Secure EMV Chip Cards
For Your Visa Credit and Debit Cards
The new credit and debit cards are considered more secure or smarter than the Visa cards most commonly in use today. Your original Visa cards on which card numbers and account information are stored on a magnetic stripe are gradually being replaced. Your new Visa card will have an embedded computer chip that can store a large amount of data, carry out functions like encryption and interact with a chip reader in the card reader terminal. The term EMV cards is used to refer to a particular type of chip card, developed by the payment firms Europay, MasterCard and Visa and widely used abroad.1
Why are we changing our Visa cards? Incidents of credit card data breaches, like the one at Target last year, have accelerated the push for more secure payment methods. Your magnetic-stripe card is going to be replaced by a chip card sometime in 2015 or 2016. Payment processing firms MasterCard, Visa, American Express and others have set October 2015 as the date when liability for credit card fraud will fall on the party that has not adopted the most secure technology. That deadline is expected to propel retailers to install chip-card readers and banks and credit unions to issue chip cards.
Credit Cards - Our SnoCope Visa Credit cards will change early-mid 2016. - As members' credit cards renew (or if you need to replace your credit card because it is lost or stolen or you intend to travel overseas) you will be issued a Visa credit card with both a magnetic stripe (old technology) and a computer chip (new technology.) SnoCope is issuing you dual enabled cards because retailers, gas stations and ATMs etc. across the U.S. are in the process of upgrading their card reader terminals to improve credit and debit card security. Don't worry though, your dual enabled Visa card will permit you the flexibility to swipe the card and follow prompts as you have normally done in the past, or as you encounter the new chip enabled terminals, it will prompt you to insert it instead. Because of the increased security associated with chip cards and chip enabled terminals SnoCope encourages you to use the new technology as soon as you encounter the new chip enabled terminals.
How big a job is it to change America's Visa cards? - There are some 1.7 billion credit and debit cards used in the U.S. and more than 12,000 financial institutions that issue cards and more than 10 million card-reading devices in stores. So far only about 10 million to 15 million chip cards have been issued to U.S. consumers, mostly for use while traveling overseas. Retailers have only replaced about one million of the 10 million card readers with chip enabled devices so far.2
What changes will I see in the checkout aisle? - If you encounter the new card reader terminal, the salesperson or the card reader terminal itself will prompt you to insert the chip end of your Visa card, facing upward, into a slot on the card reader terminal. Once inserted, do not remove the card until prompted. Note: the card reader may take several seconds to read information on the new chip card - this is perfectly normal. You will be asked to provide a signature or enter a personal identification number (PIN) on a pad attached to the card. (However, some transactions may not require either.) You will then either sign or enter your PIN. In a few seconds, you will be notified on the terminal that the transaction is complete and you need to remove the card and secure it in your wallet. You can see this type of card reader already in place at Kohl's, Home Depot and Wal-Mart's stores, though they still are being used to read magnetic-stripe cards as well.
Using your chip card at the ATM 3
If your card stays visible, use these basic steps for a successful ATM transaction:
- Insert and remove your card as you normally would. This tells a chip-enabled ATM whether you have a chip card or not. Then follow the prompts.
- If the ATM is chip enabled, it will prompt you to insert the card again and leave it inserted. The ATM will clamp down on your chip card to hold it in place until the transaction is complete. Do not try to remove your card until prompted by the ATM.
- When the ATM says the transaction is complete, remember to take your card.
If your card is not visible, a chip-enabled ATM will automatically recognize the chip on your card. If you're used to an ATM returning your card immediately, note that your chip card will now be returned at the end of the transaction. To complete a transaction, proceed as you normally would and follow the prompts.
When the ATM says the transaction is complete, remember to take your card.
Debit Cards - Our SnoCope Visa Debit Cards will change sometime in 2016. - As members' debit cards renew (or if you need to replace your card because it is lost or stolen or you intend to travel overseas) you will be issued a Visa debit card with both a magnetic stripe (old technology) and a computer chip (new technology.) SnoCope is issuing you dual enabled cards because retailers, gas stations and ATMs etc. across the U.S. are in the process of upgrading their card reader terminals to improve credit and debit card security.
For more information please click here to review the Frequently Asked Questions associated with EMV chip cards, and be sure to watch the SnoCope website and newsletters for further updates and additional information.
Sources: 1 and 2 Coming soon to your wallet and stores - chip cards, June 22, 2014; Last updated: Sunday, June 22, 2014, 10:29 AM; By Joan Verdon Staff Writer, The Record. 3 © EMV Migration Forum 2015. All rights reserved. This document was downloaded from GoChipCard.com, an EMV Migration Forum and Payments Security Task Force website.