Goldenwest is about to take a giant leap forward in the fight against Visa card fraud. How? By issuing credit and debit cards embedded with EMV microchips. As we make the transition to Visa chip cards, our members are asking questions about how this new technology will better protect them from fraud. Listed below are some of the questions we’ve been answering recently.

Q: What do the letters E-M-V stand for?
A: Europay, MasterCard, and Visa, the three companies which originally created the payment cards equipped with computer microchips.

Q: What makes cards with EMV chips more secure?
A: EMV chips embedded in payment cards will help improve security when making in-store purchases by making every transaction unique. With the EMV chip, if your card has been used to make purchases at a merchant that has experienced a data breach, the information from your card cannot be accessed to create counterfeit cards and commit fraud.

Q: When will I receive my Visa chip card?
A: Members with existing Goldenwest credit cards will begin receiving their replacement chip cards in the coming weeks through the U.S. Postal Service. We will roll-out card replacements in phases. If you don’t receive your Visa chip card immediately, don’t worry…it will be coming soon. Following our Visa credit card roll-out, we will issue chip cards for our Visa debit card products.

Q: Can I get a Visa chip card issued at a branch?
A: Visa chip credit cards will become available in our branches in the near future. A few years ago we invested in “instant issue” Visa card machines for all of our offices. With Visa instant issue, our members apply for a new Visa card or request to replace lost/stolen/damaged/compromised cards, and select PINs of their choosing, in a matter of a few minutes. Our members leave the branches with new Visa cards in hand, ready to use at merchants and the ATM.

Q: Will I have the same card number?
A: Good news – your card number will remain the same! When you receive your new Visa chip card, you will notice it has the same card number but a new expiration date. Upon activating your new chip card, your old Visa card will automatically deactivate. Please destroy your old Visa card for security purposes. In addition, you may need to notify your creditors of the new expiration date on your card.

Q: Does the Visa chip card guarantee I’m protected from fraudsters?
A: Unfortunately, the EMV chip technology provides added security measures only for transactions when the card is present at the point-of-sale. Remain diligent in safe-guarding your Visa cards. Fraudster who gets your card number and expiration date could use your information for an internet shopping spree.

We are excited to bring our members EMV microchip technology with our Visa cards products for greater security and convenience. Unfortunately, we live in a world where fraudsters are working around the clock trying to steal your personal information for their financial gain. Safeguarding our members’ financial information and data continues to be among our top priorities.

It’s always a pleasure hearing from you. I look forward to your comments at president@gwcu.org to learn more about your needs and wants in regards to payment services. I invite you to follow me on Twitter @GoldenwestCUCEO for the latest credit union news and updates.

Visit our EMV page for more information about chip technology.