Keeping Credit Cards Secure

Credit Card Security and Fraud Protection Tips

The EMV chip was developed as an update to simple magnetic stripe cards. By encrypting data, this feature helps prevent data from being intercepted.  EMV stands for “Europay, MasterCard and Visa,” as it was their joint effort that created the standard to ensure the security and global acceptance.

In 2015, banks and retailers issued a wave of new cards with EMV chips. The move is expected to significantly curtail credit card fraud — by 40 to 60 percent, according to some estimates.1

Protecting yourself from credit card fraud

While technological advances are reassuring, customers should still take proactive steps to limit their risk of fraud. We recommend these tips:

  1. Replace your credit cards after a data breach.
  2. Guard your information - Phishing emails often request both sensitive (account information, passwords) and non-financial information (DOB, name, address, etc.) to commit fraud and identity theft.
  3. Change passwords frequently. And use strong passwords.
  4. Security freeze - blocks your credit history from being viewed by lenders.
  5. Frequently check your bank statements online.
  6. Use a secure pay device, like an EMV card or secure digital pay service (Apply Pay, Google Wallet, etc.) whenever possible.
  7. Report fraud and financial crime immediately.
  8. Take advantage of your bank's online banking safety security features.
  9. If available, request a temporary card number from your credit card issuer for making purchases online.

EMV cards represent an important step forward in securing credit cards and bank accounts from hackers. However, the cards are only one line of defense in modern, layered approaches to account security. Please note that while there is no foolproof way to prevent all instances of credit card fraud and theft, you can reduce your risk by adopting a few best practices from the tips above.

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