EMV chip card frequently asked questions
EMV chip card
frequently asked questions
Your Oregon State Credit Union Visa card has enhanced security thanks to an embedded EMV chip.
This chip generates a unique transaction code each time you use it. The transaction code can be used only one time, making it nearly impossible to “steal” your account information at the payment terminal with a skimmer or malware.
What does EMV stand for?
EMV stands for Europay, MasterCard and Visa. These three companies worked together to adopt cards with enhanced technology.
Why is it called a chip card?
These cards contain microprocessor chips that contain the account information. The chip is “read” when the card is dipped into the card reader. Each time the card is used, the chip generates a unique transaction code which cannot be used again.
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Why is that safer?
Each time you dip your chip into a chip-card reader to make a purchase, the chip creates a unique transaction code that cannot be used again. If a hacker captures that information, it cannot be reused to steal your account information.
Where can I use my chip card?
Chip cards are used in about 80 countries worldwide, including Canada, the United States, and much of Latin America, Europe and Asia. If you make a purchase at a store that does not have a chip-card reader, you can swipe your card the old-fashioned way. But be aware, when you swipe instead of dip, you do not get the protection of the EMV chip.
Can I still swipe my card?
You can, but you shouldn’t. When you swipe the card you lose the added security of the embedded chip. If you’re in a store with a card reader that offers you the option to swipe or dip, remember to always dip your chip.
How do I know if I have a chip card?
Chip cards have a small, metallic square embedded into the card that you can see and feel.
How do I use my chip card?
To use your card you insert the chip portion of the card into the card reader with the chip facing up. Follow the prompts on the screen. Your card will remain in the reader until the transaction is complete. Remember to remove your card when done.
Do I still have to sign for the purchase?
Yes, you will still be required to sign for your purchases.
Is the chip card more secure online?
When you make an online purchase you voluntarily surrender your account information and lose the added security of the chip. For enhanced security online you can enroll in Verified by Visa, a program that allows you to add a security password to your Oregon State Credit Union Visa card.
How does Oregon State Credit Union keep my account safe?
We monitor all card member accounts for potentially fraudulent activity. If a transaction is denied because of suspected fraud, we will attempt to contact you. For that reason, it’s important that we have your current phone number and that you notify us of your travel plans at least three business days in advance.
You can also set up email or text alerts* to help you monitor activity on your card. Just login to Online Account Access from a computer to activate text banking and personalize your settings. Set a high balance alert on your credit card to send you notification if your balance goes over $1. You’ll get an alert each time your card is used to make a purchase larger than $1.
We are committed to protecting your account information. If you have any questions regarding the security of your credit card, or you suspect there has been fraudulent activity on your card, please call us immediately at 800-732-0173 or go to any Oregon State Credit Union branch.
*Standard text messaging rates may apply. Please consult your wireless provider for more information.