In Canada there are more than 56 million credit cards in circulation — almost double our entire population. Keeping them safe is a top priority for banks like RBC. And now, a new technology is about to make them even more secure — and more convenient — than ever.
Known as chip and PIN technology, it’s the next evolution in electronic payments.
Secure and effective
In addition to the magnetic stripe on your card, chip and PIN cards contain a small microchip.
The chip is encrypted and virtually impossible to copy, which reduces the risk of card fraud or counterfeiting. Because you validate transactions with a Personal Identification Number (PIN), these cards carry an added layer of security.
Chip and PIN technology is already being used successfully in more than 86 countries, with incidents of card fraud reduced by as much as 90% in some places.
Coming to Canada
Members of the Canadian payment card industry (which includes RBC Royal Bank, Interac, Visa and others) are working together to bring chip and PIN technology to Canadian consumers.
And while each financial institution will have its own schedule for implementation, RBC is proud to be the first Canadian bank to introduce the technology nation-wide.
What to expect when you shop
Chip and PIN cards, together with chip-enabled terminals, make a secure transaction system even safer by validating both the card and cardholder electronically. Overall, the process will be easy, but you will notice some changes when you shop:
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Rather than swiping your card, it will be inserted into the terminal and left there for the entire transaction. |
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You will follow the prompts on the screen and enter your PIN. This step replaces the need for your signature. |
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When the transaction is complete, you will remove your card when prompted and take the receipt provided. |
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Transactions made at non-chip-enabled terminals will continue to be processed as they are today. |
Because of the significant number of cards and terminals in use across Canada, it will take some time to complete the conversion. All stores and restaurants will eventually have chip-enabled terminals, but to ensure your RBC chip and PIN cards continue to be accepted everywhere, they will contain a magnetic stripe in addition to the chip. Rest assured, however, that all transactions are just as secure as ever.
As a Visa cardholder, you can therefore expect to experience two types of transactions with your RBC chip and PIN Visa card until conversion across Canada is complete:
Swipe and Sign. The magnetic stripe is swiped and validated by your signature, as with a non-chip card.
Chip and PIN. The card is inserted and left in the terminal as you input your PIN for validation.
Getting your new card
Conversion of chip and PIN Visa cards has already begun. If you have an RBC Visa card, there is nothing for you to do. Continue to use your current card at any store, restaurant or ATM with confidence, just as you do today. You will receive your chip and PIN card when your current card expires. By 2010, all credit cards in Canada will be converted.
Learn more about chip and PIN technology — visit www.rbcroyalbank.com/cards/chip, or call 1 800 ROYAL® 1-2.
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Protect your chip and PIN
Taking precautions to protect your security is always important. Follow these tips to help keep your new chip and PIN cards safe:
- Choose a PIN with numbers you will remember.
- Make sure your PIN can’t be easily guessed by someone else. For example, don’t use your birthday, phone number or address.
- Memorize your PIN — don’t write it down or store it electronically.
- Never disclose your PIN to anyone.
- Change your PIN from time to time.
- If you think the security of your PIN may have been compromised, change it as soon as possible at any RBC Royal Bank branch.
If you’d like to change your PIN or if you’ve forgotten your PIN, simply visit an RBC branch to have it reset.
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* Registered trademark of Visa International Service Association. Used under license.
† Registered trademark of Interac Inc. Used under license.
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