In January 2016 we will begin transitioning our Visa Debit Cards and Credit Cards to EMV chip technology, as part of a global effort to use more advanced technology to better protect your accounts from fraud.

EMV stands for Europay, MasterCard, and Visa: three of the largest payment entities that collaborated and established a new standard for smart payment cards to address the ever-growing amount of fraud resulting from flaws associated with the static design and nature of magnetic stripe cards.

What is an EMV Card?

An EMV or Chip Card has the same look and feel of your current Visa Debit or Credit Cards with the exception of a tiny microchip embedded on the face of the card. The microchip is a small computer that enables the chip to perform real-time authentication, cardholder verification and payment authorization.

The microchip produces a unique one-time authorization code valid for only a single transaction. Unlike magnetic strip cards the data transmitted from the terminal to the financial institution changes on every transaction, rending this data useless for fraudsters who steal this information to produce counterfeit cards.

When will I get my new card?

We will be doing a natural reissue of cards. So this means that when your card is set to expire you will receive a new chip card.

If your card is not set to expire soon, you are still protected with the credit union’s zero liability policy for fraud.

How will I use my new card?

We are used to “swiping” our cards at a merchant this process will change.

  • Instead of swiping, you will insert the card into the chip-capable terminal, chip first, face up.
  • Do not remove your card until the transaction is complete. If you remove it too soon, your transaction will be canceled, and you will have to start over.
  • Follow the on-screen instructions
  • You may be required to enter your PIN or sign the sales receipt to complete your purchase
  • When the transaction is complete, always remember to remove your card.

It’s important to note, your new chip card will still have a magnetic strip, so it can be used at ATMs and merchants that have not updated their terminals to accept the chip based cards.

Although EMV chip cards cannot prevent all fraud, they have significantly reduced counterfeit card fraud in other parts of the world.

In order to protect your card information Day Air also uses a multi-layered approach, including card monitoring services, in its fight against ever increasing card fraud.