week3-post207 There is currently a monumental shift occurring in the type of credit cards millions of Americans use each day. EMV cards, a more secure alternative to current credit cards, are being switched to by banks across the country, including Peoples Bank & Trust. But what exactly are EMV cards and how do they work? To provide more information to our customers, we’re conducting a two-part FAQ session. Read more about EMV cards below to gain a better understanding of this great new technology. When will the change to EMV cards happen? Across the United States, the switchover has already started and will continue through the end of the year.  For PB&T customers, the change will occur during the second half of 2015.  Debit card customers will be notified of the switch as more information becomes available.  What does “EMV” stand for? Europay®, MasterCard® and Visa®. These three companies are working together to increase the security of MasterCard and Visa credit cards around the globe.  Do EMV cards have other names? You may hear EMV cards referred to as:
  • Smart card
  • Chip card
  • Smart-chip card
  • Chip-enabled smart card
  • Chip-and-choice card (PIN or signature)
  • EMV smart card 
Are EMV cards more secure than my current credit card? Yes, and here’s how. Credit cards with magnetic strips contain unchanging data, meaning if someone accesses data, they can easily make purchases with the card and cardholder information. In contrast, EMV cards have data that is always changing. Whenever you use an EMV card to make a purchase, the chip within the card creates a unique transaction code that cannot be used again. This means that if a hacker stole the transaction code from a transaction, they wouldn’t be able to make any additional purchases with your card.  Do I have to do anything different when paying with an EMV card? Yes. Instead of deft swipe, EMV cards use a process called “card dipping.” When making a purchase, you insert your card into a slot and wait for it to process. This is when the unique transaction code is created. While it may take longer than swiping, it is worth it for the extra security.  We’ll have part two of our EMV card FAQ in our next blog post, so stay tuned! Peoples Bank & Trust Co. Equal Housing Lender Member FDIC