Bank Midwest is happy to announce that customers will soon be able to experience the security benefits of the new EMV chip cards.
This technology features a new standard meant to better protect you, the consumer. While the new cards may look almost identical, you’ll notice a new section on the card’s front, which is where the chip is located.
Since EMV chip cards are the new standard, it’s important to know how you will be affected once you receive your new card.
What is EMV?
EMV chip cards can be thought of as smart cards that store important financial information on the chip. This differs from old cards that stored sensitive information on the black magnetic stripe.
The new standard was introduced because credit card theft and other financial crimes exposed flaws in the payment system. For example, skimming devices are able to steal the information on the magnetic stripe without you even knowing until it’s too late.
With an EMV chip card, security risks are greatly reduced when used at a chip-enabled terminal. The embedded chip encrypts your personal and purchase information increasing security and improving fraud protection.
How am I more secure?
EMV chip cards support an authentication method known as dynamic authentication. Because of this, financial information can’t be easily copied by potential thieves.
Additionally, every time you use a card with an EMV chip, all of your transactions are completely randomized because a unique transaction code is freshly generated. Such a code is never used more than once. This factor will help reduce fraud at a time when credit card theft has steadily increased.
How Does EMV Work?
Chip card only have a slight design change; however, the way you pay will be different at chip-enabled terminals. You may have noticed new terminals at your favorite stores that include the traditional “swipe to pay” but also a slot at the bottom.
The new process will require you to insert your card, chip first, into the slot. This is the first step of the payment process, with the second and final step having you confirm the transaction by entering your PIN or selecting the “credit” option.
What Else Should I Know?
If you’ve been the victim of financial theft, you likely know it can be a hassle to get everything straightened out between you, your bank and where the fraud occurred.
Chip cards from Bank Midwest will offer the same convenience of regular debit cards, but with an even stronger layer of security.