Explore EMV Chip Card Frequently Asked Questions
EMV (it stands for “Europay, MasterCard and Visa”) cards contain a computer chip which securely stores the cardholder’s information. Every transaction is unique, which makes them difficult to counterfeit. Older cards utilize a MAG-stripe to store cardholder information, which is less secure and easier to replicate.
When an EMV card is used at a terminal, the chip produces a one-time use code for each transaction. If this information is accessed in a merchant or processor breach, it cannot be used to process additional transactions or create a counterfeit card.
While chip cards add another layer of security which helps prevents personal card data from being used fraudulently, it cannot prevent a data breach. When EMV chip cards were deployed several years ago in other countries, there was a significant drop in counterfeit card fraud. However, fraudsters continue to find new ways to commit fraud.
Pioneer Trust Bank cardholders remain protected by Visa’s Zero Liability coverage.
Instead of being swiped at a merchant terminal, EMV cards are inserted or “dipped” into a terminal slot for the duration of the transaction. Learn how below:
- At chip-enabled terminals, insert your card with the chip toward the terminal, facing up. Do not remove it until prompted.
- Provide your signature or PIN as prompted by the terminal. Some transactions may not require either.
- When the terminal says the transaction is complete, remove your card.
Many merchants have not had a chance to upgrade their equipment to accept Chip cards yet. Fortunately, EMV cards will continue to have a MAG-stripe on the back which will work on terminals not yet enabled.
Both Visa and MasterCard still require all merchants to accept MAG-stripe cards both in the United States and Internationally.
We have started EMV projects on all of our card products and portfolios. Each is unique and represents different challenges, so it will take time to implement. We hope to be fully converted to EMV by the 1st Quarter of 2017. Click on the links below for EMV information and updates specific to your card product: