Enhanced Security for your Debit and Credit Cards
Co-op Credit Union will soon offer debit and credit cards with chip technology. The embedded computer chip provides more security and wider international acceptance.
A microchip embedded in the cards adds a new layer of protection against fraud for purchases made at the point of sale. Information programmed into the chip is personalized for your account and each transaction generates a unique error code, adding an extra safeguard against unauthorized use and counterfeiting.
These cards are already in wide use around the world and are now becoming the standard in the U.S.
Follow these steps to use your card at a chip-enabled terminal:
- Insert your card, face up and chip end into the chip-enabled terminal
- Leave the card in the terminal during the entire transaction
- Follow the instructions on the screen and either sign your name or enter your PIN as needed. Be sure to remove your card and take your receipt when the transaction is complete.
If a merchant isn’t using a new chip-enabled terminal yet:
You will ‘swipe’ your card to make your purchase, just as you do today. Chip cards will continue to have the magnetic stripe on the the back.
Online or phone purchases:
Provide your card information as you have done in the past. Chip cards will not change the way payments are made online or by telephone.
At an ATM:
The process is essentially the same as at a merchant. Insert your card, leave it in the ATM, and follow the prompts on the screen. Depending on the type of ATM, you might be prompted to re-insert your card. Leave the card in the ATM until the transaction is complete and the card is released, and then remove your card. A PIN is needed for ATM transactions.
When will the change happen?
Even though chip cards have started being issued in the U.S. and some merchants have already installed chip-enabled card terminals for payment, the entire conversion process is expected to take a few years to complete.
When will I get my new EMV chip-enabled card?
Your debit and/or credit card will be replaced with a new chip card as your current card expires. Once your new card arrives, be sure to activate it for use and then destroy your old card.
There is no need to request a new card. You’ll automatically receive your new chip card in the mail before your card’s expiration date. There is no extra charge for the new chip card.
If you are planning to travel internationally or have an immediate need for a chip card, please contact us at 320-269-2117.
How am I protected?
All debit and credit cards that we issue come with ‘zero liability protection,’ so you are not held liable for unauthorized transactions if a card is stolen, lost or fraudulently used at a merchant or online. It is important that you promptly report a lost or stolen card or any suspicious transactions. See the applicable agreement for your account on liability and reporting requirements for unauthorized transactions.
Frequently Asked Questions
These cards, already in use in much of the world, use a security standard originally developed by Europay, MasterCard and Visa (EMV) as a way to fight card fraud resulting from theft, skimming and counterfeiting. The EMV technology has been adopted by the other major credit card brands and issuers.
1. Insert the card, face up and the chip end first, into the terminal.
2. Leave the card in the terminal during the entire transaction.
3. Follow the instructions on the screen and either sign or enter you PIN as needed. Be sure to remove your card and take your receipt when the transactions is complete.
For merchants without chip-enabled terminals, you will ‘swipe’ your card through the terminal, just as you do today.
Contact us for more information
Call us at 320-269-2117 or stop in if you have additional questions about chip cards.