The $3.1 billion United Nations Federal Credit Union has become the first financial institution in the U.S. to issue the sort of chip and pin credit card that members will be able to easily use both in the U.S. and overseas.

Chip and pin technology, also called EMV technology in Europe, uses an imbedded microchip in the card as well as a personal identification number to validate transactions instead of a signature. The chip and pin system has lowered the incidence of card fraud at the point of sale in the countries where it has been implemented, but critics have pointed out it has led to an increase in internet or other "card not present" fraud.

UNFCU chose to begin issuing the cards to help their members who frequently travel overseas and into areas where cards which rely on magnetic stripe technology is not as available at points of sale.