It’s no secret that card fraud has become a big problem nationwide. Recently, there has been extra fraud alerts for the state of Nevada as a result of a high volume of recent fraudulent activity reports in the state. Fraud is occurring not because people are losing their wallets at an alarming rate, but rather the fraud is coming from hackers using transaction codes to find your credit card information and replicate it. One way to combat the fraud? EMV cards.
What is an EMV Card?
EMV card technology is a development in credit and debit cards that includes that little gold chip for increased financial security. EMV technology, which stands for EuroPay, MasterCard, and Visa, is available in both contact and contactless credit cards.
EMV cards have been appearing in the recent years in the United States as well as other nations in the world. Within the next few years, it may be rare to find a credit card without an EMV chip.
Visa Chip Technology EMV Cards
EMV cards are available through a few different carriers around the world. Visa Chip Technology utilizes a rotating token so that each financial transaction is transmitted with a unique, one-time code required by the merchant.
Visa uses a Dynamic Passcode Authentication with their EMV cards to protect your credit card information. Using a code that changes with each transaction rather than an actual card number makes it much more difficult for hackers to track down financial information and create counterfeit cards for fraudulent activity.
Benefits of EMV Cards
EMV cards, also called smart cards or chip cards, are more secure than the traditional magnetic strip cards. The microprocessor chip protects the cardholder’s data during transactions.
If someone were to steal the physical card itself, you would still need to call your local bank or credit union to stop all activity on the card. The EMV microprocessing chip only protects you from data theft for now. As technology advances, there may be even more solutions available to prevent credit card fraud should your card be stolen.
What EMV Cards Mean for Businesses
There is an upcoming liability shift this year when it comes to in-person credit card fraud. If you own a business and are using a traditional point-of-sale system, you will want to migrate to a system that is more up-to-date and compatible with EMV cards. If a business does not make the migration within this year and credit card fraud takes place at the business, the liability and fraud costs could end up being that business’s responsibility.
EMV Cards at Great Basin Federal Credit Union
At Great Basin Federal Credit Union, we are giving our account holders upgraded EMV credit and debit cards with Visa Chip Technology. Though upgrading to EMV cards is a bit of an undertaking, at Great Basin Federal Credit Union we are committed to protecting your financial information. EMV credit cards are currently being sent out to our cardholders, and we will be distributing EMV debit cards later in the year.
Contact us today to learn more about how Great Basin Federal Credit Union is taking care of their account holders, including the EMV card update!