EMV CHIP PROTECTION
EMV Cards - Big Protection in a Small Chip
EMV chip technology is becoming the global standard for credit and debit card payments. Named after its original developers (Europay, MasterCard® and Visa®), this technology features an embedded microprocessor chip that stores and protects cardholder data. The chip can communicate with a payment terminal by either swiping your card or inserting it into a slot on the terminal.
Download our informative EMV Brochure.
Below is a list of Frequently Asked Questions (FAQ's) on EMV, chip cards and your security.
EMV, which stands for EuroPay, Mastercard & Visa, is a global standard for cards equipped with computer chips and the technology used to authenticate chip-card transactions to help protect and enhance the security of the consumer’s transactions.
The increase in recent card data compromises has created the need to move to a more secure payment method and greater protection against fraud.
The primary advantage of chip card technology is to keep your account information safe and provide greater protection against the fraudulent use of stolen credit/debit card data.
Chip technology is already used in over 130 countries around the world. It became the new standard in which all cards must begin adding to enhance security in October 2015.
There's no need to request a new Watertown Savings Bank Debit Card to replace your current card. Watertown Savings Bank will begin issuing EMV cards to new, lost and expiring cards in May of 2016. All other customers will receive their new EMV card
over the next several months in a planned release schedule to ensure that we can provide proper support and answer any questions that you may have.
Although some retailers and issuers have already started to implement the new technology, the majority of retailers are in various stages of implementing new
terminals to accept EMV transactions. Watertown Savings Bank will begin issuing cards in May of 2016 to align with the growing number of retailers accepting cards.
When you receive your new EMV debit card, you will need to update the expiration date and CVV key (3 digit number on the back of card) for any recurring debits.
If you receive a replacement EMV debit card from us and it is the same number as you currently have, your PIN will remain the same. If you receive a new EMV card as part of a compromised card reissue then you will receive a new PIN mailer within a few days after the card is received. In this case you will also have previously received a letter indicating that your card was compromised and a new card is being issued to you. You may also call us and we can assist you in choosing a new pin or you may change it at any of our ATM’s if you know your current PIN.
Instead of the traditional “swiping” of your card, EMV cards require “card dipping”, which means inserting your card into a terminal slot and waiting for it to process. When an EMV card is dipped, data flows between the card chip and the issuing financial institution to verify the card's legitimacy and create the unique transaction data.
If you currently use a magnetic stripe card you can keep using it as you normally would. Cards with the magnetic stripe will work on chip-enabled terminals and chip cards can be used at terminals that read magnetic stripes.
We expect to replace all of our customers debit cards over the course of the next several months. There is no need to be concerned that your card is being issued at a later date. Retailers will continue to accept cards with a magnetic stripe and all Watertown Savings Bank Cards are protected by our Zero Liability Policy, so you’re not responsible for charges you do not authorize.