The EMV (Europay, MasterCard, Visa) shift went into effect on October 1, 2015 and a majority of large retailers and merchants have upgraded POS terminals to accept EMV chip cards. Despite this new mandate, many consumers are still waiting for new EMV cards. Whether you have gotten your card or not, here are some tips from Carolyn Balfany, Group Head for U.S. Product Delivery at MasterCard Worldwide, on the switch and how you can protect yourself.
- Join the Chip Card Revolution: Chip cards, with embedded computer chips in the card face, are replacing traditional magnetic stripe cards in the U.S. Chips provide better protection because unique codes are generated with each purchase, making cards and transactions nearly impossible to counterfeit. The Payments Security Task Force estimates that 63% of all U.S. credit and debit cards will contain chips by the end of this year, expanding to 98 percent by the end of 2017. You may already have one in your wallet – look for the embedded chip on the card face, and note that the card will still have a magnetic strip on the back. If you don’t have a chip card, request one from your issuing bank.
- Make Your First Chip Card Transaction: As banks are issuing chip cards, most retailers are simultaneously chip-enabling their payment terminals. Look for a telltale slot for inserting your card when you make your next purchase instead of swiping. Once you insert your card with the chip toward the terminal – facing up – you must let the card and terminal “talk,” which requires leaving the card inserted in the terminal until you’re prompted to remove it.
- Swap Out Old Passwords: According to a recent MasterCard survey on the Emotion of Safety and Security, while nearly all consumers (92%) feel they take precautions to protect themselves from their financial information being lost or compromised, roughly half (46%) rarely or never change passwords on online financial accounts, and nearly half (44%) use the same password for multiple online accounts. Use different passwords and change them regularly to protect your financial information from falling into the wrong hands.
- Take 5 to Protect Yourself: Take advantage of ID Theft Alerts, a service that MasterCard offers its cardholders at no additional cost. ID Theft Alerts sends email or text messages if it detects that a cardholder’s personal information such as credit or debit card, social security number, driver’s license and other highly personal information is being bought or sold on the dark web. The tool continually monitors thousands of sites, chat rooms, forums and networks, and cardholders can opt in or out at any time and decide how much and which information they want monitored.
- Be In The Know: Whether you’re a consumer, merchant or issuer, visit www.gochipcard.com to learn more about what the chip card migration means for you.