Chip and PIN

If you have a Chip and PIN enabled Card, you must use your PIN (Personal Identification Number) when prompted, to pay for goods and services. However, you can continue to sign for purchases if you have a magnetic stripe Card. Today, there is some uncertainty who has liability for an in-store transaction conducted using a counterfeit, stolen or otherwise compromised card; consumer losses from that transaction often fall back on the payment processor or issuing bank, depending on the card's terms and conditions. After Oct. 1, 2015, the liability for card-present fraud will shift to whichever party is the least EMV-compliant in a fraudulent transaction.

What is Chip and PIN?

A Chip & PIN Card contains a small embedded microchip, which encrypts your Account information, making it difficult to duplicate copy or access without the right PIN (Personal Identification Number). It is simply a more advanced technology than magnetic stripe technology and will make an already safe payment system even more secure.

Why do I need a PIN?

Credit card companies are introducing Cards that contain a chip, which enhances the security of payment services. Chip Cards require a PIN to enable use of the Card. For example, you will have to key in your PIN when you make purchases at participating retailers who use Chip and PIN terminals.

What are the benefits of Chip and PIN?

It is a more secure way to authorize your transactions since your PIN is known only to you. Since its inception it has reduced fraud.

What number should I select for my PIN?

Your PIN must contain 4 digits using numbers between 0 and 9. Choose a number that is easily remembered but difficult for others to guess. For example, avoid using your own birthday, house number, or sections of your telephone numbers. Also avoid using only one repeated number, such as 4444. It is important to choose a number you will remember.

Who is responsible for the liability for losses resulting from Card fraud?

If your PIN has been compromised through no fault of your own, you won't be held responsible for any fraud that occurs. If you have not taken reasonable care to protect your Card and PIN you may be held liable for any fraudulent transactions.

What if I have a disability which prevents me from using my PIN?

Chip and PIN has been designed to make it accessible to as many people as possible, however if you have a disability that makes it difficult for you to use or remember a PIN, please call the number on the back of your card to request a Chip and Signature Card.

Do I still need to sign the reverse of my Chip and PIN Card?

Yes. For security purposes you must still sign the reverse of your Card.

What should I do if I forget my PIN?

Many online programs at financial institutions can service view your PIN securely and instantly online - at any time of the day or night.