What's EMV chip technology?
EMV stands for Europay-Mastercard-Visa. This chip technology has been used in more than 80 countries worldwide. EMV debit cards have the chip embedded on the front, and this chip generates a unique transaction code anytime you make a purchase using your card.
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How Do EMV chips help prevent fraud?
There is an embedded chip in your card that generates a unique transaction code. This additional layer of encryption provides stronger security against fraud. Chip-enabled cards store payment information on a secure chip rather than on a magnetic strip. Unlike a magnetic strip card, it is virtually impossible to create a counterfeit chip-enabled card that can be used to conduct a chip-enabled payment transaction successfully.
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What is an EMV chip-enabled card?
A chip card is a standard-size plastic debit or credit card with an embedded micro-chip. The chip encrypts information to increase data security when making transactions at a chip-enabled terminal.
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Where can I use my chip-enabled card?
You can use your chip card anywhere your card is currently accepted.
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How do I pay with a chip-enabled card?
Insert the chip end of the card into the terminal with the chip facing up. Keep the card in the terminal throughout the payment transaction and follow the prompts on the screen. Then, remove the card when prompted.
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When making a purchase, how will I know when to use the chip or the magnetic strip?
If you swipe your magnetic strip on a chip-enabled terminal, the terminal will tell you to place your chip card into the designated slot. If the terminal is not chip-enabled, you will be able to make your purchase using the magnetic strip.
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Why do I need to leave my card in the terminal?
While your card is in the chip-enabled terminal, the embedded chip creates a unique transaction code. This prevents stolen data from being fraudulently used. If you remove your card too soon, your payment transaction will be cancelled.
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Does my chip-enabled card work in an ATM?
Yes, you can still use your chip-enabled card to withdraw cash from an ATM using your PIN.
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Will the PIN on the old card transfer to the new card?
Yes, the PIN from your old card will transfer over to your new card.
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If a merchant does not accept chip-enabled cards, is using the magnetic strip as secure as using the chip?
No, if a merchant does not accept chip-enabled cards and the magnetic strip is used, it will not be as secure as using the chip. These transactions will process as they do today using the standard magnetic strip cards.
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Will my card number change?
No, your credit card number will remain the same. However, your CVV2 code and expiration date will change. It is important that you update your information for any automatic payments you may have set up.
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Now that I have a chip debit/credit card, do I need to notify the bank before I travel internationally?
We recommend that you set a travel notice on any card(s) you plan to use while traveling, so your card access isn't interrupted. To set a travel notice, call First State Bank at 815.539.1519 and ask for E-Ops.
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