EMV – FAQ

Frequently Asked Questions

What is EMV technology?

EMV is a global standard for credit and debit payment cards based on chip card technology.  EMV gets its name from the card schemes Europay, MasterCard, and Visa – the original card schemes that developed it.

Can I still swipe my card?

Yes. If the merchant does not accept EMV cards, you will still have a magnetic stripe on the back of your card.

Can I still use my card for online purchases?

Yes, although online purchases are not as secure because the EMV chip is not similarly activated.

Does the EMV chip eliminate fraud?

Not completely. EMV technology makes it nearly impossible for a fraudster to duplicate your card and make fraudulant purchases. The chip encrypts your information and generates a unique code each time you use your card. Each code can only be used once, so it’s useless to a fraudster.

Where and when are EMV cards used? 

Retailers and issuers are beginning to use EMV cards more frequently , and will now be using EMV first, if available. October 1, 2015 was the fraud liability shift for EMV transactions. Currently, card issuers (like OUFCU) are responsible for fraud losses, but after that deadline, the party that uses the less secure method or payment will bear the brunt of fraud losses. If one party has EMV technology and the other does not, the party (merchant or card issuer) who does NOT have EMV would be liable for fraudulent transactions under most circumstances.

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