Other TwinStar credit and debit card types will be converted to EMV in the third quarter of 2016. Under the partnership UNFCU members will be able to use the card, which has contactless capability, anywhere around the world. Watch this short video to see all the details of the EMV platform. We’re optimistic that EMV cards will prevent fraud and the hassle you endure as a result. TwinStar Credit Union is pleased to be on the front edge of this technology improvement. This new method of initiating the transaction should greatly reduce the data thefts we’ve seen become common and prevent the fraud associated with those breaches.
FIRST EMV CARD UPGRADE
As merchants upgrade their equipment, you will notice that your card is inserted into the terminal rather than swiped.
In many cases, the process when you purchase something with an EMV card will be the same – the merchant will slide the card through a reader. The activation process for your EMV card is exactly the same as our prior cards. More information on EMV cards can be found here. The card carrier that is included with your mailing provides more details. If your Visa® Platinum credit card has an expiration date in November 2014 or after, you will receive one of the new cards. In May 2010, a press release from Gemalto (a global EMV card producer) indicated that United Nations Federal Credit Union in New York would become the first EMV card issuer in the US, offering an EMV Visa credit card to its customers.TwinStar Credit Union is now shipping EMV chip enabled Visa® Platinum credit cards to TwinStar members. In February 2010 computer scientists from Cambridge University demonstrated that an implementation of EMV PIN entry is vulnerable to a man-in-the-middle attack however, the way PINs are processed depends on the capabilities of the card and the terminal, showing that attacks against card security are possible depending on the implementation.
FIRST EMV CARD PASSWORD
Visa has the Dynamic Password Authentication (DPA) scheme, which is their implementation of CAP using different default values. Its implementation is known as EMV-CAP and supports a number of modes. MasterCard has the Chip Authentication Program (CAP) for secure e-commerce.
Visa and MasterCard have also developed standards for using EMV cards in devices to support card-not-present transactions over the telephone and Internet.
FIRST EMV CARD CODE
Each use of your chip-enabled card at a chip-enabled terminal generates a unique transaction code that cannot be used again. Europay International SA was absorbed into MasterCard in 2002. EMV - Europay, Mastercard, Visa - technology is utilized globally to help customers become less vulnerable in their credit and debit card transactions. It is a joint effort between Europay, MasterCard and Visa to ensure security and global interoperability so that Visa and MasterCard cards can continue to be accepted everywhere. EMV stands for Europay, MasterCard and Visa, a global standard for inter-operation of integrated circuit cards (IC cards or "chip cards") and IC card capable point of sale (POS) terminals and automated teller machines (ATMs), for authenticating credit and debit card transactions.