The EMV chip, found in your VISA debit card, is highly regarded for its advanced security. When an EMV chip is used, it creates an ever-changing string of numbers that can’t be recreated. Whereas the older style magnetic strip is always the same, making it easier to duplicate your card to perform fraudulent transactions.
If fraudsters obtain your card information, they are unable to recreate the chip. What they do is create a fake chip, and when the chip does not work, they are instructed by the merchant to process the transaction via swiping the counterfeit card. This process is called a “fallback transaction.” If there are available funds in your account, these fallback transactions will be approved.
With the rise of fraud in card duplication methods, our top priority is keeping your account safe. Affinity First Federal Credit Union is taking a step forward to prevent fraudulent activity. If your card is being used at a terminal that is chip capable, swiping the card will not work. You must use your chip at these chip capable terminals. This decision by Affinity First will prevent fraudulent fallback transactions from being approved.
If you have any further questions or concerns, feel free to visit us or call us at 701-857-5541. Thank you!