Question 1

What Is EMV® Technology?

Accepted Answer

EMV® stands for “Europay, Mastercard, and Visa. EMV® is a security standard for storing account information on credit cards. It’s an alternative to the magnetic stripe (mag stripe) that has traditionally been used.

Question 2

How do EMV® chip cards work?

Accepted Answer

The chip and the terminal work together to create a unique, encrypted code, called a token or cryptogram. This is a dynamic number, meaning it will be different for every transaction. It’s useless outside of that one transaction, and if anyone were able to copy it he or she wouldn’t be able to use it to make purchases with the card.

Question 3

What’s the difference between chip-and-signature and chip-and-pin?

Accepted Answer

Chip-and-Signature and Chip-and-PIN are two different Card Verification Modes (CVMs). Simply put, signature cards will require a signature to verify the transaction, while PIN cards will require a PIN.

Question 4

Can a card be both chip-and-signature and chip-and-pin?

Accepted Answer

Yes, a credit card can have both Chip-and-Signature and Chip-and-PIN capability. If a card has both signature and PIN capability, it will be set to prefer either one or the other.

Question 5

Why does my chip card still have a magnetic stripe?

Accepted Answer

The major credit card networks gave all U.S. merchants a set timeline for this shift in fraud liability, giving them several years to install chip-enabled terminals. So credit cards in the U.S. will have mag stripes for many more years to come.

Question 6

What are the advantages of EMV® cards over traditional cards?

Accepted Answer

The basic advantages come down to account security for card present transactions. EMV® chips are also more difficult to copy than mag stripes.

Question 7

What are some other names for EMV® cards?

Accepted Answer

EMV® cards are known by many names: Chip-and-Signature cards,  Chip-and-PIN cards, Chip-and-Choice cards, Chip cards, IC cards (for “integrated circuit”), Smart cards, EMV® smart cards, Smart chip cards, Smart payment cards.

Question 8

What’s the difference between EMV® and NFC?

Accepted Answer

EMV® is a set of security technologies and standards, and it stands for “Europay, Mastercard, and Visa.” NFC stands for “Near-Field Communication,” and this refers to the ability to wirelessly transfer information across short distances.

Question 9

Do debit cards have EMV® technology?

Accepted Answer

Yes, debit cards also have EMV® technology. Debit cards usually have Chip-and-PIN EMV® technology, so they end up working just like they always have.

Question 10

Where can I get an emv-enabled credit card?

Accepted Answer

Every credit card issued in the U.S. is equipped with EMV® technology. All EMV® cards have the Chip-and-Signature verification mode, but not all have Chip-and-PIN.

Question 11

Are there any special fees associated with chip credit cards?

Accepted Answer

No, there are no special or additional fees to use EMV® chip cards. It costs money for credit card companies and merchants to switch over to and maintain EMV® technology, of course. These costs are probably passed on to the customer in some way.

Question 12

Can I still use my chip-enabled credit card for cash advances at ATMs?

Accepted Answer

Yes. The chip in your card doesn’t prevent you from doing anything you normally would with the card. The PIN you use for cash advances may or may not be the same PIN you use for purchases, depending on the card issuer.

Question 13

Where can I get a card with chip-and-pin functionality?

Accepted Answer

Many U.S. credit card issuers offer cards with PIN functionality today. Check out our list of credit card issuers that offer Chip-and-PIN cards.

Question 14

How do I set the PIN on my card?

Accepted Answer

Some card issuers will assign you a PIN after you’re approved for the card, like the First Tech Federal Credit Union. They’ll inform you of the PIN by mail. Others will prompt you to create one, like Barclays, and if you don’t then they’ll assign you one.

Question 15

Is the cash advance PIN the same as the pin for making purchases?

Accepted Answer

Most card issuers let you use the same PIN for both cash advances and Chip-and-PIN transactions. But a few, like HSBC, will give you two separate PINs, one for each function.

Question 16

Are chip-and-signature or chip-and-pin cards more common in the U.S.?

Accepted Answer

Most credit cards issued in the U.S. are currently just Chip-and-Signature. There are about a dozen U.S. issuers that offer Chip-and-PIN cards, however, and their ranks are slowly growing.

Question 17

How do I use an EMV® card to make a purchase?

Accepted Answer

Rather than sliding your card through a card reader, you insert it into a terminal slot and leave it there until the transaction is complete. Verify that the screen shows the correct purchase amount. You’ll be given instructions on how to proceed, either signing or entering your PIN.

Question 18

Should I dip or swipe my card?

Accepted Answer

Dipping your card is the more secure transaction method, so we recommend trying that first. If the terminal doesn’t accept chip cards for whatever reason, you’ll get an error and it will tell you to swipe.

Question 19

Do you have to insert a chip card?

Accepted Answer

Checkout terminals will usually force you to either dip or swipe your card. In rare instances you may have a choice. If your chip card features contactless technology (and it’s accepted at the terminal), you may be able to tap to pay, which is a good route if you’re worried about security.

Question 20

If you want to use my card at a retailer that doesn’t support EMV® technology yet, will it work?

Accepted Answer

Yes. You can still swipe the magnetic stripe on your card through the reader. All credit cards in the United States currently still have magnetic stripes because merchants need time to adjust to this new technology.

Question 21

Do you have to sign or enter a pin when you make a chip transaction?

Accepted Answer

It depends on your specific card. Most cards just have Chip-and-Signature, while some others also feature Chip-and-PIN. If your card only has Chip-and-Signature, you’ll be prompted to sign either the terminal screen or a printed receipt.

Question 22

What if the terminal only accepts PIN cards, and not signature?

Accepted Answer

Terminals are generally supposed to accept both signature and PIN, depending on the preferred Card Verification Mode of the card. You can try bypassing the PIN prompt by pressing “Enter,” “Continue,” or “Cancel.”

Question 23

Will you be able to use my EMV® card when I travel outside the country?

Accepted Answer

Usually, yes. Although EMV® is the standard in Europe and Canada, be aware that most merchants expect you to use a PIN to verify the transaction.

Question 24

Why are some retailers blocking chip cards?

Accepted Answer

Some retail stores use a terminal that supports reading chip cards, but they block it with a plastic plug. This is most likely because the retailer has plans to switch over to EMV-compliant hardware and software and has already upgraded their terminals, but the full system is not yet ready to accept those cards.

Question 25

As a merchant, how do you accept chip cards?

Accepted Answer

If you’re a merchant you’ll probably want to start accepting chip cards to limit your liability. If you already accept magnetic stripe cards, talk to your merchant provider about accepting chip cards.

Question 26

How do EMV® cards help prevent fraud?

Accepted Answer

Chip cards help prevent fraud in two main ways, at least: making fraudulent transactions more difficult and making card duplication more difficult. Online fraud has increased to fill the gap.

Question 27

Who’s responsible for fraud with EMV® cards?

Accepted Answer

Liability for fraud usually rests with the card issuer or payment processor, depending on the specific terms of the account. However, since the transition to EMV® technology, fraud liability now lies with the “least-EMV® compliant party,” which in some cases might be the merchant.

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