It’s time to upgrade the security of our cards to ensure the safety and security of our members’ personal information.
Allow us to introduce you to our latest advancement in security for your credit or debit card: Commodore Perry FCU’s new smart cards, featuring the fraud-fighting EMV chip and a new look for all of our cards.
- What is EMV?
- What is a chip card?
- What makes EMV different?
- Why is Commodore Perry switching to the chip card?
- What are the benefits of using the chip card?
- Why is EMV more secure?
- How does EMV prevent fraud?
- Will the chip card prevent data breaches?
- Will the chip card prevent all fraudulent activity?
- Will the chip allow others to track my location?
- What information is stored in the chip?
- Is my personal information at risk if my card is lost or stolen?
- Does the chip provide enhanced security if the magnetic stripe is used to make a purchase?
Getting Your New Card
- When can I expect to receive my new EMV chip card?
- Will my card number change?
- Will my expiration date and security code for my card change?
- Do I need to activate my new card when I receive it?
- What should I do with my old card?
- Are there any fees associated with the new card?
Using Your New Card
- How does the chip card work?
- How do I make purchases online or over the phone with my chip card?
- Will my chip card work at all ATMs?
- Can I use the chip card to get cash back when making a purchase?
- When will I need to enter my PIN?
- What should I do if my chip card isn’t working at the terminal?
- If I set up recurring payments using a Commodore Perry debit/credit card, will I need to provide the merchant with my new card information?
What is EMV?
EMV technology is becoming standard worldwide for debit and credit card transactions. You may hear it referred to as EMV cards, chip cards, or smart cards, but these all mean the same thing. EMV stands for Europay, MasterCard, and VISA – the original developers of this technology. EMV features a payment instrument (like a debit or credit card) that is embedded with a microprocessor chip that stores and protects the cardholder’s data.
What is a chip card?
Chip cards are simply debit or credit cards that have the embedded EMV chip built into them. The chip is intended to make transactions and your personal information more secure while reducing the risk of fraud when the card is used at a chip-enabled terminal.
What makes EMV different?
In 2014, data breaches compromised over one billion data records worldwide (source). Retail stores like Target and Home Depot were some of the biggest (and most widely used) corporations to experience data breaches in recent years. EMV technology was developed to combat the growing epidemic of fraud globally.
With traditional magnetic stripe cards, the card’s stripe includes data containing the card number and the expiration date that is authenticated when the transaction is processed. Unfortunately, this information can easily be copied with card reading devices, allowing criminals to create counterfeit cards to complete fraudulent transactions.
With the EMV chip technology, there are dozens of pieces of information within the chip that are exchanged between the card, the terminal where the transaction is taking place, and the card processor to generate a unique security code and authenticate the transaction as it takes place. The card terminal must complete many stages of complex processing in order for a transaction to be authenticated.
Why is Commodore Perry switching to the chip card?
As EMV technology is becoming more widely accepted by merchants and becoming the standard for security in the United States, we want our members to be familiar and comfortable with this new technology. We value the safety and security of our members and their personal information, and we believe that chip technology will help to better protect our members against fraud and identity theft.
All of our cards, including our MasterCard debit and health savings account cards and our VISA credit cards will be using this new technology.
What are the benefits of using the chip card?
The new chip cards offer better security. Each time the card is inserted into a chip-enabled terminal or ATM, a unique security code is created that makes it very difficult for anyone to obtain your card information. Over 130 countries worldwide have already adopted EMV technology, giving your card the ability to be accepted while traveling outside the US to places like Canada, Mexico, the United Kingdom, and more.
To avoid fraud alerts or denied card transactions when traveling, please let us know the dates and location of your travel time before you leave.
Why is EMV more secure?
EMV secures the payment transaction in three areas:
- Card authentication protects against criminals trying to reproduce counterfeit cards with your card information. Each transaction made with the chip card requires that the card is validated either by the card issuer using a dynamic cryptogram or by using the terminal offline. With every transaction, a unique security code is generated, meaning any captured data cannot be used to complete new transactions.
- Cardholder verification ensures that the person presenting the card for purchase is the actual person to whom the card belongs. This can be verified by entering the PIN associated with the card or by signature at the time of the transaction.
- Transaction authorization is verified before the transaction is completed. The information from the transaction is sent to the card processor with the unique transaction cryptogram and the processor will either authorize or decline the transaction.
How does EMV prevent fraud?
The microprocessor chip within the card stores information securely and uses cryptographic processing during transactions. When the chip is used in a transaction, the card must be authenticated as being a legitimate card, the cardholder is verified through the use of the PIN or signature, and the transaction includes dynamic data that is authorized by the card processor. Even if criminals obtain account data from chip transactions, this information can’t be used in future transactions because the EMV generates a unique security code with each transaction that cannot be reused with the same card.
Will the chip card prevent data breaches?
EMV technology provides additional security when used at chip-enabled terminals and may lower the risk of some types of fraud that can occur after data has been breached, but this technology cannot prevent data breaches from happening.
Will the chip card prevent all fraudulent activity?
Unfortunately, no. Although the chip technology provides additional security for your cards when used at a chip-enabled terminal, use of the magnetic stripe at the terminal may increase your risk for fraud. Our card department will continue to monitor for suspicious card activity even after the EMV cards are distributed to our members to combat fraudulent transactions. To limit the chance of fraud, we recommend using the chip whenever possible instead of swiping with the magnetic stripe on the card.
Will the chip allow others to track my location?
No, the chip only performs transaction and card authenticating processes. It cannot be used as a locating system.
What information is stored in the chip?
The chip only contains information used to authenticate transactions. None of your personal information is stored on the card.
Is my personal information at risk if my card is lost or stolen?
If your card is lost or stolen, please contact us immediately. Your card does not contain any of your personal information and the chip only contains information used to authenticate transactions between the card, the terminal the transaction takes place at, and the card’s processor.
Does the chip provide enhanced security if the magnetic strip is used to make a purchase?
No. When the magnetic stripe is used to complete a transaction, the terminal only authenticates the card number and the expiration date. A chip-enabled terminal requires a more secure authentication process to complete the transaction and protect against fraud. We recommend using the chip whenever possible for a more secure transaction.
Getting Your New Card
When can I expect to receive my new EMV chip card?
Commodore Perry will be mailing new chip cards to current cardholders this summer. If you have recently moved, please be sure that we have your correct mailing address on file in our system.
Will my card number change?
Unless you have requested a new card number or your card has been reported as lost, stolen, or compromised, your 16 digit card number will remain the same.
Will my expiration date and security code for my card change?
Yes, this information will change. If you use your debit or credit card for recurring payments, make sure you provide the merchant with your new card information as soon as possible.
Do I need to activate my new card when I receive it?
Yes, your card will arrive with instructions on how to activate it before using the new card.
What should I do with my old card?
Please destroy your old card after you receive your new card. You may bring the old card in to either office of Commodore Perry and we can safely and securely destroy it for you.
Are there any additional fees associated with the new card?
There are no additional fees associated with the chip cards. There may be fees if your card is used at an ATM that is not on our network of surcharge-free ATMs. This amount will be disclosed to you at the time of your ATM withdrawal. Click here to find an ATM near you that you can use surcharge-free.
Using Your New Card
How does the chip card work?
While it may sound like a complicated process, it’s actually very easy to use the chip card when making debit or credit transactions. If the merchant has a chip-enabled terminal, place the card face up in the terminal and leave it there while the transaction is being processed. Follow the prompts on the terminal to authorize your transaction. You may be asked to enter your PIN or provide a signature, the same as using a magnetic stripe card to complete a transaction. Once the transaction is complete, remove the card from the terminal, and that’s it!
How do I make purchases online or over the phone with my chip card?
The process to complete online or phone transactions with the chip card is the same as using your old card. Provide the information that the merchant is asking for (like your card number and expiration date) to complete the transaction. Please note that EMV technology can only make transactions more secure at a chip-enabled terminal. Know your merchant and be aware when giving out your card’s information online or by phone.
Will my chip card work at all ATMs?
Yes, the chip card works at chip-enabled ATMS and at ATMs that only accept that magnetic stripe cards. You will perform the transaction exactly the same at both kinds of ATMs and you will need to provide your PIN to authenticate the transaction. A chip-enabled ATM may hold your card during the transaction, so please make sure to take your card after the transaction is complete.
Can I use the chip card to get cash back when making a purchase?
If the merchant offers cash back from completing a card transaction, then you may request cash back. You will need to enter your PIN to complete the transaction.
When will I need to enter my PIN?
For credit card transactions, in most instances you will simply sign for the transaction. For cash advances at ATMs and some unattended terminals (such as parking lots, ticket kiosks, and gas stations), you may need to enter your PIN.
For debit card transactions, you must enter your PIN at the ATM to receive cash. For point-of-sale purchases, you will be asked to enter your PIN or provide a signature, just like with your old card.
What should I do if my chip card isn’t working at the terminal?
The terminal may not be turned on or may not be installed properly. You always have the option to use the magnetic stripe and swipe your card. However, if the merchant offers a chip-enabled terminal and it is functional, we recommend that you use the chip whenever possible to decrease your risk of card fraud. The magnetic stripe on your card does not offer the same level of security during your transaction as the EMV chip.
If I set up recurring payments using a Commodore Perry debit/credit card, will I need to provide the merchant with my new card information?
To prevent delayed or returned payments from your account, provide your new card information to all merchants you have automatic/recurring payments set up with.