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EMV Chip Card Technology
Starting in early 2016, Century Bank of Kentucky, Inc. will begin to change our debit cards to the EMV technology. EMV stands for Europay, Mastercard and Visa. These card processors jointly agreed to standards for the chip cards to help prevent fraud. These cards are also commonly called chip cards because of the microchip inserted on the plastic card (see gold square in graphic above). When you use the chip card at a terminal that accepts chip technology, a unique, one-time code is generated for your transaction, making it virtually impossible for fraudsters to copy with fraudulent cards.
Chip cards will still have the magnetic strips on the back, but where available, customers should use the chip technology. It is a slightly different experience in using the chip as it is inserted into the machine and must remain in the machine while the transaction is processed. Once that is done, you can remove your chip.
Watch this video to find out about this new technology.