BMI Federal Credit Union
The Benefits of Emv Chip Technology
Soon you'll be receiving your BMI Federal Credit Union Visa credit card with EMV chips. If you haven't heard, these chips are one of the best advancements in credit card and debit card technology today. Whether you are buying groceries or making large purchases, the added security of these chips is going to give you peace of mind. EMV chip cards are virtually impossible to counterfeit. That means when you are traveling or swiping your card locally, you can rest assured your account will be safe to use. It's important to understand how they work and the benefits they offer.
What Are the Benefits of EMV Chips?
With all banking, security measures need to be very high today. The risk of losing your personal data is high, but this chip technology can help to streamline the process while adding ample security. Here's a look at some of the benefits you'll see from these new cards:
- The technology is smarter because the cards will include a microchip in them. Every time you use your card at a chip-activated terminal, the embedded chip generates a one-time use code. This doesn't allow for a thief to copy the information. Additionally, this one-time code is also available for mobile transactions and allows for tokenization.
- You can use these cards around the world in more than 130 countries. Eventually, there will be 2.4 billion chip cards out there and everyone will learn how to use them.
- By far, the most important advantage is the added security. There's plenty of benefit here. First, as mentioned, it's very difficult for thieves to counterfeit these cards. There is less risk of fraud, which tends to raise rates. And as always, you are protected against unauthorized use. There's also no liability.
Even better, it's not hard to use them.
Differences between Traditional Credit Card Processing and EMV
There are a few differences in the actual process for using this technology. You'll no longer swipe your card in a terminal. Rather, you'll need to insert the card into the terminal with the chip side facing up. It remains there throughout the transaction. You'll sign the receipt as you always do or complete the transaction with a PIN. Then, the card is ejected and you are on your way. If the retailer you are buying from doesn't have an EMV terminal in place, you can still slide the card using the traditional terminal.
Why should you care about these cards? First, they are going to be readily used this year. Second, they are going to enhance your level of personal financial security. They are not difficult to use and they will still allow you to speed through transactions quickly. The good news is, though, you'll be more confident when using these cards compared to using older products. BMI Federal Credit Union is happy to help you with any questions you may have.