EMV 101: What you should know
What is an EMV card?
An EMV card is a debit or credit card that has an embedded chip, which is why it is also called a chip card. Debit cards include ATM cards, cash cards and pre-paid cards; card information is stored securely in the chip. This makes it harder for anyone to steal data while the card is being used in a transaction at a chip-enabled ATM or payment terminal.
Is it more secure than my old ATM and credit cards?
Yes. The old card has a magnetic stripe at the back where card information is stored. That info is “static,” which means that it’s always the same information for every transaction – making it relatively easy for fraudsters to skim or copy and transfer to a counterfeit card.
In contrast, the chip in an EMV card generates a unique code for every transaction. Even if a criminal manages to steal the code, it is useless as the code will not work a second time, and cannot be traced back to the cardholder’s account.
Why is my card being changed into an EMV/chip card?
The chip card offers more security for your card data and transactions’ reducing the possibility of fraud due to skimming and counterfeit cards.
The card is also advantageous for those who need to withdraw cash or make payments abroad as the chip card is aligned with global standards.
At a certain point in time, your old magnetic stripe cards will be blocked by your bank.
What makes a chip card different from the magnetic stripe card?
Three things differentiate the chip card from the magnetic stripe card: 1. An embedded chip which can be seen on the front. 2. An expiry date (month/year) – which is a requirement of the EMV standards.
3. The CVV (Card Verification Value), a three-digit number printed on the signature panel on the back of the card.
Is there a difference when using an EMV/chip card:
At an ATM? None. You will still have the same experience as with your old card.
At a payment terminal (also known as POS)? Yes – for chip-enabled terminals. Instead of swiping the card, this is now dipped or inserted into a slot that reads the chip.
For online payments or purchases? Certain online merchants (e.g. ridesharing apps) may require you to register your new card information such as card number, expiry date and other cardholder details.
How can I have my existing card replaced with a chip card?
In general, you will be asked to personally claim your chip card at the bank. As each bank is obliged to inform its customers regarding the availability of the chip card, it is advised that you contact your bank(s) for more details as card replacement procedures and schedules may vary.
Is there a fee for the replacement chip card?
For most banks, the chip card is free.
Should I bring anything when I have my old card replaced?
Bring your magstripe card. Banks have different requirements but usually, a valid identification document is required to verify if you are the real owner of the old card. Also, be ready with a new personal identification number (PIN) to replace the one that your bank will give you.