Since your safety and well-being top our list, we've begun to issue the new credit cards embedded with a more secure microchip technology. We went more in-depth about this new card service in an article on page 5 of the April issue of TDECU Connection. Make sure to read this helpful piece when you have a chance.
And though the newsletter article states we will begin phasing in chip-enabled credit cards starting in May, the launch has been slightly delayed and should begin in June. All chip cards will be issued to members who open a new credit card account and to members whose cards are up for renewal or being reissued because they were lost or stolen.
In the meantime, take a look at the Q&A below to help you get started with your new card. If you have additional questions, please feel free to call Member Care at 800.839.1154.
- Q: Do I need to punch in my Personal Identification Number (PIN) to complete a transaction when using my new credit card?
- A: It depends on the merchant. International transactions may or may not require a PIN so it’s best that you memorize your PIN in case it’s required. Your PIN will be required when requesting cash at an ATM.
- Q: How will I know whether I need to swipe or insert my chip card when making an in-store purchase?
- A: It depends on the type of terminal the merchant is using. If the merchant terminal accepts chip cards, you will see a slot in which you will insert your card and where it will remain during the transaction. If the terminal does not accept chip cards, you will swipe your card as you do today.
- Q: Is it true that chip card information can be stolen with an RFID scanner?
- A: No. Information contained in the chip cannot be stolen with an RFID scanner. The chip creates a unique code each time it is used and must be in contact with the terminal to complete the transaction. This makes it much more difficult for criminals to duplicate and use your card to commit fraud.
- Q: How do I pay for a purchase at a chip terminal?
- A: Follow these easy steps to pay at a chip-enabled terminal:
Insert the chip end of your TDECU credit card into the chip-enabled terminal with the chip facing up.
Keep your card in the terminal throughout the transaction and follow the prompts on screen. If you remove your card too soon, your purchase will be canceled.
Remove your card from the terminal when prompted and take your receipt. You may need to sign for your purchase.
- Q: Will making online purchases be any different with my new credit card?
- A: No, the process for shopping online will not change when using your chip card.
- Q: What changes do I need to be aware of about my new chip card?
- A: Though your card number will be the same, your card expiration date and 3-digit CVV code on the back of the card will be different. These two items change every time your card is renewed. You may need to update your card information where it is stored for recurring payments, such as online bill payments. Please make sure you do this anytime changes happen with your card to avoid missing payments.
- Q: Will chip cards prevent all fraud from happening?
- A: Chip cards provide an additional layer of security at the terminals, but they don’t completely prevent fraud. Just as great efforts are continuously being made to develop new ways to protect consumers, fraudsters are relentless about finding new ways to commit fraud. But rest assured, TDECU will continue to take all the security measures necessary to ensure no one tampers with your peace of mind with our fraud-prevention monitoring tools.
- Q: What is the difference between a magnetic stripe and chip?
- A: The magnetic stripes on traditional credit and debit cards store unchanging data. Whoever accesses that data gains the card and cardholder’s information. That makes traditional cards prime targets for counterfeiters.
Unlike magnetic-stripe cards, every time a chip card is used for payment, the chip creates a unique transaction code that cannot be used again. If a hacker stole the chip information from one specific point of sale, typical card duplication would never work because the stolen transaction number created in that instance would not be useable again and the card would be denied. While the new chip technology will not prevent data breaches from occurring, it will make it much harder for criminals to successfully profit from the information they have stolen.