More and more banks are shifting to chip cards, and it’s no wonder why. Each card uses computer chip technology to provide even greater protection against fraud.
What is a chip card?
A chip card looks just like any other card on the outside, but on the inside the technology is honed to protect your information better than ever.
Chip cards enhance the protection of your account data by adding a layer of encryption data to the validation process. This makes it even more difficult for bad guys to counterfeit your card.
How do I use my new chip card?
At terminals that accept chip cards, simply follow these three steps:
1 - Insert your card into the top or bottom of the terminal as directed. If you forget to insert your chip card and swipe, you may be reminded by the terminal to insert your chip card into the slot instead.
2 - Leave your card in the slot and follow the prompts on the terminal screen. You may be required to sign, verify an amount, or enter your PIN.
3 - Remove your card when prompted after the transaction is complete.
What about at terminals that don't accept chip cards?
Don't worry! We know there are some businesses still in the process of upgrading to chip card readers. Your chip card will still contain the traditional magnetic stripe that can be swiped as usual at any terminal that does not have a chip reader.
How do I complete online purchases?
There will be no change to your online purchase process with your new chip card. Simply enter your card information as usual.
How do chip cards work?
While magnetic stripes on traditional cards contain unchanging data that could potentially be replicated by a counterfeiter, chip cards create a unique transaction code with each payment that cannot be used again. That means if a hacker were able to steal information from a point of sale, card duplication would be ineffective since the stolen transaction number wouldn’t be usable a second time.
Basically, any transaction completed between a chip reader and a chip card contains one-time-use data for that single transaction instead of replicable information that can be used for other transactions. This means even more security against fraud since the transmitted information is unusable to the bad guys.
Want to learn more about chip cards? Do you have questions about your new card or the enhanced security features? Give our Rock Canyon Bank experts a call today!