Education First Credit Union

Secure Connection

Fraud Prevention

EMV Chip Technology FAQs:

What is EMV?

EMV stands for the initials of its original developers: Europay, MasterCard, and Visa. EMV is quickly becoming the new standard in credit card and debit card payment technology.

How does Chip Technology work?

The chip in your card is an added security feature that protects sensitive payment information. Your information is safer on the chip than on the magnetic stripe because the chip supports dynamic authentication while the stripe only supports static authentication. Simply put, it is easy for fraudsters to copy the information on your magnetic stripe, all they have to do is buy a cheap card reading device. The chip makes it harder, more expensive, and more time consuming to do so.

How do I use my EMV chipped card?

EMV Chip compatible card readers have a special slot for your card. It’s usually at the bottom of the readers, under theEMV-Chip-Cards-1020x410_tcm391-85399 number pad. If the card reader is not EMV Chip compatable, simply swipe your card in the usual manner.

Is this technology unique to the United States?

No. It started in France in 1992 and since then, many European countries have adopted the technology. There are over one billion chipped cards being used around the world. The U.S. is one of the last industrial countries that hasn’t fully converted to this technology standard.

Does Education First Credit Union offer EMV Chip Technology for debit cards?

Not yet, but we’re working on it!

5 Tips For Preventing Credit Card Fraud

1 – Never reveal your PIN to anyone. Not even the friendly looking person offering you help at the ATM.

2 – Never use an ATM with a blank screen and if you have to force your card into the slot, try somewhere else. This could mean someone has tampered with the machine. If the ATM swallows your card, cancel it immediately.

3 – Never let your card out of your sight when making a transaction. Make sure that your card is swiped in front of you at all times.

4 – Check your account and credit card statements regularly. Online access is available and can be used from any desktop, laptop, or smart phone. You can also check your recent transactions with our telephone teller by calling 801-392-3377. If you see a transaction you cannot explain, report it to the credit union immediately.

5 – Only use your credit card online on trusted sites and ensure that your online transaction is encrypted. Look for websites with addresses starting with “http” or a padlock image on the page. This will indicate that the information entered on these pages and the transmission of the information is secure. Make sure that you only deal with reputable companies and that you have registered for security systems that protect you further when transacting online, such as Verified by Visa. This gives you added confidence that you are providing your card details to a genuine organization when your shopping online.

Remember, if you suspect your card or card details have been compromised, call the credit union immediately. Don’t take the chance. Report it.