Credit and debit card fraud remains a major concern for cardholders and a very costly risk for financial institutions around the world. In response to this continuing issue, some of the leading card providers have worked together to develop a new global standard in card security – microchip technology.
ECU Australia cardholders can now look forward to smarter and safer transactions with their Visa cards. Any new Visa cards and renewals issued will nowthe new chipped card technology.
A new level of security
The microchip is a smart chip, which appears as a gold or silver square embedded on the left hand side on the front of the cards. Like the magnetic stripe on the back of current Visa cards, the embedded chip stores your account details – your account name, number and account expiry date. But unlike the magnetic stripe, the microchip is virtually impossible to copy, which provides an unrivalled level of protection against counterfeiting, card skimming and other fraudulent use.
A new way to transact with Visa
Chip technology is already in use in Europe, Asia and New Zealand and has quickly become the preferred way to transact for cardholders and merchants alike. New chip terminals will soon be in use across Australia so look out for the chip marque wherever Visa is accepted.
With this new technology, instead of swiping your card, you may soon be asked to insert your card in the new EFTPOS terminals. The card remains in the terminal throughout the transaction and confirms your identity and transaction authorisation by requesting your PIN.
The new global standard
During the upgrade transition period, you will still be able to swipe and sign for transactions as before. As merchant terminals are upgraded, however, ‘dipping the chip’ and entering a PIN will become the new easier, faster and safer way to transact. If you are travelling overseas, we suggest you memorise your PIN as this is now the preferred payment authorisation method for most merchants.
If you’d like to know more about our roll-out of the new chip cards for Visa cardholders, click the link below for a list to ways to contact us:
- Contact ECU Australia
Further Information
- Your New Visa Chip Card - Frequently Asked Questions
