You may have already heard the buzz about EMV or “chip cards.” These cards offer greater protection against fraud.
Aspire FCU will be issuing these cards out to all credit and debit cardholders soon.
These cards will look similar to the cards you currently have, but will be embedded with a microchip. You’ll see this small, metallic square on your new card. This microchip generates a unique one-time code during a transaction, preventing hackers from getting your account information.
Mastercard has provided this diagram to explain how to use the new card:
Q: Do we know that it works?
A: Yes, places where chip technology has been adopted have seen a drastic reduction in fraud.
Q: What if a store doesn’t have a chip terminal?
A: The card will still have a magnetic strip that can be used if a store hasn’t upgraded their terminal yet.
Q: Can I still make online purchases?
A: Yes, you can make online purchases the same way you do today.
Q: Are stores required to have chip terminals?
A: No, but the responsibility will be put on them if a data breach occurs.
Q: Will my card number change?
A: No, your card number will remain the same. However, your expiration date WILL change, so you will need to update this information on any account where you might use your card for automatic payments (such as Netflix, Amazon.com, PayPal, etc.). Your old card will work up to its old expiration date or until you activate your new card.
Q: How do I activate my new card?
A: The phone number for reactivation will be attached to your new card. Call the number and follow the automated prompts. Please remember to set (or confirm) your PIN before you disconnect the call. Once your new card is activated, your old card will expire. Please hold onto your old card for 60 days before you safely destroy it.Back
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