Contact: Eric Skrum, Wisconsin Bankers Association
608/441-1216 | (c) 608/445-6430 | eskrum@wisbank.com
Twitter: @wisbank
FAQs to help consumers during the transition
(Madison) Starting Oct. 1, 2015, cards embedded with small microchips, also known as EMV cards, will
become the standard in the United States. Beginning on that date, the major payment processors
(MasterCard, Visa and Europay) will shift liability for fraudulent in-person credit card use to banks and
retailers, meaning banks and merchants/retailers must be able to accept/supply EMV chip cards or they
will be liable for losses due to fraud. EMV technology prevents that kind of fraud by adding security to
in-store transactions (however, it doesn’t add any protection to shopping online). Here’s what
consumers need to know about the new cards:
How do I know if I have a chip card?
At the end of 2014, approximately 120 million chip cards had been issued in the U.S., so many
consumers are already using them. Chip-enabled cards have a small metallic rectangle on the front of
the card, and most still have the traditional magnetic strip on the back. These cards can be used with
any retailer, whether they accept chip cards yet or not.
What’s different about using the new cards?
If you’re unsure whether the terminal you’re using is chip-enabled, swipe your card as you normally
would and follow the prompts. If the terminal is chip-enabled, it will prompt you to insert it instead. If
you already know your chip card works there, start by inserting your card. Then insert your card with the
chip toward the terminal, facing up. Do not remove until prompted. Provide your signature or PIN as
prompted by the terminal. Some transactions may not require either. When the terminal says the
transaction is complete, remove your card. Always remember when you use your chip card to follow the
prompts on the terminal and leave your card inserted until prompted to remove it. Retailers are training
their cashiers on this new technology, so they’ll be able to guide you through the new process.
I don’t have a chip card yet. Will my magnetic strip card still work?
That depends on where you’re using it. During the transition to EMV (the next few years, at least) most
retailers will use point-of-sale terminals that accept both the old magnetic strip cards and the new chip
cards. Start by swiping your card as you normally would. If the device is chip-enabled, it will prompt you
to insert your card instead.
Where do I go to dispute fraudulent purchases made on my chip card?
If you experience fraud on your chip-enabled card, contact your bank and the card issuer (the phone
number is usually on the back of the card) immediately. Your bank will help you protect your funds and
the card issuer will cancel the compromised card and replace it.
Consumers can also visit www.GoChipCard.com to learn more about how EMV cards offer better
security and how to use them.
The Wisconsin Bankers Association is the state’s largest financial industry trade association, representing
nearly 270 commercial banks and savings institutions, their nearly 2,300 branch offices and 23,000
employees.
