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Chase offers chip-and-PIN

By Janna Herron ·
Thursday, February 27, 2014
Posted: 1 pm ET

JPMorgan Chase will be offering to chip-and-PIN credit cards later this year as a part of a company effort to reduce card fraud. Company CEO Eileen Serra announced the change on Tuesday at Chase's investor conference.

EMV chip cards (for Europay, MasterCard and Visa) contain a tiny computer chip that encrypts transaction data uniquely each time it is used. This makes it nearly impossible for fraudsters to create counterfeit cards. Chip cards are also widely used abroad.

Chip cards come in two varieties: one that requires a PIN to complete a transaction and one that only requires a signature. The difference is similar to how many debit card purchases require a PIN while credit card transactions often need only a signature to complete the transaction in the U.S.

Chip cards with PINs, or chip-and-PIN cards, are more protected if the card is lost or stolen and someone tries to use it fraudulently. That's because it's easier to forge a signature than to guess someone's PIN.

Currently, Chase offers EMV chip-and-signature versions of the following credit cards:

  • British Airways Visa Signature Card
  • Chase Sapphire Preferred Card
  • Hyatt Credit Card
  • J.P. Morgan Palladium Card
  • J.P. Morgan Select Visa Signature Card
  • Marriott Rewards Premier Credit Card
  • The Ritz-Carlton Rewards Credit Card

Several other U.S. issuers offer chip-and-PIN cards for some of their credit cards. Bank of America and several credit unions offer chip-and-PIN cards, while Citi and Wells Fargo offer the option of entering a PIN if the retailer supports it. U.S. Bank offers only chip-and-signature cards.

Chase's announcement comes after a major card hack at Target over the holidays. Fraudsters picked up data from 40 million debit cards and credit cards, along with personal information from up to 70 million individuals. Neiman Marcus, Michaels and White Lodging -- which manages major hotel chains -- also disclosed card breaches in the last two months.

Will you get a Chase chip-and-PIN card? Do you want one?

Follow me on Twitter: @JannaHerron.

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Nancy Cubel
April 25, 2014 at 12:46 pm

We just returned from a month in New Zealand where all the restaurants and bars required the waiters and waitresses to bring the credit card machines to your table. I have a Marriott Rewards Premium Chip Card from Chase and many times it had to be swiped and inserted two to three times before the information could be registered. I don't know if this was because it was a Chip and Signature and not a Chip and Pin. Looking forward to getting a Chip and Pin. Also right before we left for New Zealand we ate dinner in a pub in New Orleans and my husband had his credit card information stolen because the waiter took the card and was gone 5-10 min so we could pay our account. This was the only transaction on my husband's credit card.

Roland G
March 30, 2014 at 2:49 am

Ok, first off I'd like to clear up a misconception. These EMV chip cards are NOT the 'contactless' chip cards that use RFID. RFID can be read and decrypted by anyone, and is less secure than even a magnetic strip (which again is insecure). The EMV Chip is a true computer chip, with contacts that the machine must touch to read it. So before you knock this tech, which is more secure than most other techs, research it in depth, and look at why it's been adopted all around the UK and Europe.

Next off; Chip-And-Pin and Chip-And-Sign are very different... and no, just because a bank offers the latter, does not mean they offer the former. For instance, Bank of America does not offer a Chip-And-Pin credit card... They do, however, offer Chip-And-Sign. (I've got this on mine).

As far as 'Photo ID' and writing "SEE ID" on the back... How many times does the merchant even look at your card, let alone pay attention to the signature vs what you signed? None of my cards are signed, they all say "SEE ID", and I get asked for my ID maybe once per year. Photo-enhanced cards aren't much better. I'd be all for requiring a fingerprint and retinal scan in order to make a purchase... And doing away with the card altogether, just using that tech. Oh yeah, I went there - it's available tech, it shouldn't be relegated to SciFi.

Lastly, in response to a question, a number of companies do still offer those 'one time number' cards in their online banking... Again, I can generate one for any of my accounts with Bank of America... Or with my accounts at Chase, MSUFCU, or PNC. Just talk to your bank, you may find they can generate you one of those card numbers for online purchases real easy!

John S
March 07, 2014 at 1:43 pm

Cash is much more secure than my debit/credit cards:
1) When I use cash someone can't get to my bank account and drain more.
2) When I use cash no one can "skim" my cash to steal more
3) When I use cash no one can hack that store 12 months later and still get to my data
4) If we HAVE to shop online then why not use those one-time "card" numbers some banks used to offer (maybe some still do). That way even if data is taken it's invalid (but could still be used to track the hackers down ha-ha!)

So, VISA, tell me again how your Visa card is more secure than cash? Oh how is it more convenient? I never had to have my bank account unavailable or file police reports from stolen cash or fraudulent activities or skimming - yet I have had to do that MULTIPLE times in the last 10 years from having your cards.

Seems to me VISA that you could sued for false advertising.

Bill Stevens
March 01, 2014 at 12:38 pm

The U.S. invented the chip technology. I had several credit cards with this so called,secure micro-chip technology and no magnetic strip 10-15 years ago,but the credit card companies decided to forego that technology in favor the cheaper and less secure one,just to save a buck or two. Now we're going to have to deal with those decisions. btw:aren't we in the U.S. LONG OVERDUE to finally get on the "Metric System?"

William Johnson
March 01, 2014 at 11:01 am

I didn't see if there is a charge monthly, yearly, or otherwise. Please advise. Can I apply for this at my bank branch?

March 01, 2014 at 10:26 am

The chip isn't going to stop phone and online fraud and it's been proven that for about $100 anyone can buy the equipment to read those chipped cards just by walking past a person and then can make a card that will work like any normal card.
How about making the business make their files more secure instead of forcing more problems on the customer. If the server with the personal info isn't online then it can't be hacked. Don't say it's impractical or can't be done, it' is practical and is being done. I've dealt with corporations since 2000 that have their secure servers inaccessible from the internet.

Mr David Oliver
March 01, 2014 at 10:06 am

Like it or not, chip cards are coming. Any store that does not have the terminal to read it will be liable for any fraud after October 2015. The cards will still have the mag stripe in the interim.

Phil 22
March 01, 2014 at 9:52 am

Lets also get smart like the Europe, Canada and other in Have Servers in Restaurants, Bars, and other public venues carry the card machine so they can total your bill and swipe your card right in front of you and enter your pin. Your Card Never Leaves Your Sight.

March 01, 2014 at 8:22 am

Back to cash only society. Throve away credit cards and many stupid unneeded electronics gadgets! Feel free again, people!
Stop paying usury interest to pigs who create money from thin air and charge you 30% interest.

Walter N
March 01, 2014 at 8:16 am

Lets get real, we are in the times where ultra secure is nessary!
Chip, Photo ID, and fingerprint scan, should be the norm, cant fake all three, 30 more secounds of your time, but all secure. And
legislation or regulation, stop storing info on us the customer, hoping to advertise us to death, on our computers and in our homes on tv. enough is way too much!!! This is fool proof!!!