EMV Chip Technology for Debit and Credit Cards – Please Advise

Starting May 2016, all Riverside credit and debit cards will be reissued with new EMV Chip Technology. (NOTE: Lost and stolen cards currently being reissued will have the EMV Chip Technology.)

Here’s what you need to know:

What is EMV and chip technology?

Named after its original developers (Europay, MasterCard® and Visa®), this technology features standard debit and credit cards with embedded microprocessor chips that store and protect cardholder data.

What makes EMV different than the traditional magnetic stripe card payment?

Simply put, EMV (also referred to as chip-and-PIN, chip-and-signature, chip-and-choice, or generally as chip technology) is the most recent advancement in a global initiative to combat fraud and protect sensitive payment data in the card-present environment. The magnetic stripes on traditional credit and debit cards store contain unchanging data. Whoever accesses that data gains the sensitive card and cardholder information necessary to make purchases. Unlike magnetic-stripe cards, every time an EMV card is used for payment, the card chip creates a unique transaction code that cannot be used again. The microchip provides an additional level of authenticity for the transaction.

How do I use my new chip card? 

Just like magnetic-stripe cards, EMV cards are processed for payment in two steps: card reading and transaction verification. Depending on the device which you are using, you will either slide the card or enter the card into the chip reader. Generally, the cardholder will be prompted to enter a PIN or sign to validate their identity.

EMV technology will not prevent data breaches from occurring, but it will make it much harder for criminals to successfully profit from what they steal.

With that said, Channel 7 News has already reported scams around the new technology. Please read below and make yourself aware of potential fraud threats. As mentioned, Riverside is in the process of reissuing all debit and credit cards to enable the chip technology so the cards will automatically be sent to your home address. Take note that Riverside will not try to reach you via email for account questions, so heed the advice below and check the authenticity of the emails you may receive.

1. Legitimate emails from card issuers should be short, to-the-point notifications that your new EMV card is being mailed, perhaps with an “expect within 10 days” timeframe. They should not include links or attachments promising details or urging action to “update your account” or the like; that’s the calling card of scammers.

As a general rule, don’t trust links in emails — and before clicking, always hover your computer mouse over the link; if it doesn’t display the sender’s company name, assume the worst. It’s also safer to access any business website by typing its url yourself, not via provided links. Or call the phone number listed on your card, not provided in emails.

2. Bogus paypal emails are making the rounds, with malware-laden “update your account” attachments. Legit paypal emails never include attachments.

3. Authentic emails from card issuers will address you by name and include some specific reference to your credit card, such as the last four digits of your account number. Those from paypal, ebay or other businesses will also include your name. Emails vaguely addressed to dear “cardholder,” “customer” or “account holder” are scams.

4. Even if the email includes your name, don’t trust it unless you previously provided your email address to that business (for instance, when you enrolled in online banking). Email mailing lists — with account holder names — can be purchased by scammers.

5. Be suspicious of phone calls or text messages supposedly from card issuers about EMV cards. These could be “vishing” (for voice phishing) or “smishing” (named after SMS technology that sends text messages) attempts aiming to glean account and personal information.

The full article can be found at http://www.wkbw.com/news/new-emv-chip-card-scam-emerges-just-days-after-deadline. Contact 716-875-1747 if you have any questions regarding your account.