Are you ready for a new payment and credit card technology that provides you enhanced security and convenience?
Chip cards are here and you should be receiving yours very soon. A chip card, sometimes referred to as a “smart card”, is a credit or debit card containing an embedded computer chip that stores and processes data. Chip cards and chip-reading terminals work together to ensure a highly secure transaction by validating the card and the cardholder. The computer chip makes cards difficult to copy, thereby reducing counterfeit fraud.
This new-generation technology — already in wide use throughout
You will receive all of benefits from chip card technology as it provides extra security and protection from counterfeit, identity theft and fraudulent activity. The majority of cardholders at Saskatoon City Employees Credit Union will receive a chip card by the end of this year 2011.
There will be two changes to how the cards are used at chip-reading terminals. First, instead of being swiped, the cards are inserted and remain inside the ATM or point-of-sale device for the duration of the transaction. Second, chip credit cards will require the use of a personal information number (PIN), not a signature, which increases security.
Debit and credit cards will continue to have a magnetic stripe so they can still be used in machines that have not yet converted to chip technology, or in places like as the U.S. that have not made the transition.
Feel Free to contact us if you need more information.
