Financial Safety

EMV Cards: The Plastic With All The Power

Words by Abbie Dyer on Aug 11, 2015 11:00:00 AM

Card compromises are something that we hear about in the news, but it can be scary when this type of fraud hits close to home. Fear, shock, and disbelief are common emotions that people experience if they are notified about a card compromise. But with new security enhancements in the works for debit and credit cards, hopefully card compromises will become a thing of the past.

Handling a card compromise can take up time and can be a worrisome experience. The new security features offered with EMV (Europay/Mastercard®/Visa®) cards offer will create more stress-free shopping experiences. Here are a few more reasons why we should all be excited for this new piece of technology.

Increased Security

EMV cards are embedded with an encrypted microchip that stores the cardholders' information. This extra security feature makes it difficult for fraudsters to get ahold of your information, so it's not easy to make a fake card. This microchip also protects against skimming, or the criminal method of stealing card information by overriding the card reader on a point-of-sale machine.

Though EMV cards will eliminate a lot of fraud activity, we still encourage you to stay alert and practice using your card safely.

Three-Point Verification

When you use your card at a store, it's verified at three different points. When you pay for a purchase, something like this happens: First, the card itself is validated to make sure it's real. Then, you verify who you are through a PIN or signature. Finally, the transaction is verified. A unique code is created for each transaction that you do, so your purchases can't be duplicated.

Use it Overseas

The adaption of EMV technology has significantly decreased fraud around the world, saving all of us a lot of money and headaches. This technology is currently used in 130 countries. Rest assured that even when you're traveling abroad, your information is safe. But remember to let us know when you're going out of town so you don't have any issues when trying to use your card.

How to Use EMV Cards

When you go to buy something and you use your EMV card, the payment process is a little different. Next time you go shopping, check out the payment terminal at the store. A card reader slot will be at the bottom of upgraded machines. When you go to make a purchase, you'll place your card in this slot at the beginning of the transaction. Sign for your purchase or enter your PIN. When the transaction is complete, just remove your card from the slot. Easy, right?

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