5 Things You Might Not Know About your EMV Chip Card

emv chip cards at persons banking company

Your EMV chip card is here to make your life easier–and your financial information much more secure.

You can use it for lunches with friends; trips booked over the phone; and birthday gifts purchased online.

However you use your card, know it offers strong fraud protections!

Keep reading to learn about your EMV chip card, including the technology behind the card, card controls, MasterCard security check, and more.

EMV Chip Cards at Persons Banking Company

EMV Chip Card Technology

The tiny chip inside your card represents a giant leap in card security. You can call it a smart card, a chip card, or even a smart-chip card, but this new generation of cards offers protections like never before.

The magnetic strip on the back means you can use your card for purchases that require a swipe, while the computer chip on the front means it can be inserted at merchants with chip readers.

The difference between the two methods is simple, and it’s easy to see why this tiny chip makes such a big difference.

When you swipe your card, the magnetic strip on the back sends information about your card to the reader. This transaction is generally safe, but the information isn’t encrypted and doesn’t change.

The advantage of the chip is that it uses cryptography to protect your information. Plus information stored in the chip is changed every time the card is used.

When inserted into a chip enabled reader,  the chip and reader communicate with each other in an encrypted language. A one-time transaction code authorizes the transaction and the information is updated.

Therefore, chip-based transactions are far less susceptible to fraud. 

Another advantage to our new chip cards?  They can be stored in your digital wallet then used to make contactless payments at merchants who support this type of technology. 

This means that even though the physical card is not used as part of the payment process, the card stored on your mobile device creates the same secure transaction code for every transaction. 

Keep reading to learn more about digital wallets.

Digital Wallets

A digital wallet is an electronic device or software program that stores your payment information and can be used to make digital payments.

Digital wallets can be Internet-based or device-based. 

Internet based Digital Wallets store your information in an online profile, which can then be used for purchases made online or through an app. PayPal is a popular example of an Internet-based digital wallet.

But device-based digital wallets work differently, because your information is stored within a device instead of online.

Our card is compatible with several device-based digital wallets, including ApplePay, GooglePay, and SamsungPay. 

Once added to your compatible device, card transactions can be completed using your devices near field communication technology–a short range wireless communication of only a few centimeters. 

This allows you to pay for purchases by holding your device near a contactless reader. The device communicates with the reader in an encrypted language to authenticate the transaction. 

Compatible Samsung devices also include a magnetic signal that allows them to work with traditional magnetic stripe terminals as well. 

When used with our card you can be confident knowing your purchases carry the same fraud protections as if you used your physical card itself. 

In fact, many digital wallet services may even offer you extra protections that help safeguard your information even more.

Related–Mobile Wallet: What You Need to Know

Card Controls

Card Controls allows you to turn your card on and off, block transactions outside a selected area, and limit the card to certain merchant types using your online banking or mobile banking app.

Misplace your wallet? With card controls, you can simply turn your card off so that purchases and ATM transactions made with the card are declined. 

And once found, you can turn it back on and your card will work again. It’s an easy way to help safeguard your card from fraud. 

You can also easily report lost or stolen cards and set card limits. Transaction limits are great for controlling family spending. 

Simply enter a maximum dollar amount. If a transaction exceeds the selected amount the card is declined. 

When you customize your location limits, you can choose to block international transactions or those outside a selected area. All you have to do is enter an address and set the active radius. Your card will be declined if it’s ever used outside your selected area.

Lastly, merchant limits restrict your card from being used at certain types of merchants. For example, your kids can use your card to put gas in their cars, but not for a movie. 

How’s that for keeping you in control? With Card Controls, it’s your card on your terms.

MasterCard Identity Check

Did you know your card has the power to help protect you against unauthorized online purchases? 

Your card uses Mastercard Securecode to authenticate online purchases. And the way it works couldn’t be simpler. 

Just shop online the way you would normally.  Then, make your purchase. If the online merchant offers Mastercard Securecode it checks the details of your device and card use against the details that have been authenticated during previous purchases. 

If significant differences are found in the details, you’ll be asked to use your phone’s biometric authentication or you’ll receive a one-time PIN. 

Just follow the prompts to confirm the purchase; the new details of your purchase are factored into future transactions. 

This is a simple and effective method of preventing online fraud before it even happens. And it’s one more way we’re working to keep you in control on the go.

Card Renewal

Did you know that when your card expires, it automatically updates itself?

Automatic Renewal saves time, reduces missed payments, and helps ensure uninterrupted service from companies you rely on.

This means that every time you receive a new card, Mastercard will automatically transfer your recurring payments over to your new card. 

So there’s no need to personally contact the companies or login in to your various profiles to update your payment information.

Wrapping Up

  • Your EMV chip card will make your life a little easier–and your financial information much more secure.
  • The tiny chip on your banking card uses cryptography to protect your information. Every time you use your card, the information stored in the chip changes.
  • Card Controls allows you to turn your card on and off, block transactions outside a selected area, and limit the card to certain merchant types using your online banking or mobile banking app.
  • Your Persons Banking Company card is compatible with several device-based digital wallets, including ApplePay, GooglePay, and SamsungPay. 
  • Your card uses Mastercard Securecode to authenticate an online purchase. 
    • If the online merchant offers Mastercard Securecode it checks the details of your device and card use against the details that have been authenticated during previous purchases.
  • When your card expires, it automatically updates itself, which saves time, reduces missed payments, and helps ensure uninterrupted service from companies you rely on.

We hope you found this information useful! For more information about Persons Banking Company’s services, visit our website at www.personsbankingcompany.com.

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