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Chip & PIN is a very similar technology, except that you use a PIN to complete a purchase instead of a signature. Both chip & PIN and chip & signature offer enhanced security against counterfeiting compared to the traditional magnetic stripe-only Cards.

You may need to update your card information where it is stored for recurring payments, such as online bills and subscriptions. Please update your recurring payment information to ensure that you do not miss a payment.

When you come across a chip-specific merchant terminal, simply insert your EMV card into the slot in the terminal and follow the prompts on the screen. You may still need to sign to authorize the transaction, and as usual you will receive a confirmation receipt.

If the Merchant terminal does not accept chip cards, you or the merchant can still swipe the EMV card in exactly the same way as you do today. You can always follow the prompts on the merchant terminal if you aren’t sure whether you should swipe or insert your Card.

Other issuers and companies may refer to chip cards differently, but all of these are different names for the same technology

The transaction flow with EMV payments is much the same but - with the addition of dynamic authentication and the chip technology - makes EMV transactions more secure:

• Card authentication takes place either online by using dynamic encryption or offline by protecting against counterfeit cards.

• Cardholder verification helps ensure that the person making the payment actually owns the card to protect against lost and stolen cards.

• Transaction authorization is completed either online with encryption technology or offline by using issuer-determined risk parameters.

EMV cards come with advanced security due to the chip technology that makes it difficult for a fraudster to counterfeit. These additional features help protect you when used at participating retailers.

We are moving quickly and aggressively to bring the next generation of secure banking to our members. New rules mandate all financial institutions in the US have this new EMV system in place by December 2015. 

There is still time to implement the system but we chose to act now because so many merchant security breaches over the past two years have affected our members. Account security is our number one concern. 

Thanks for working with us through these enhancements..

EMV, which stands for Europay, MasterCard and Visa, is a global standard for credit and debit payment cards using embedded microchips. ISU Credit Union's EMV credit and debit cards have an embedded microchip that provides enhanced security features and added protection at payment terminals locally and abroad.