We all use debit cards and credit cards for shopping, eating out and buying groceries. Now, you can do so with added security that comes in the form of a tiny chip embedded in an EMV chip card! EMV, short for Europay, Mastercard and Visa, offers smarter technology, worldwide acceptance and unmatched security. That’s why this new card is becoming the global standard for debit and credit cards. Starting in January of 2017, Franklin Savings Bank will begin issuing Visa® EMV debit cards in phases to our customers. Here are a few of the benefits of EMV chip cards:
EMV chip cards contain a tiny computer chip located on the front of a card to securely store card data. This makes it nearly impossible for the card to be duplicated. Further, the chip provides a greater level of secure processing by producing a one-time use code for each card transaction. It also enables a one-time use code for mobile transactions and supports other security innovations, such as tokenization.
EMV chip cards are already used in over 130 countries making travel much easier. In fact, there are approximately 2.4 billion EMV chip cards in circulation and 36.9 million card processing terminals in use worldwide.
EMV chip cards use cryptograms that are unique to each transaction; therefore, stolen chip card data cannot be used to create counterfeit cards. The added layer of security provided by EMV chips makes debit and credit card data much less valuable, thereby lessening the incentive for fraudsters to steal data. Moreover, Franklin Savings Bank’s Visa® debit cards are monitored for potential fraudulent activity 24 hours a day, 7 days a week, and 365 days a year.