Soon, all Hudson Valley Visa Credit, Debit, Business Debit, and HSA Cards will be fully EMV-enabled "chip cards." Chip cards mean additional protection above and beyond our standard Visa Zero Liability Protection. When you receive a new card from Hudson Valley, always activate the card immediately using the toll-free number on the card's sticker.
Chip technology uses advanced encryption methods to authorize card transactions and significantly improves the security of in-store transactions. In fact, Visa recently announced that chip card usage had decreased fraud by 58% in the past two years. Chip cards are more secure because a unique code is produced for each transaction. Data is stored securely on the chip instead of the magnetic stripe, which also makes creating a counterfeit card very difficult.
Although chip technology helps to significantly reduce risk, the possibility of fraud still exists. If you're asked to swipe your card at merchants instead of using your chip, don't hesitate to ask them when their terminals will be chip-enabled. More merchants are installing the proper technology, but consumer pressure to secure data can help encourage them to do more to protect your information.
Your card can still be used with the magnetic stripe or for online transactions, but use caution to ensure you're using a reputable merchant/site that secures and protects your transaction data.
Please watch your mail or eNotices for more information on this new card. Again, whenever you receive a new Visa card from Hudson Valley – activate it as soon as possible to ensure the maximum protection.
What does EMV mean?
EMV is an acronym for EuroPay MasterCard Visa, the three card providers that introduced this technology in Europe over a decade ago.
What is chip technology?
Chip technology uses advanced encryption methods to authorize card transactions. Chip technology significantly improves the security of in-store transactions by reducing fraudulent activity that results from counterfeit cards.
Why is chip technology more secure than a magnetic stripe?
Chip technology is more secure because a unique code is produced for each transaction. Card data is stored securely on the chip instead of the magnetic stripe. This also makes creating a counterfeit card very difficult.
What is different about a chip card?
Chip cards have a few features that make them different from cards with only a magnetic stripe.
- Embedded in the card and visible on the front of the plastic is a microchip that interacts with a merchant's point-of-sale terminal to provide greater data security.
- The card must be inserted at an enabled terminal and remain there for the duration of the transaction in order to receive the unique approval code. This means the transaction may take a few seconds longer to process.
Can chip cards still be compromised?
Although chip technology will help to significantly reduce the amount of fraud occurring today, the possibility of fraud still exists. Data can still be compromised if the card is lost or stolen, when information from the magnetic stripe is unlawfully obtained, or when merchant systems are breached.
How is a chip card used at the point of sale terminal?
Instead of swiping the card, you insert the card into a slot on the bottom of the point of sale terminal, chip first and face up. The card remains in the slot for the duration of the transaction; simply follow the prompts on the terminal and then remove the card when the transaction is complete. Most terminals make a noise to remind you to remove the card. If both the card and terminal are chip-enabled, the card cannot be swiped, creating even greater security for you.
For a Debit Card, can I still use a PIN or sign for a transaction?
Yes, whether you use the chip or swipe feature with your Hudson Valley Visa Debit Card, you can still enter your PIN or sign for the transaction.
What if a merchant has not upgraded to a chip-enabled terminal?
Hudson Valley cards will still have a magnetic stripe for use at terminals that are not chip-enabled. Members can simply swipe their card to complete the transaction. We encourage you to question a merchant that appears to have a chip terminal, but still requires you to swipe. Consumer pressure to secure data can help encourage merchants to complete their technology upgrades and reduce risk.
Will transactions processed online and by telephone be processed as chip transactions?
No, transactions processed remotely where the card not present are not processed as chip transactions since the chip needs to be physically read by a chip-enabled terminal.
Can I change the PIN on my chip-enabled card?
Staff at any branch can assist you in changing your PIN on the spot.
Are there any additional costs/fees for the member to have or use an Hudson Valley chip card?
Do I still earn rewards when using my chip-enabled card?
Do I still need to notify you when I travel?
Yes, you should still notify us if you are traveling so we can process travel notification memos. You can do this even more easily within Internet Banking. Once signed into the system, select the "My Travel Dates" link from the "Additional Services" menu to submit.