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Microchip Debit Card 16Protecting American Federal customer information and accounts is one of the bank’s top priorities. Beginning in November, American Federal will issue EMV microchip debit cards to customers.  There is no cost for the new cards.  Customers will receive a new EMV microchip debit card approximately four weeks before the expiration of their current debit card.

EMV card transactions are more secure than traditional swipe card transactions. Current magnetic strip cards can be easily copied (skimmed) with inexpensive card reading devices, allowing criminals to reproduce counterfeit cards. The use of EMV microchip cards is expected to significantly reduce card fraud.

  • EMV stands for Europay, MasterCard®, VISA®. It is a global standard for cards equipped with computer chips and the technology used to store and protect cardholder data.
  • An EMV chip card contains both a magnetic strip and an embedded microchip. The chip helps reduce fraud by making it more difficult to duplicate the card or make unauthorized purchases. EMV chip cards are already in use across the globe. EMV chip cards make traveling abroad easier as EMV cards are accepted around the world. 
  • At retailers with EMV capable chip terminals, customers insert their card into the card reader and follow the prompts on the terminal or pin pad to enter their Personal Identification Number (PIN) or provide their signature. 
  • At retailers without EMV capable chip terminals, customers swipe their card and sign as they do currently. Customers also can continue to use their card as they did before for online purchases and payments and at the ATM.
  • American Federal customers’ new microchip debit cards will keep their same 16-digit card number. However, their new microchip card will have a new expiration date and 3-digit security code (CVV code). 
  • After receiving their new card, customers will want to update any existing recurring transactions they have setup with merchants that automatically bill their card.