title="What is EMV?
EMV (Europay, MasterCard®, Visa®) is computer chip technology with advanced security capability. The chip attached to your EMV card stores the card data that currently resides on the magnetics stripe. This makes creating a fraudulant EMV chip card almost impossible. Because of this added layer of security, EMV chips make debit and credit card data less valuable and decrease fraudsters' incentive to steal data. Already the standard method of payment in Europe, EMV technology has greatly contributed to the fight against credit and debit card fraud.
title="Why is Ideal CU implementing EMV technology?
Ideal Credit Union is upgrading to EMV technology to provide you with a more secure method of payment. EMV chip cards ensure your information remains protected, and make it more difficult for potential fraudsters to obtain your data. To drive EMV and help prevent fraud in the U.S., merchants are being required to convert their current payment terminals to EMV-enabled processing terminals by October 2015.
title="How will EMV benefit me?
EMV technology will ensure your information remain as secure as possible when making purchases.
title="What makes EMV more secure?
The chip attached to your EMV card stores the card data that currently resides on the magnetics stripe. This makes creating a fraudulant EMV chip card almost impossible. Because of this added layer of security, EMV chips make debit and credit card data less valuable and decrease fraudsters' incentive to steal data. The chip uses a unique cryptogram to produce a one-time use code for each transaction you make. Because one-time use codes are specific to each transaction, stolen chip data cannot be used to create counterfeit cards.
title="Are other financials and merchants adopting EMV technology?
Yes, EMV technology will be the chosen method of payment in the United States within the next few years for credit unions and big banks. Further, all U.S. merchants are being required to convert their current payment terminals to EMV-enabled processing terminals by October 2015.
title="What happens if a merchant does not accept EMV payment?
Your new EMV chip card will include the magnetic strip, giving you dual-purpose technology to enhance your purchasing capabilities. This means that you will be able to use the EMV chip at retailers who support EMV processing, and the magnetic strip at all other locations.
title="Will my transactions still be covered by Zero Liability?