EMV Chip Card Security

chipcardimage2By now, you may have heard about EMV Chip Cards and their increased security but many are curious about how they reduce fraud resulting from counterfeit, lost and stolen cards. In this article, Chaco will help you understand the mechanics behind chip cards and why they are becoming the global standard.

The new cards contain a small embedded microprocessor chip that provides transaction security features and other capabilities not possible with traditional magnetic stripe cards. The chip has increased functionality in card authentication, verification, and authorization. The data for each transaction is unique to the purchase and cannot be used to execute new transactions. Because the EMV Cards store user and payment information in the secure chip rather than on a magnetic strip, the personalization is done by user specific keys and dynamic data. This makes it virtually impossible to create a counterfeit EMV card that can be used to conduct an EMV payment transaction successfully.

Chaco will begin to roll out chip cards in 2016, follow us on Facebook and Twitter to continue to get updates! 

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When it comes to your financial plan, we understand what you need now and more importantly, what you need tomorrow. We are here to help you get the most out of both. Whether just starting out or preparing to retire, we help you become financially prepared and fully informed. At Chaco, we bring you the same expertise and competitive services as other institutions, but with the compassion and genuine care that can only come from being member-owned and operated. From CDs and savings to mortgages and more, we work to keep things simple when it comes to your finances – so you can focus on your life. And that makes a difference.