TMH Federal Credit Union members will soon be able to use their debit cards in stores with an additional layer of protection against fraud in the form of a small microchip embedded in their card. Due to significant increases in fraud, YOUR Healthcare Credit Union is upgrading its debit card security systems in an effort to fight skyrocketing fraud costs. While federal regulations already protect our members from liability for most fraudulent transactions, the process is frustrating and concerning.
That’s why TMH FCU is making the switch to EMV (Europay, MasterCard, and Visa) cards, which contain computer chips that authorize or validate payment-card transactions. The United States is the last developed country in the world to convert.
Here’s how the change will affect you:
- You’ll receive an EMV card: This will happen when your current card expires.
- The transaction process will be slightly different. You’ll insert your EMV card in a POS (point-ofsale) terminal, wait for it to be authorized, and remove it. You’ll either sign a sales draft or key in your PIN to complete the transaction.
- It’s possible that some merchants and card issuers may choose not to convert and will continue to use mag stripe technology for a while. Your card will still work at the point of sale and will continue to be protected from fraud liability.
The Credit Union is in the final stages of testing and will soon be issuing these new cards. If you have questions about EMV cards and how they will affect you, contact us at 850.402.5301.