Big Protection in a Tiny Chip! Introducing Chip Technology
This fall, all new Time Federal Savings Bank debit and credit cards issued during the renewal process or upon request will have the new chip technology to enhance the security of the card usage for our customers.
Why the change to chip cards?
Chip cards are also known as EMV cards, which stands for Europay, Mastercard and Visa. These cards have a special chip within that:
- Provides more security of sensitive card and cardholder information.
- Reduces the credit card fraud resulting from counterfeit, lost and stolen cards.
- Provides more security while traveling in and outside the United States.
- Allows joint account holders to have their own individual cards and PIN
What does a chip card look like?
These cards look the same in size and shape, as your current card, but you will see a chip on the front of the card and a magnetic stripe on the back.
In addition to the magnetic stripe reader, chip card terminals have a slot in the front where you will insert and leave your card while your transaction processes. Reminder…don’t forget to remove your card when prompted.
How will it work?
- Insert your card into the bottom of the terminal
- Leave your card in the terminal while your transaction processes
- The terminal will prompt you to either enter a PIN or sign to validate your identity
- Remove your card when transaction is finished
If you swipe your chip card at a chip-enabled terminal, the terminal will prompt you to insert the card if it’s capable of supporting a chip transaction.
If the terminal is not chip-enabled, you will swipe your card as you have always done.
Will I be able to use my Chip Card when traveling outside of the United States?
Yes. The Chip Card will make traveling easier and more convenient with its wide acceptance. The chip technology is the preferred method due to enhanced security of your transaction and the sensitive information contained on the card. If the merchant does not accept the chip card, you can still use the card with the magnetic stripe. Customers traveling overseas should be encouraged to use the chip & pin enabled card and transactions.
Will EMV Technology prevent data breaches from occurring?
This technology will make it much harder for criminals to steal from cardholders, but it will not completely stop data breaches from occurring.
If you have further questions, call us at 1 800-205-0914 for more information.
For more information go to another informational website on the EMV changes.