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EMV Chip Card FAQs

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INCREASED FRAUD PROTECTION.

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What you need to know about EMV chip cards at Univest.


FAQs

  1. What is an EMV Chip Card? Answer
  2. What are the benefits of chip technology? Answer
  3. Why are chip card transactions more secure? Answer
  4. How is a chip card different from what I use today? Answer
  5. How do I get a chip card? Answer
  6. How will I know if I have a chip card? Answer
  7. Are there additional fees with a chip card? Answer
  8. How do I use a chip card? Answer
  9. When do I need to sign for a purchase using my chip-enabled card? Answer
  10. What if a retailer doesn't accept chip cards? Answer
  11. Do I have to do anything different when making online purchases? Answer
  12. If I have auto deductions from my account will there be any impact? Answer
  13. Will my new chip card support contactless transactions? Answer
  14. Can I use my chip card when traveling outside the U.S.? Answer
  15. Is personal information stored on the chip? Answer
  16. Will chip cards allow others to track my location? Answer
  17. Can a chip card be compromised? Answer
  18. How do chip cards address payments fraud? Answer


Q: What is an EMV Chip Card?

  • An EMV chip card is a debit or credit card with a built-in microchip that provides greater security and convenience when used at a chip card reader as opposed to using the magnetic stripe. The microchip is encrypted, which means that it is extremely difficult to copy or counterfeit. EMV is an acronym for Europay, Mastercard, and Visa, the three organizations who developed the initial specifications for chip processing. These specifications were designed to enable secure communications between chip cards and chip card readers.

Q: What are the benefits of chip technology?

  • Chip technology, already in wide use around the world, makes a secure payment system even more secure by reducing fraud. Chip cards contain an encrypted microchip which is very difficult to counterfeit.

Q: Why are chip card transactions more secure?

  • When transacting with a chip card at a chip card reader as opposed to using the magnetic stripe, a unique transaction code is generated for every transaction that cannot be duplicated making the transaction more secure.

Q: How is a chip card different from what I use today?

  • Chip cards have a small, metallic square on the front and the magnetic stripe on the back.

Q: How do I get a chip card?

  • Chip cards are now available through instant issuance in all Univest financial centers with the exception of the Chalfont and Quakertown. Current cardholders will receive a new EMV chip card this summer.

Q: How will I know if I have a chip card?

  • Your card will have a small, metallic square on the front left side of it.

Q: Are there additional fees with a chip card?

  • There are no additional fees for chip cards.

Q: How do I use a chip card?

  • At an EMV enabled merchant, you will insert your chip card into the chip card reader. Your card stays in the reader until the transaction is complete. When the transaction is complete, you'll be prompted to remove your card from the chip reader.

Q: When do I need to sign for a purchase using my chip-enabled card?

  • Any time that you aren't prompted for your PIN you will need to sign for your purchase.

Q: What if a retailer doesn't accept chip cards?

  • Univest chip-enabled debit cards will continue to have the magnetic stripe on the back of the card. This means that you will still be able to use your chip card at merchants who don't have chip card readers the same way you use them today.

Q: Do I have to do anything different when making online purchases?

  • No, you will use your chip-enabled debit card the same way you use your current debit card to make online purchases.

Q: If I have auto deductions from my account will there be any impact?

  • You will receive a new card number. If you currently pay bills with your debit card, be sure to provide your new card number to avoid any disruption.

Q: Will my new chip card support contactless transactions?

  • Contactless technology employs near-field communication which has a radio antenna that transmits account information and works by tapping or waving your card at a participating terminal.

    Univest isn't planning to support contactless at this time. If a Merchant accepts contactless there is a great likelihood that the terminal will also support the ability to insert a chip card. If for some reason they do not, using the magnetic stripe to complete the transaction is always an alternative.

Q: Can I use my chip card when traveling outside the U.S.?

  • When traveling outside the U.S., some card readers at unattended terminals (such as public transportation kiosks, gas pumps) will require a PIN. In these situations, enter the PIN associated with your debit card. Some international self-service terminals do not accept U.S. issued cards and may display a message such as "Transaction Canceled". This is known to happen on French Toll Roads or Automated Fuel Dispensers depending on location. In these cases, please locate an attended terminal to complete your transaction, or plan for an alternative payment method, such as local currency.

Q: Is personal information stored on the chip?

  • The chip provides a secure vault for your card and transaction information. Information stored includes those components needed to authorize payment and detailed results of the transaction.

Q: Will chip cards allow others to track my location?

  • No. Chip card technology is not a locator system. The chip on your card is limited to supporting authentication of card data when you make a purchase.

Q: Can a chip card be compromised?

  • At this time, Univest is not aware of any compromised situations involving chip technology. While the chip embedded in your card employs a range of security features and measures that work together to create a multi-layered defense against fraud when used at a chip card reader, a compromised issue may be related to the magnetic stripe on the back of your card. Chip cards will still include a magnetic stripe to ensure continued acceptance everywhere, including locations and merchants that have not converted to chip technology.

Q: How do chip cards address payments fraud?

  • Each time your chip card is accessed via a chip card reader, a unique identification key is generated and stored on the chip. Even if fraudsters find way to steal data from the chip the data cannot be used to create a fraudulent transaction.
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