In an effort to reduce the number of frauds and skimmings that take place on ATM and Credit Cards each year, Interac has anounced that it will move towards Chip Card Technology and will be migrating from Cards with MagStripe to Cards with Chip. The migration to Chip technology is a result of the Chip itself being nearly impossible to duplicate or copy due to high levels of encryption. Many Credit Card Companies including Credit Union MasterCard are currently rolling out Credit Cards with Chip Technology already.
Some Financial Institutions are currently in the testing phase for ATM Cards with Chip technology to be rolled out later in the year, including TEUCU. Members will not notice much difference from the card experience, except the card will no longer be swiped, but inserted into the chip card reader. The benefits of the switch will include overall risk reduction, consumer protection, privacy and security.
Please remember to check back frequently for more updates on this exciting change coming our way, and when you can expect to receive your new ATM Card.
