Security Chip Cards

What is a Security Chip Visa Credit Card?

Security Chip Cards have an electronic chip embedded in the card which stores encrypted data, such as card number and expiry date. A card with a security chip is more secure as it is far more difficult to fraudulently copy the card details.

Magnetic stripes will still appear on the reverse of the card, however they will gradually be phased out after 2015.

How do I use my Security Chip Visa Credit Card?

The Security Chip Visa Credit Card is used in exactly the same way as a card with a magnetic stripe:

  1. The card is swiped through the payment terminal
  2. You then sign the receipt or enter your PIN to authorise the transaction.

You may see minor differences in how your card is processed when making purchases. The new process will be:

  1. You may be asked to insert your card into the payment terminal
  2. Your card will remain inserted in the terminal for the entire transaction
  3. You'll sign or enter your PIN for your purchase
  4. Once the transaction has been approved, your card will be returned with a receipt.

How does the Security Chip provide additional security and help to prevent fraud?

A Security Chip Visa Credit card has all the same benefits as a magnetic stripe card with one major difference. The embedded chip enhances the security of the card by making it more difficult for someone to fraudulently copy the details of your card.

Does the Security Chip store information regarding my transactions and personal information?

No, the Security Chip cannot obtain any information regarding your transactions and personal information. The chip holds the same personal data as that on the magnetic stripe (eg. cardholder name, card number and expiry date). The chip also provides additional security features to safeguard against counterfeiting