In our ongoing efforts to protect your personal information and provide you with the latest technology, we have issued every member of Wasatch Peaks Credit Union an EMV or "Chip" card. By now, you should have received your new Debit and/or VISA Platinum cards in the mail. Read on to find out more about the new EMV technology and how it will benefit your financial life.
EMV derives its name from the three major companies who are behind the protocol development: Europay, Mastercard, and Visa. EMV technology uses a microchip on your credit card to encrypt your financial information. It's just a more secure version of the magnetic strip that's on the back of your card now and It's verified at a point of sale terminal, just like a normal credit card. The more advanced technology makes it possible to have a much stronger form of encryption, which makes your data more secure.
What does this technological change mean for you? Let's look at three differences you may already be seeing.
- More security–The greatest benefit is the increased level of encryption to protect your data.
- Fewer hands on your card–The risks of fraud and theft decrease because fewer humans actually see the card.
This new technology, already in use overseas, could make things like retailer data breaches a thing of the past. If you haven't received your new card(s) or if you have any questions about EMV/Chip technology, call us today at 801.627.8700.