Frequently Asked Questions
Why does my KeyBank credit card or debit card now have a chip?
The chip provides greater protection against fraud when used in the U.S. or abroad to make payments with merchants that use chip-enabled payment terminals. Many countries outside of the U.S. have already adopted this technology, and chip cards will soon be a standard in the U.S. over time. We want you to be prepared.
What is a chip card?
A chip card is a standard-size debit or credit card that contains an embedded microchip as well as the traditional magnetic stripe. The chip encrypts information to increase data security when making transactions at a chip-enabled terminal.
How does a chip card work?
The chip contains the same information that’s stored on the magnetic stripe. But instead of swiping, the card is inserted face up and chip first into a chip-enabled payment terminal, and will remain in the terminal for the duration of the transaction. The information stored on the chip is validated either by an online or offline method to authenticate the cardholder and authorize the transaction.
How does the chip make a debit or credit card more secure?
The chip alone does not make the card more secure. Using the card in a chip-enabled payment terminal adds an additional layer of security. Every time a chip card is used for payment at a chip-enabled terminal, the chip creates a unique single-use code to validate the transaction and the code cannot be used again. This process makes chip card information more difficult to steal, therefore making chip cards more difficult to counterfeit.
Where can I use my chip card?
Anywhere MasterCard® is accepted.
Can I still use my old card?
No. You need to activate your new card and destroy the old one.
How do I use my chip card?
The chip card is easy to use. While the process is not as quick as swiping your card, it is much safer. At merchants with chip-enabled payment terminals, insert your card into the reader. Your card will remain in the reader while the transaction is processed. Follow the prompts as you do today to complete your purchase. Sign or enter your PIN to confirm your purchase and once the transaction is completed, remove your card from the reader.
If you remove the card too soon, the transaction will be canceled and you’ll have to start over.
KeyBank debit card users will need to confirm purchases by entering their PIN.
For transactions made online or by phone, nothing changes.
How do I use my card if the merchant does not have a chip-enabled payment terminal?
You card also has a magnetic stripe, so swipe it as you did your old card.
What should I do if I have an unauthorized transaction on my chip card account?
Notify KeyBank as soon as you suspect unauthorized charges on your card. If the charges are fraudulent, KeyBank will file a dispute to reclaim those funds along with issuing you a new account number and closing your current credit card account to prevent additional unauthorized charges. If the charges were placed on your account in error (e.g., a double charge from a merchant), KeyBank will file a dispute to correct the error and reclaim those funds. If you notice an unauthorized purchase on your account, report it by calling 800-KEY2YOU® (800-539-2968) or write to us at: KeyBank Card Disputes, 17 Corporate Woods Blvd, Albany, NY 12211-2388.
We will review your account with you to verify recent activity and initiate a dispute for the unauthorized transaction(s). We may require you to submit the details regarding the dispute in writing. If necessary, we may also block the card to prevent additional unauthorized transactions and have a new card issued to you.
Can chip card information still be stolen?
It can, but whether or not the information can be used for fraudulent purposes depends on how the transaction was conducted. If the card is used at a merchant who has not upgraded to chip-enabled payment terminals and the card must be swiped, card information can be stolen and used to create a fraudulent card. Similarly, this can also happen when using your card for phone and online purchases. But when the card is used at a merchant who has upgraded to chip-enabled payment terminals, the chip creates a unique code for the transaction that, if stolen, cannot be used to create a fraudulent card.
Will chip card technology prevent third-party data breaches?
The additional layer of security provided by using your chip card at a chip-enabled terminal makes the chip card data much less valuable, decreasing fraudsters’ incentive to steal that information and their ability to make a counterfeit card. Chip technology will help reduce certain types of fraud resulting from data breaches; however, it will not prevent a data breach.
How do I report a lost or stolen chip card?
For lost or stolen credit cards, please call 800-KEY2YOU® (800-539-2968), or write to us at: P.O. Box 89441, Cleveland, OH 44101-6441.