With the continuing focus on payment card security and data breach prevention, card issuers are now providing high-tech, chip-enabled cards with embedded security.Enhanced Security
EMV cards (named after card providers EuroPay, MasterCard and Visa) contain a small chip on the front of the card designed to reduce the prospect of payment fraud.
Until recently, most cards issued in the United States relied on a magnetic strip that stored cardholder data permanently. That data, which can be replicated by hackers, allows copies of the card to be used until fraud is discovered by the issuer.
In contrast, an EMV card’s chip issues a one-time code used to verify the validity of each transaction. Even if a card’s information is stolen, it’s unlikely to be used since duplicating the functionality of the verification chip is very difficult.
Beginning in January 2016, new TowneBank MasterCard® debit card orders will feature an EMV chip to improve the security of purchases at chip-activated terminals.
Beginning in March 2016, existing TowneBank MasterCard® debit card holders will receive replacement cards, as their cards expire, that feature an EMV chip. Any cardholder may request a chip card replacement prior to their expiration date at no additional charge.
If you have questions, please call us Monday-Friday between 9:00 a.m. and 5:00 p.m. at 757-638-6718.