EMV chip technology is coming to WFFCU!
EMV chip technology is coming to WFFCU! EMV technology is becoming the global standard for credit card and debit card payments and features cards with embedded microprocessor chips that store and protect cardholder data.
The benefits of EMV to you fall largely into two categories, which are explained below.
- Greater Global Acceptance. EMV is not the new kid on the block. While the technology may be new to the United States, it is old news to the remainder of the world. In the United Kingdom, EMV has been the standard for close to a decade.
- Greater Security. EMV credit cards are much more difficult to counterfeit, and have less potential vulnerabilities than the old magnetic strip cards. The improved security in EMV cards has to do with how your personal data is stored on the cards. With magnetic strips, the card information was static. Therefore, once the information of the card was grabbed - such as through the use of a skimming device - a fraudster could easily create a duplicate copy of the magnetic strip/card to use as his own. With smartchips, the process is a lot more complicated. EMV chips are small computers on your card, which encrypt and generate data on the fly, with every transaction. Since the data is constantly in flux and changing, it becomes exponentially more difficult to create an exact copy of a credit card.