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January 08, 2016

Phone Fraud Alert

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Virginia National Bank is committed to preserving your financial security. Several customers have recently received calls, purportedly from VNB, requesting personally identifiable information such as account numbers or debit card information.  

Please remember that we will never contact you by phone or e-mail to request confidential information. Never respond to phone inquiries or click on any e-mail link requesting personal information. 

If you receive an email or phone call that you suspect might be fraudulent or notice account transactions that you don't recognize, please notify us immediately at 434-817-8621.  

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January 08, 2016

VNB Offers Greater Security for Customer Transactions

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EMV is Coming to VNB Soon

In the coming months, you’ll receive a new EMV* or “chip” enabled VNB Debit or Credit Card in the mail to replace your old cards.  

You'll continue to enjoy the same features and benefits with your new VNB EMV enabled card as you do today with your existing debit or credit card.  Your new card, however, will have a small metal square on the front of the card, just above the account number.  This is actually a tiny microprocessor chip that will offer greater security and worldwide acceptance for your transactions.

Better Security

Recently, the news has been filled with incidents of security breaches at merchants, including Target, Home Depot, Jimmy Johns and Dairy Queen.  In all, millions of card holders have been affected.

For decades, all existing cards in the U.S. have stored data in a simple, unchanging magnetic stripe on the back.   This stripe has become cheaper and easier for criminals to counterfeit as technology has improved.

 

EMV cards, on the other hand, employ a cryptographic chip in addition to the magnetic stripe to defend against card fraud and validate the transaction.  Transaction information is encrypted and tokenized uniquely at every use by the on-board chip.  This makes it much harder for criminals to steal useful payment information from a merchant. 

When combined with a PIN code or even just a signature it drastically decreases the threat of counterfeit cards and transactions vs. existing magnetic stripes.  In markets where EMV is already deployed, card fraud has been reduced by nearly 80%.

Worldwide Acceptance

EMV also offers greater acceptance around the world.  Some U.S. travelers have been unable to use their cards abroad because merchants simply don't take their magnetic stripe cards anymore.   This is especially true at automated kiosks and newer terminals.  As we begin the transition to EMV here at home, more merchants in the U.S. will begin transitioning to the technology too.

How do I use my EMV card?

When you come across a merchant terminal supporting EMV, simply insert your card into the slot at the point of sale and follow the prompts on the screen.

As you do now, you may still need to sign or enter a PIN to authorize the transaction.

If the merchant terminal does not accept EMV cards, you can still swipe the card using the magnetic stripe in exactly the same way as you do today.  For transactions made over the phone or online, nothing will change.

Would you like more info?  Please see our EMV Frequently Asked Questions.

* EMV refers to a global debit/credit card specification developed by Europay,  MasterCard and Visa.  It is also known as "chip and PIN" or "chip and signature".

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