Please see our convenient video below that demonstrates how to use your new EMV card.
Your new MasterCard® debit card from Washington Savings Bank features new EMV chip technology. This has become the global standard for card-based payments because of its enhanced security. Chip-based cards are already the standard in Europe and now this technology is being rolled out in the U.S.
In addition to having a magnetic strip, a microchip is integrated right into the card that stores and protects your data.
EMV-enabled cards help prevent fraud from counterfeit cards. Without getting too technical, chip cards support dynamic authentication, so data cannot be copied from those card skimming devices fraudsters place on ATMs and Gas station pumps.
To dig deeper and explain further, EMV technology adds security in three critical areas:
The payment process at a store will be slightly different with your new card(s). Not every new reader will look the same, but they will be similar. Instead of swiping your card, you'll put it into the front of the card reader with the chip facing up. You'll leave it in the reader and follow the on-screen instructions until your transaction is completed. Then you can remove the card. You may have to sign a receipt or sign on the terminal. Your new card will also have a magnetic stripe on it for use on older terminals in the interim.
Merchants have already started using these terminals, and they will also be adopting them in more frequently in the coming months. The combination of EMV-enabled cards and new EMV-type terminals will combine to create the best security for you and retailers. Please see our convenient video that demonstrates how to use your new EMV card.