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Chip Card Technology

What is a chip card?

A chip card is a credit or debit card containing an embedded computer chip, which provides the ability to securely store and process data and provides increased protection against lost, stolen or counterfeit card fraud. Chip technology is the next evolution of electronic payments, and is helping to make an already secure payment system more secure.

What are the benefits of the chip card to SECU members?

Consumers have a lot to gain from the migration to chip technology. Benefits include:
  • Added Security
  • Chip cards are difficult to copy, which provides enhanced security against lost, stolen and counterfeit card fraud
  • Chip cards securely store and process data safely and efficiently

What information is stored on the chip card? How secure is the information?

The information stored in the chip is the same type of information that is currently stored on the magnetic stripe today - payment related information that will allow the transaction to be authorized and processed. There is no personal information stored on the chip card.

Your SECU Visa® Check Debit card contains a contact chip which means the chip information cannot be captured by an electronic pickpocket. Cards that may be subject to this type of scam contain a Radio-Frequency ID (RFID) chip used for contactless payments. Your debit card does not contain an RFID chip.

Will chip card transactions be conducted differently than magnetic stripe transactions?

Members can expect to see minor changes when conducting a chip transaction at a chip enabled terminal:
  • The card is inserted into the device or terminal rather than swiped
  • The card remains in the terminal for the duration of the transaction
  • Follow the terminal prompts as you do today

Is the magnetic stripe on the card being eliminated?

The magnetic stripe will remain on your SECU Visa Check Debit Card to allow you to use your cards at ATMs and store terminals that have not yet been upgraded, and in countries that have not been migrated to chip technology. Magnetic stripe technology continues to be a secure method of payment for consumers.

Does the move to chip mean that the magnetic stripe is not secure?

You should continue to have full confidence in the security of magnetic stripe cards. The migration to chip technology represents a forward-looking evolution of electronic payments systems designed to improve the future security of the payment systems. In addition, members can be confident in the protection and added security features offered by SECU and Visa.

Can a chip card be compromised?

Your chip card comes with proven technology already in wide use around the world. If the magnetic stripe and PIN information are stolen or compromised from a chip card in order to make a counterfeit magnetic stripe card, we will replace the chip card. The magnetic stripe must remain on the chip card to allow you to conduct transactions in countries that have not yet transitioned to chip technology. Transactions completed with the magnetic stripe on your card are still safe and secure.

Will my chip card be accepted at all terminals?

Yes, chip cards will continue to have a magnetic stripe so the card will work at non-chip terminals.

Can I use my chip card at ATMs outside of the United States?

When you travel internationally, and want to make foreign currency withdrawals at an ATM with your SECU Visa Check Debit Card, simply look for the ATMs displaying the Visa® PLUS ® logo. It is recommended that when travelling internationally, you carry more than one method of payment (credit card, debit card, or small amounts of local currency) in the event that you encounter potential service disruption issues.

*Quoted rates, dividends, annual percentage yields (APY) and rates (APR) are subject to change daily at the discretion of the Board of Directors.