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EMV Chip Technology

EMV Chipped Cards

Background:

EMV, which stands for Europay, Mastercard, Visa, (also known as “Chip and Pin”) is a credit card chip technology that has been used in Europe since the late 1980s. Although the payment process has been adopted heavily overseas, it is less prominent in the U.S. due to the vast number of retailers and banks that must update their technology to allow for a more secure form of payment.

EMV Benefits:

  • Your EMV-chipped card gives you an extra layer of security by creating a unique code using an integrated circuit for each transaction. This prevents thieves from capturing your data and using it for future fraudulent purchases.
  • When a card is inserted into an EMV-enabled card reader it puts fraud liability on the business instead of the issuing financial institution.
  • EMV technology utilizes a "handshake method" with the merchant terminal, ensuring the physical card was used for the purchase.
  • Cards can store more data that may one day permit you to carry one card with all of your cards stored on it, allowing you to choose which card you want to use at the merchant terminal.
  • Cardholders can activate and deactivate some cards online to prevent transactions while the card(s) is not in use.

 

 

Using an EMV Chipped Card:

Step 1: Insert the chip end of your card into the terminal chip side up (instead of swiping);

Step 2: Enter your pin, or, in some cases, sign your name;

Step 3: Keep your card in the terminal to finalize transaction; and

Step 4: Remove your card once the terminal reads, “transaction complete” and prompts you to do so.

 

CLICK HERE for a visual representation on how to use your EMV-chipped card

Benefits Specific to NCCU EMV Chipped Cards:

  • NO ANNUAL FEES
  • NO HIDDEN FEES
  • ZERO LIABILITY
  • FREE AUTO RENTAL CARD INSURANCE
  • FRAUD PROTECTION AROUND THE CLOCK
  • DISPUTE RESOLUTION
  • WORLDWIDE ACCEPTANCE OF VISA
  • ONLINE ACCOUNT INFORMATION/PAYMENTS
  • FREE TRAVEL ACCIDENT INSURANCE

 

Possible Issues with EMV Technology:

  • Some EMV chips have Radio Frequency Identification (RFID) technology embedded in them for contactless payment methods, such as Visa’s payWave, which still makes them susceptible to RFID scanner fraud.
  • NCCU credit cards don’t include RFID technology, which helps protect us from this fraud.
  • EMV can be expensive technology for merchants to adopt.
  • Chips can use a protocol that sends information unencrypted and allows thieves to capture the magnetic stripe data kept on the chip for backwards compatibility.
  • Card skimmers are still a threat, which can intercept data by requiring the chipped card send the data unencrypted.