News, Events & Announcements

EMV Chip Cards Being Issued to CTFCU Visa Credit Cardholders

The transition to EMV “Chip” credit cards is now in progress for all Visa Credit cardholders at CTFCU. New Chip Visa cards are being issued to CTFCU cardholders upon expiration of their current Visa card. The CTFCU MasterCard Debit card is also targeted for the transition to Chip cards, but this process has not yet begun; we’ll advise our members when that begins.  

Europay, MasterCard and Visa developed this technology, hence the name “EMV”.  For consumers this advancement means simply activating a new chip card upon receiving it and learning the slight payment process change when making a purchase.   Instead of swiping the magnetic strip, the chip card is inserted into a reader that reads the small metallic computer chip square on the front of the card. This process takes a few seconds and the card remains in the reader until the reading is complete.  Cardholder signature is required, as usual.  Merchants and financial institutions must add new in-store technology and processing systems in order to comply with the new chip card enhanced fraud liability rules.  If a retailer does not have the Chip technology, then the magnetic strip on the card is simply swiped.

Chip cards work so that instead of using the magnetic strip on the back of the card, which is what is copied and replicated for fraudulent use, the computer chip on the card is encrypted, so that each purchase creates a unique transaction code which cannot be replicated.
Chip cards may also be called:
• Smart card
• Chip card
• Smart-chip card
• Chip-enabled smart card
• Chip-and-choice card (PIN or signature)
• EMV smart card

The US is the last to transition to the Chip card, as most other countries have been using them since the 1990’s.  Overseas merchants’ responses to magnetic strip cards versus a chip card vary; some accepting them for payments and others not.  The US expects the complete transition to Chip cards for credit and debit cardholders to take several more years.

Give us a call if you have any questions about the Chip card.

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