EMV Chip Card Coming Soon
What is EMV?
EMV chip technology is becoming the global standard for credit card and debit card payments. Named after its original developers (Europay, MasterCard® and Visa®), this technology features payment instruments (cards, mobile phones, etc.) with embedded microprocessor chips that store and protect cardholder data. This standard has many names worldwide and may also be referred to as: “chip and PIN” or “chip and signature.”
What is Chip Technology?
Chip technology is an evolution in our payment system that will help increase security, reduce card-present fraud and enable the use of future value-added applications. Chip-enabled cards are standard bank cards that are embedded with a micro-computer chip. Some may require a PIN instead of a signature to complete the transaction process.
What Makes EMV Different Than the Traditional Magnetic Stripe Card Payment?
Simply put, EMV (also referred to as chip-and-PIN, chip-and-signature, chip-and-choice, or generally as chip technology) is the most recent advancement in a global initiative to combat fraud and protect sensitive payment data in the card-present environment. Payment data is more secure on a chip-enabled payment card than on a magnetic stripe (magstripe) card, as the former supports dynamic authentication, while the latter does not (the data is static). Consequently, data from a traditional magstripe card can be easily copied (skimmed) with a simple and inexpensive card reading device – enabling criminals to reproduce counterfeit cards for use in both the retail and the CNP environment. Chip (EMV) technology is effective in combating counterfeit fraud with its dynamic authentication capabilities (dynamic values existing within the chip itself that, when verified by the point-of-sale device, ensure the authenticity of the card).
When Can I Expect to Receive My New Debit or Credit Card with Chip Technology?
In the next few months, Farmers & Merchants Bank will be replacing all current debit/credit cards. Until then, please continue to use your current card with the magnetic stripe.
Will I Be Able to Use My New Chip Card the Same Way as My Current Card?
Yes, you can still make purchases as you always have — by entering the card number online or swiping your card at merchant locations that do not yet have chip readers. You can also continue to use your card at ATMs.
*Reminder*
Anything you currently have set up with your existing card to be automatically deducted will need to be updated once you receive your new card. All of the card information will be the same as your existing except for the expiration date.