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EMV Chip Cards

July 06, 2016

In recent years, you probably have noticed a change in some of your debit and credit cards and the way they’re processed. The EMV Chip is a small, gold or silver square on the left side that is designed to be inserted, or “dipped” into a payment terminal, rather than using the magnetic stripe on the back of the card. EMV chips are quickly becoming the global standard for payment, and we’ve been hearing a couple common questions:
 
Why does my card have/not have an EMV Chip?
 
EMV chips have definite security benefits. Every time you conduct an in-person transaction with an EMV chip, it generates a special one-time transaction code for that transaction. In comparison, magnetic stripes run the same card information every time. This makes it a little easier for someone to steal the information.
 
Currently, all First Security Bank credit cards are EMV enabled.  Debit cards are being replaced on an accelerated renewal schedule.  If you would like an EMV debit card sooner (especially if you plan to travel abroad), please contact your local branch.
 
Why Do EMV Chip Transactions Take So Long?
 
Reading the card itself takes a little longer because they are sending the encrypted code, sometimes as long as 15 seconds. A lot of the delay is simply fumbling with the card as we determine if we’re supposed to insert it or swipe it at each merchant. Once the chip readers are consistently enabled everywhere we shop, this should improve, too. Visa and Mastercard have also been responding with improvements to their technology, and we expect to see merchants begin upgrading later this year.
 
Will I Be Able to Use My EMV Card/Non-EMV Card Everywhere?
 
Most of the time. EMV cards are still equipped with the same magnetic stripe as your previous cards, so you’ll be able to use it by swiping it just as you would a traditional credit card in the United States.  However, if you travel abroad we strongly suggest you take an EMV card with you. Because other countries have been using this system for a long time, some locations no longer offer the option to swipe. No one wants to run out of gas in another country, with only a self-service gas kiosk and no chip card. Ask us how we know Embarrassed Emoji.
 
Our priority and the overall goal of the EMV standard are to protect your information and to help guard you against fraud. If you have any questions about your new EMV card or updating your credit or debit card to a card with an EMV chip, please don’t hesitate to contact us.
 

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