ATM/Debit-Chip Card FAQs
Sterling Bank has always taken debit card security very seriously and now has upgraded your Visa debit card to make it even more secure. Your new card is called a chip card, EMV® (Europay, MasterCard®, Visa®) card or “smart card.”Chip cards promise to make debit card transactions safer than ever before. These cards use an advanced embedded computer micro-chip to process your transactions by creating a unique encrypted authentication code for each transaction. This safety feature makes the chip card extremely difficult to counterfeit and provides an additional layer of security to help prevent fraudulent transactions.
All of Sterling Bank’s debit cards will be reissued with EMV micro-chip technology upon their current expiration dates. Upon receipt of your new chip card, please destroy your previous debit card and activate the new chip card immediately. Using the new chip card is easy! You simply insert the chip end of the card into the retailer’s card reader when requested and it will prompt you to remove your card at the appropriate time.
Please - don’t forget to remove your card and take it with you! In addition to the embedded micro-chip, the chip cards also have the magnetic strip on the back so you can continue to make purchases at retailers who do not yet have EMV micro-chip reading terminals. While the use of chip cards won’t completely eliminate card fraud, they should have a significant, positive impact. Our investment in EMV micro-chip technology is just one of the ways we’re continuing to provide the secure products and services you need to conveniently manage your money.
EMV (Europay, MasterCard, Visa) is the global electronic transaction standard named after the three organizations that created it.
A chip card has both a magnetic strip and an embedded EMV micro-chip. The chip helps reduce fraud by making it more difficult to duplicate the card or make purchases without authorization. Chip cards are already in use around the world.
Current magnetic strip cards can be easily copied (skimmed) with inexpensive card reading devices allowing criminals to reproduce counterfeit cards. The use of EMV micro-chip cards is expected to significantly reduce debit and credit card fraud.
At retailers with chip-reading terminals, insert the chip end of card into the reader, follow prompts on the terminal and either sign or enter your Personal Identification Number (PIN) as you did with your old card. At retailers without chip terminals, you should swipe your card and sign as you do currently. You can also continue to use your card as before for online purchases, payments and at the ATM.
Your new chip card comes with the latest in anti-fraud technology. The card’s micro-chip will validate your card by creating a unique encrypted transaction code every time you use it. A chip card must be inserted (not swiped) into a card reader to utilize the micro-chip technology. So please – remember to remove your card and take it with you when your transaction is completed! It is important to remember that a chip card’s security features work only for in-person or card present transactions at an EMV micro-chip reading terminal or ATM. Online retail transactions using your chip card are not provided the same security because the technology only works if the card’s micro-chip is physically read.
No, these security enhancements are provided by Sterling Bank free of charge.
Your new debit card will have a new expiration date only. Since the card account number and PIN remain unchanged, your recurring payments should not be impacted. However, as a precaution, you may want to notify these merchants of your new card’s expiration date and confirm that recurring payments will continue without interruption.