We’ve recently updated all of our Credit Cards and Debit cards to the EMV Chip, but what kind of protection does the chip offer?

First, older cards contain a magnetic strip, which stores unchanging data that was particular to a specific card. When a transaction was performed, the information was validated with that magnetic strip’s repeating code, so fraudsters could pick up that validation code with skimming technology and replicate it over and over again.

With brand new EMV chip technology, every time you insert your card, the chip creates a unique transaction code that cannot be used again… so the fraudsters can pick up the validation code on the EMV chip card for that transaction with a skimmer, but that code will not work again. So, while the EMV technology is not exactly breach-proof, the data that is stolen is not useful to the thief.

For more information about our Visa Credit Cards, click here.

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