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EMV® chip technology is a global standard of payment technology. And now, it is offered through Central Bank. The chip in this card stores your account information more securely and can provide a reduction in card-present fraud resulting from counterfeit, lost or stolen cards.

 

How will it work?

First, Central Bank will issue you a new EMV chip card upon the expiration of your current card. When you receive your new chip card, please destroy your expiring card and active your new card immediately. Using the chip card is easy:

  1. Insert your card with the chip facing up.
  2. Leave the card in the terminal while completing the transaction.
  3. Follow the prompts on the terminal’s screen.
  4. When your transaction is complete, you will be prompted to remove your card.

If the merchant does not have an EMV chip card terminal, swipe the card as usual with the magnetic stripe.

What does EMV stand for?

EMV is named after Europay, Mastercard & Visa, the original payment systems that developed the technology.

What is an EMV chip?

It is an embedded microchip in your card that provides the best security and protection against fraud. The chip is able to encrypt information, thus making it extremely difficult for the card information to be copied or counterfeited.

How is the card different from a traditional magnetic stripe card?

It looks just like a magnetic stripe card. In fact, it still has the magnetic stripe of a traditional card. The big difference in how you use it is this – you’ll insert your chip card into a chip-enabled terminal to complete the transaction, you’ll follow prompts on screen and when the transaction is complete, you’ll be prompted to remove the card.

What will this do that my current card can’t do?

The EMV chip-embedded card requires a terminal to perform more complex processing, including encryption, to complete a transaction. This dynamic authentication capability makes the information in your card more difficult for simple card-readers or ‘skimmers’ to fraudulently scan.

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You are leaving the Central Bank website. We are not endorsing or guaranteeing the products, information or recommendations provided by the organizations linked to our website. We are not liable for any failure of products or services advertised on those sites. We are not responsible for the validity, collection, use or security of information by organizations that may be linked to our website. We encourage you to read the privacy policies of websites reached through the use of links from the Central Bank website.

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