You’ve seen the headlines: Debit and cred card fraud is up. Way up. In fact, credit card fraud alone has doubled in just the past 7 years. It’s become so common, many consumers assume there’s not much they can do about it and it’s only a matter of time before it happens to them.
The truth, however, is much brighter. Technology is constantly evolving to develop new ways to reduce or eliminate card fraud – and we’re excited to announce that your Texans debit and credit cards will soon feature the latest EMV chip technology.
What is EMV chip technology?
EMV chip cards (EMV stands for Europay, MasterCard® and Visa®) are also referred to as “chip cards” or “smart cards.” They contain a small chip that makes your information nearly impossible to copy or steal. This technology has been in use in Europe, Asia and Canada for some time now and has proven to be a major deterrent to fraud.
With a regular magnetic stripe card, your information is coded onto the stripe and never changed. If someone copied your data, they had everything. Thieves used devices like card skimmers to steal your information and then make counterfeit, fraudulent cards.
With EMV chip technology, the embedded chip creates a unique, random code every time you use your card. Even if someone did manage to get your information, they would be denied when they tried to purchase something because the code had already been used. Without the original chip to create that new code each time, your stolen card data is useless. That’s how EMV chips provide a high level of security.
Keep in mind that EMV chip cards won’t protect you from every threat. Continue to take precautions that your card isn’t physically stolen, and know that the EMV technology won’t protect against data breaches by hackers. But it ensures your data is safe every time you make a purchase at an EMV chip-enabled payment terminal.
Note: If the card is used at a payment terminal that is not EMV chip-enabled (as a regular magnetic stripe transaction) or online, the card information is still at risk for fraud since the payment method does not utilize the chip technology.
When will Texans EMV chip cards be available?
This fall, new Texans EMV chip debit and credit cards will be mailed to you, even if your current card is not expiring yet. Keep an eye on your email and ‘snail mail’ for the latest information – and make sure we have your correct contact information on file (log into online banking or give us a call at 972.348.2000 or 800.843.5295).
How will I use my new EMV chip card?
Once you receive your new EMV chip card this fall, simply activate the card as usual and start using it the same as you always have—maybe even more now that you have an extra layer of fraud protection. Also, there are no additional fees for using an EMV chip card, and there’s not much difference in how the card is used; swipe the card at the register…
At Texans, we’re always improving our service, products and security for our members. The new EMV chip technology is just one more way we can help you avoid the hassle of fraud. Look for more information from us about EMV chip cards in the coming months, and then keep an eye out for your new, improved and most fraud-resistant Texans debit and credit cards this fall.
As featured in Currents / eCurrents Spring 2015 edition
Texans CU Routing # 311987786
24-Hour Account Access Line: 972.348.2001 (800.843.6426)