You may have heard in the media about microchip credit and debit cards, commonly referred to as chip cards or EMV. Here’s what you need to know.
- You’ll still be able to use your current debit and credit cards, regardless of the card readers that merchants are using. And, all transactions made with your credit union debit or credit cards are protected by Visa’s Zero Liability policy, which protects you from fraudulent charges.
- The latest improvement in card safety is chip cards, or EMV. EMV stands for Europay, MasterCard, and Visa, the three companies that created this microchip authentication system for credit, debit, and ATM cards.
- Chip technology is the most secure method of payment available today. Cards with chip technology are extremely difficult to counterfeit or copy when used with a chip-enabled terminal or ATM. Retailers have just recently started installing chip card-enabled terminals.
- In order to ensure minimal inconvenience for you during this chip card technology shift, your credit union plans to provide you with chip cards beginning later this year. And you can keep your old PIN – your personal identification number won’t change when your debit card is reissued.
- Your new card will have a magnetic stripe just like your old card. That means that you can use it anywhere you use your current card, even if merchants do not yet have chip-enabled terminals. You can conduct your phone and online transactions the same as you conduct them now. Chip cards can also be used globally.
- If you are traveling abroad and need a chip card before yours is reissued, please contact us at 505-889-7755 (800-347-2838 outside the Albuquerque area.)
Protecting your credit and your financial identity is a top priority for your credit union. We use Falcon Fraud Manager™, an industry-leading fraud detection system, to protect your accounts. Plus, all transactions made with your credit union debit or credit cards are protected by Visa’s Zero Liability policy, which protects you from fraudulent charges.