Got questions about chip-enabled debit and credit cards? We have your answers!
What is EMV (aka Chip Card)?
EMV or Europay, MasterCard, and Visa, is a global standard for integrating a “chip” into credit and debit cards for increased fraud protection. Unlike magnetic-stripe cards, every time a chip card is used for payment, the chip creates a unique transaction code that cannot be used again.
Which means what exactly?
Chip technology makes it more difficult for unauthorized users to access your card information. This will also help reduce certain types of fraud stemming from data breaches. While there is always a risk of fraudulent activity, chip cards help reduce that risk with the extra protection provided. As always, cardholders are covered by Visa’s Zero Liability ™ Policy (PDF) against unauthorized transactions.
Cool! So when can I expect my new FAIRWINDS chip-enabled credit or debit card?
You will receive your chip-enabled credit or debit card when your current card expires. You do not need to request a new card.
But will my current credit or debit card still work without a chip?
Yes! The current magnetic stripe cards will continue to function normally. You can still swipe your card to make your purchases.
Am I still protected if I don’t have a chip card yet?
Absolutely! Your card is safeguarded to the highest levels around the clock. You can continue to use you current credit or debit card, with the peace of mind knowing that you’re always covered with Visa’s Zero Liability™ Policy against unauthorized transactions.
Still have questions? Visit fairwinds.org/chip for more information!