The $3.1 billion United Nations Federal Credit Union has become the first financial institution in the U.S. to issue the sort of chip and pin credit card that members will be able to easily use both in the U.S. and overseas.
Chip and pin technology, also called EMV technology in Europe, uses an imbedded microchip in the card as well as a personal identification number to validate transactions instead of a signature. The chip and pin system has lowered the incidence of card fraud at the point of sale in the countries where it has been implemented, but critics have pointed out it has led to an increase in internet or other "card not present" fraud.
UNFCU chose to begin issuing the cards to help their members who frequently travel overseas and into areas where cards which rely on magnetic stripe technology is not as available at points of sale.
Complete your profile to continue reading and get FREE access to CUTimes.com, part of your ALM digital membership.
Your access to unlimited CUTimes.com content isn’t changing.
Once you are an ALM digital member, you’ll receive:
- Breaking credit union news and analysis, on-site and via our newsletters and custom alerts
- Weekly Shared Accounts podcast featuring exclusive interviews with industry leaders
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the commercial real estate and financial advisory markets on our other ALM sites, GlobeSt.com and ThinkAdvisor.com
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
