Peterborough Community Credit

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New CHIP debit cards are now here! Come in and get your new card and selct your PIN as soon as possible to better protect your card transactions. Your credit union has been working to help protect your debit card transactions and better secure your card information through the introduction of CHIP technology. Currently your card information is stored on a magnetic stripe on the back of your card. When you make a purchase and swipe your card at the merchant terminal, your data is read, encrypted, and transmitted electronically through a series of networks to the credit union for verification and authorization of the transaction. This all happens in a matter of seconds. In recent years magnetic stripes have become vulnerable to fraud, primarily through a process data thieves have developed called skimming, in which dummy terminals are placed at merchant locations and unsecure ATMs, and card information is captured and used fraudulently. Fortunately, when this kind of activity is reported, your credit union immediately cancels any debit cards affected and contacts our members to issue new cards; however this has become an increasing problem that can cause significant losses and inconvenience to you and your credit union, if another solution is not found. That solution is the data CHIP. This is a new method of storing your card information that

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