- How is this safer than our current mag stripe cards? The current mag stripe card has what we call “static” information embedded in the mag stripe. The criminals use a skimmer or other process to “steal” this information and create a counterfeit card. The chip cards have “dynamic” information. Each transaction creates different information used to validate the transaction. Should someone try to skim the information from the card, the next time they try to use the card, the information will no longer be correct.
- Why do some places make me swipe my card instead of inserting it to read the chip? Some merchants have purchased and installed the new chip readers, but each reader must be validated. Some merchants have not yet completed this validation process, therefore, do not have the “chip capability” turned on yet.
- Sometimes I am not asked for a PIN or a signature. Why not? Is that safe? Yes. Some merchants have set a “floor limit” on transaction amounts. If the amount of the purchase is below the floor limit, you are not required to enter a signature or PIN. This is still safe.
- When will I receive my new chip card? Peoples Bank is using the accelerated reissuance option to send out new chip cards. Instead of looking at the year the card expires, reissuance will look at the month. All cardholders should have a chip card within one year. For example, if the current card has an expiration date of 11/16, 11/17, or 11/18; the new chip card will be reissued in November 2016.
- How will this card work at the ATM? You will insert and remove your card, the ATM will realize it is a chip card and ask you to reinsert the card into the reader. The ATM will then “hold” the card in the reader until the transaction is complete and the you will be prompted to remove your card.