Your security is important to us. That’s why we added chip technology to Union Bank Debit MasterCards.
Things you need to know when you receive your EMVChipCard:
- Your PIN (Personal Identification Number) remains the same. (The PIN only changes for those with lost, stolen, or worn out cards)
- Activate your new card by making a purchase orATM transaction using your PIN
- Destroy your old card, once you have activated your new card
- Your card number, expiration date and CVC number (that’s the security code on the back of your card) will change.The reason for this is to provide you greater security and to help reduce the possibility of fraud to your account
- If you use your debit cardfor recurring charges, (such as making an insurance payment) please be sure to update those accounts with your new card information (card number, expiration date and CVC code)
- Your new chip card comes with MasterCard® Zero Liability andprotects you against unauthorized purchases
Why Chip Cards?
- Most countries have already converted to chip cards. Chip cards contain embedded microprocessors that provide strong transaction security features and other application capabilities not possible with traditional magnetic stripe cards. This will reduce debit card fraud
- Now accepted in the United States – as chip technology is morewidely used and accepted, you have likely seenchip-enabled terminals available in stores nationwide. Now you will be equippedto use your card at these chip-enabled terminals
Using Your Chip Card is Easy
You can continue using your new chip card for everyday purchases as you do today. Just swipe your card when shopping at merchants without chip-enabled terminals.
For Merchants with Chip-Enabled Terminals, Follow These Easy Steps:
Simply insert the card into the terminal and wait for the transaction to complete-no swipe needed.
- Insert your chip card into a chip-friendly reader.
- Follow prompts: Approve the amount.
- Follow prompts: Enter your PIN or provide your signature.
- Remove your chip card when prompted.
EMV CHIP CARD FAQs
FAQs
Short for “Europay, Mastercard, and Visa,” EMV credit cards come with embedded “smart chips” that offer much greater protection against fraud than their traditional magnetic stripe counterparts.
What is EMV chip technology? ›
EMV is short for Europay, Mastercard and Visa: the three companies that created the EMV standard. EMV cards store cardholder information on a metallic chip instead of in a magnetic stripe. These chips can only be authenticated by special readers, making them more secure than stripe-only cards.
Where is the EMV chip on a debit card? ›
How will you know if you have a chip card? A chip card has a microchip embedded on the front as shown on the card on the left. Chip technology on your card may vary by card issuer. Please refer to your issuing financial institution for more details.
What are the disadvantages of EMV chip cards? ›
Limitations of EMV. While the EMV Chip Specifications reduce the chance of fraud and nullify counterfeit cards for card-present transactions at point of sale terminals, they are limited in protecting card-not-present transactions.
What is the difference between EMV and chip card? ›
Both chip cards and magstripe cards store and transmit data. The difference between them is the updated security technology available with EMV cards. Magstripe cards store static information in the stripe on the back of the card.
Is my credit card RFID or EMV? ›
If you're not sure whether your card is RFID enabled, you can easily check by taking a look at the card. RFID-enabled cards have a logo on the front or back of the card that looks like a Wi-Fi symbol turned on its side. This symbol is meant to represent the radio frequency used by the card to make it contactless.
Who owns EMV technology? ›
EMV stands for Europay, Mastercard, and Visa, the three companies that created the standard. The standard is now managed by EMVCo, a consortium with control split equally among Visa, Mastercard, JCB, American Express, China UnionPay, and Discover.
Can EMV chip cards be skimmed? ›
While chip cards are a significant step up from the old magnetic stripe, they don't completely eliminate the risk of skimming. Skimming devices designed to copy chip data, known as shimmers, do exist, though they're much less common and easier to detect than magnetic stripe skimmers.
How much is an EMV chip? ›
60%: Percentage of consumers with a chip card as of October 31, 2015. $3.50: Average cost for issuing a new EMV card. $500-$1,000: Average cost of an EMV-compliant point-of-sale terminal.
Who are the companies in EMV smart cards? ›
EMV stands for Europay, Mastercard, and Visa, the three companies that created the standard. The standard is now managed by EMVCo, a consortium with control split equally among Visa, Mastercard, JCB, American Express, China UnionPay, and Discover.
Most cards issued in the U.S. are Chip-and-Signature, while some also have PIN functionality (and some cards still only have mag stripes). The credit card issuer determines the features of the card.
Does Amex use EMV? ›
The American Express network was an early adopter of EMV® technology. In 1996, the company invested in EMV contact deployment (e.g., Chip & PIN). Today, the American Express network is EMV-enabled globally and processes millions of EMV transactions annually.
Do prepaid cards have EMV chips? ›
EMV Chip or “smart” cards are credit, debit or prepaid cards that have an embedded microchip, which securely stores data that currently resides on the magnetic stripe. The microchip also generates a dynamic one-time use code for each transaction called a cryptogram.
