As you know, OAS FCU is in the process of switching all newly issued credit cards, to Chip Technology. The real name of this system is EMV, named after the three major networks that developed it a couple of decades ago: Europay, Mastercard and Visa.
A card chip looks like this. |
Chip cards are in use worldwide and they provide a layer of security that no regular bank card can provide. To give you an idea, I will tell you briefly how each card works:
Regular bank cards get swiped, be it in an ATM or a payment terminal at a store. You enter your PIN (or not, depending on the type of card and/or payment amount), the machine contacts your financial institution and obtains an approval or denial code for your transaction. It gets processed and debited from your account (for debit cards) or charged to it (for credit cards). The data on the card doesn’t change, ever. It simply transmits its number with the pin and requests an authorization. This means that if the terminal used has the ability to copy the information and PIN, it can be reused on a fake card to take your money.
Chip cards, on the other hand, have a single identifier code for every transaction, and this code updates every time they are used.
Sample address bars for secure sites with the lock icon and the "https" address. |
The chip cards being issued nowadays also have the magnetic strip, because financial institutions understand that not everyone has the EMV terminals. But there will be deadlines worldwide for their implementation and once all businesses have upgraded, there will be no more magnetic strips.
OAS FCU is providing these cards to members as they expire, because our membership is international and they want to provide the highest level of security to our money. They are upgrading the credit cards, you may have received yours already, and soon they will move onto the debit cards. They will notify us when they do.
A chip card terminal. |
Chip cards credit cards are very similar to use to the old cards, but easier. In a chip terminal you insert the card, always face up and with the chip going into the machine. No more wondering about swiping, pulling, or turning this way or that. The terminal may ask you for your PIN, and you may have to sign a receipt and the transaction will be processed.
Debit cards will not require that you sign, and will all process via your PIN.
Be aware that in some countries all chip card transactions (debit and credit cards) require that you use your PIN to authorize a transaction. Because of this, be sure to memorize your Visa credit card PIN number any time you travel outside the United States.
End of story.
If you are at a sales terminal or ATM that has no chip reader, use the card as you would have used it before, following the instructions and signing if needed.
Always keep in mind that you are still responsible of monitoring your account to ensure that all the transactions have posted correctly and that you know what every debit and credit is for. If you find any transactions that you don’t know or make you doubt, contact the Credit Union immediately!
To end, some good news:
Congratulations go out to Maria Blanca Souter, winner of the first $75 selected among those subscribed to receive updates to our blog!
And I wanted to remind everyone that World Kindness Day is this upcoming Friday. Please read more about it here and I hope you will remember and do your random act of kindness!
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