What to know about the debit chip cards
Coming to a wallet near you: new debit chip cards. The new
cards look like your old cards with one exception: they have a small square
metallic chip on the front. The chip holds your payment data — some of which is
currently held on the magnetic stripe on your old cards — and provides a unique
code for each purchase. The metallic chip is designed to reduce fraud,
Here’s how it works: To buy something in a store, instead of
swiping your card, you’ll put it into a reader and follow the prompts on the
screen. Then you might have to sign or enter a PIN. With each transaction, the
chip generates a unique code needed for approval. The code is good only for
that transaction. Because the security code is always changing, it’s much more
difficult for someone to steal and use.
It is important to remember that chip cards safety measures work only
for in-person or card present transaction at properly equipped retail point of
sale terminals and ATM machines.
There will be no change in the way you use your card online
or by phone. Online retail transactions
using chips cards do not offer the same safety and security because the
technology only works if a machine can physically read the chip on the card. That means chip cards won’t prevent crooks
from using stolen card numbers to buy online or by phone. When making a
purchase on line with your card, make sure it is a trusted and secure site. So it’s a good idea to still guard your card
information closely, and check statements for suspicious activity. If you notice suspicious activity notify
Tri-County Bank at once.