New Technology Makes Your Card Transactions More Secure
Monona State Bank is committed to your security and making your banking easier.
What are Chip cards?
- Chip cards are just like your normal debit and credit cards, with one big difference: they have a microchip embedded in them that generates a unique code for every purchase you make at a chip-enabled terminal, protecting you even better from fraudsters and identity thieves for in-person transactions. The new chip-enabled cards also have a magnetic stripe on the back that will allow you to use them at locations that do not yet have a chip-enabled card reader.
Why switch to a Chip Card?
- The chip cards offer a higher level of security. The embedded chip adds another level of security when you use your card at a chip-enabled terminal. Instead of just swiping your card, with a chip card, you insert your card into the reader and it remains inside for the duration of your transaction. During the transaction, the chip produces a one-time code to validate the transaction. Since this one-time code is generated during the transaction, if your card information is ever stolen, it becomes useless to criminals because the embedded chip makes it nearly impossible to create a counterfeit or duplicate card.
- The chip cards offer convenience and global acceptance. With a chip card, it is much easier to travel internationally. Much of the world has already successfully converted to the chip card technology and it is quickly becoming the industry standard in the U. S.
Can I use Chip cards anywhere?
- More chip-enabled terminals are showing up in retailers every day (and are already common in over 130 countries) so you'll be able to take advantage of the added security the chip cards and terminals offer. And not to worry, the new chip terminals work just fine with non-chip cards, too! Further, if the merchant does not offer a chip card terminal, you will still be able to swipe your chip-enabled card just like you always have.
How do I use a Chip card?
- Using your chip card to make a payment is very different from the “swiping” you are probably used to using a magnetic stripe card. The new chip card readers may look similar to the current swipe terminals, but there are big differences in how you use them. One big difference with using a chip-enabled card reader is that rather than swiping your card, you will insert the chip card into the front of the card terminal with the chip facing up. A second difference is that you will leave the card in the terminal for the duration of your transaction. Once you’ve inserted your card, you just follow the prompts on the screen to approve your purchase. You may also be asked to sign for your transaction or enter your PIN. Once your transaction is complete, your card can be removed from the terminal.
- You do need to remember to remove the card from the machine and take it with you; please do not leave it in the terminal. Please refer to the illustration below for easy to follow steps in using your chip card at the new terminal.
What if the merchant does not have a
chip-enabled terminal or I am shopping online?
- If the merchant does not have a chip-enabled terminal, you will just swipe the magnetic stripe on the back of your card like you do today. Further, when making online purchases, you will follow the same process that you’ve used in the past with each online merchant.
When will I get my chip card?
Monona State Bank began replacing our current VISA credit cards with the new chip cards beginning in December 2015. Monona State Bank began replacing our current VISA debit cards with the new chip cards in May 2016.
What if I have questions about my new chip card?
Monona State Bank is here to help. Just call (608) 223-3000 and ask to speak with a personal banker. They will be able to answer any questions you may have.