UW Credit Union offers chip credit cards
MADISON, WI (June 30, 2015) — UW Credit Union will be offering Visa® chip credit cards (also known as EMV cards) starting July 7, 2015. Chip cards add another layer of security to card transactions that take place at card readers and ATMs. During the transaction, the chip produces a single use code to validate the transaction, making it nearly impossible for the card data to be stolen and duplicated.
“We’re focused on protecting our members’ personal card information, and the chip technology allows cardholders to shop and travel with confidence,” said David Mickelson, Vice President of Retail Operations at UW Credit Union. “Over the next few months, all of our cardholders will receive new chip cards. Further, any new cardholder can receive a chip card starting July 7.”
According to Aite Group, it is estimated that the chip card will reduce card-present fraud in the United States by 51 percent between 2015 and 2018. In Europe, for example, since implementation in 2004, card- present fraud has decreased by 69 percent, according to datacardedge.com.
“We’re committed to providing members with a convenient, secure banking experience that puts their best interests first,” said Rob Van Nevel, Senior Vice President & Chief Member Solutions Officer. “Members will now have a higher level of security and global acceptance when using our card.”
UW Credit Union will be offering chip debit cards late in 2015. To learn more about UW Credit Union and chip cards, visit uwcu.org.
UW Credit Union is a growing, federally insured financial institution and a leading provider of a full range of financial services to University of Wisconsin communities. UW Credit Union’s 452 employees serve the financial needs of more than 202,000 members through world-class technology systems, and through a convenient network of 22 branch locations and over 100 ATMs. With assets totaling $1.9 billion, UW Credit Union is ranked nationally among the leading credit unions. Founded more than 80 years ago by members of the University of Wisconsin community, UW Credit Union continues to operate as a not-for-profit, member- owned financial cooperative with locations in the Madison, Milwaukee, Stevens Point, Green Bay, Oshkosh and Whitewater areas. Visit UW Credit Union at uwcu.org to learn more.