch to EMV also means a change in liability for credit card fraud.  Today, if an in-store transaction is conducted using a counterfeit, stolen or otherwise compromised card, consumer losses from that transaction generally fall back on the payment processor or issuing bank, depending on the card’s terms and conditions.  Beginning on October 1, 2015, a deadline set major U.S. credit card issuers including MasterCard, Visa, Discover and American Express, the liability for card-present fraud will shift to whichever party is the least EMV-compliant in certain fraudulent transactions.


Visa Layers of Security
Visa fraud protection will give you complete confidence using your account everywhere you shop - in store or online. EMV chip is the latest layer of security that's coming soon to a card near you. Learn about EMV chip and other Visa layers of security at www.visasecuritysense.com, or follow us at twitter.com/VisaSecurity

*Visa's Zero Liability policy does not apply to certain commercial card and anonymous prepaid card transactions or transactions not processed by Visa. Cardholders must use care in protecting their card and notify their issuing financial institution immediately of any unauthorized use. Contact your issuer for more detail.


What Happened to My Other Card Style?
With our new chip card system, we only allow our standard chip card style.  We hope you like it, we put a lot of effort into the design.  We think it’s fresh, clean, and something you will be proud to display when making purchases.  Additionally, our new chip card system allows us to deliver a card to you instantly if you come to the office.  No more waiting seven to ten days for the card to be mailed.  With our new chip system, we can “instant issue” cards from our lobby.


When Will My Chip Card Arrive?
Space City CU is doing a mass reissue each month.  If your card expires in September of 2017 or 2018, your new chip card will arrive before the end of September 2017 (even if it expires in 2018).  Simply cut up the old card and activate the new chip card.  We want to put your new chip card in your hands as quickly as possible.  By doing this monthly mass issue, we will have your new card to you the month it’s set to expire this year.  If you have more questions, please call us.


U-choose Rewards and Your Space City Debit Card
Space City CU will pay you rewards points every time you use your debit card on the “signature” side.  In other words, when you use your debit card, always try to select “credit” where you can sign for the purchase.  By doing this, your transaction will be processed through the Visa network and we are paid interchange income from Visa.  The good news for you – we give some of it back to you with our U-choose Rewards program.  You could earn $50, $100, $200 or more just by using your debit card!  See the U-choose rewards site for more details.

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