- What is a chip card?
- What are the benefits of chip technology?
- How is a chip card different from what you use today?
- Will the magnetic stripe be removed from bank cards?
- When can you expect to get a chip card?
- Can you change your PIN for your chip card?
- How can you protect the security of your PIN?
- How do you know if a terminal is chip-enabled?
- Do you need to sign a receipt after you’ve already entered your PIN?
- Will your card number change when you get your new chip card?
- Can you use your chip card outside Canada?
- When will chip technology conversion be completed?
- What is stored on the chip?
- Where can you get more information about chip technology?
- Can you keep your current card if you don’t want a chip card?
- How does chip technology work for online and telephone transactions?
- What if your chip card doesn’t work at a merchant?
- What is the difference between a chip credit card and a credit card with PayPassTM?
- Can a chip card be compromised?
1. What is a chip card?
A chip card is a debit or credit card with a built-in microchip that provides greater security and convenience. The microchip is encrypted, which means that it is extremely difficult to copy or counterfeit.
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2. What are the benefits of chip technology?
Chip technology, already in wide use around the world, makes a secure payment system even more secure by reducing fraud. Chip cards contain an encrypted microchip which is very difficult to counterfeit, and cardholders are required to enter their Personal Identification Number (PIN) for all chip card transactions. Chip card transactions also enhanced security because your card never leaves your sight.
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3. How is a chip card different from the card you use today?
When you make a transaction at a chip terminal, you insert your chip card into the terminal. Your card stays in the terminal until the transaction is complete. You’ll need to use your PIN for ALL purchases at chip terminals, including credit card purchases. Your signature won’t be required for credit card purchases. When the transaction is complete, you’ll be prompted to remove your card from the chip terminal.
BMO chip cards will continue to have the magnetic stripe on the back of the card. This means that you will still be able to use your chip card at merchants who don’t have chip terminals – the same way you use them today.
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4. Will the magnetic stripe be removed from chip debit and credit cards?
Chip cards will continue to have a magnetic stripe on the back. This will ensure that chip cards will continue to be accepted in other countries that have not moved to chip technology (such as the United States). Chip terminals will accept both magnetic stripe cards and chip cards for several years to come.
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5. When can you expect to get a chip card & PIN?
BMO Bank of Montreal will start converting BMO cards to chip cards in October 2008. Not all cards will be replaced at the same time and the process will take a few years to complete. If you’re a credit card customer, you’ll receive a notification in your statement before your card expires advising that your new card will have chip card technology. You will then receive your PIN in the mail before you receive your new chip card.
If you’re a debit card customer, you’ll receive your new chip debit card in the mail – your current debit card PIN will not change. While the conversion takes place, it’s business as usual – you can continue to use your existing card with confidence, just as you do today.
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6. Can you change your PIN to be used with chip card?
Yes, you can change your PIN to be used with your chip card at any BMO Bank of Montreal ABM.
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7. How can you protect the security of your PIN?
Your PIN is very important. You should memorize your PIN and never disclose it to anyone. You can change your PIN at any BMO Bank of Montreal ABM. We recommend that you change your PIN periodically for extra security. Choose a PIN that’s easy to remember.
- Don’t write your PIN down or store it electronically.
- Never give your PIN to anyone over the phone, online or by email.
- Protect your PIN. Use your hand or body to shield your PIN when you enter it.
8. How will you know if a terminal is chip-enabled?
To identify if a terminal or ABM is chip-enabled, look for the “chip card accepted” symbol.
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9. Do you need to sign a receipt after you’ve already entered your PIN?
You won’t need to sign a receipt when you make transactions with your chip card. Your PIN validates and completes your transaction. However, during the transition to chip cards, some merchants may still ask you to sign for credit card transactions. This will be temporary, until all merchants become more familiar with chip technology.
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10. Will your card number change when you get your new chip card?
In most cases, no. We are making every effort to issue your new card with the same card number as your existing card
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11. Can you use your chip card outside Canada?
Yes. Chip cards can be used anywhere in the world where your debit or credit card is accepted today. If you’re travelling outside Canada, call the BMO MasterCard Client Contact Centre at 1-800-263-2263 (TTY 1-866-859-2089) to let us know. This will help prevent potential problems with your credit card transactions while you’re travelling, including declined transactions.
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12. When will the conversion to chip technology be completed?
The conversion to chip technology will take several years. Each financial institution has its own timetable to provide customers with new chip cards.
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13. What is stored on the chip?
The chip contains the same information that’s stored on your magnetic stripe.
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14. Where can you get more information about chip technology?
For more information and regular updates, visit bmo.com/chip. You can also visit the following websites:
MasterCard
Interac
ACT Canada
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15. Can you keep your current card if you don’t want a chip card?
No. All magnetic stripe cards must be replaced with chip cards by 2011.
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16. How does chip technology work for online and telephone transactions?
Online and telephone transactions will be conducted the same way they are today. For credit card transactions, this may include using the three-digit security code on the back of your card or MasterCard SecureCode. Your Personal Identification Number is not required for online or telephone transactions. Never give your PIN to anyone.
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17. What if your card doesn’t work at a merchant?
You shouldn’t have any problems, but if you do, ask the merchant to report the problem to the company that operates and supports the store’s terminal. If you still have a concern, please contact us.
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18. What is the difference between a chip credit card and a credit card with PayPassTM?
If you have a BMO MasterCard with PayPass, your card has a built-in technology that communicates with PayPass terminals. This allows you to pay for your purchases at merchants with PayPass terminals without having to swipe your card. Your new chip credit card will also be equipped with PayPass, so you can continue to enjoy the convenience of PayPass transactions, as well as the added security of chip technology.
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19. Can a chip card be compromised?
At this time, we are not aware of any compromised situations involving chip technology. While the chip embedded in your card employs a range of security features and measures that work together to create a multi-layered defence against fraud, a compromised issue may be related to the magnetic stripe on the back of your card.
Chip cards include a magnetic stripe to ensure continued acceptance everywhere, including locations and merchants that have not converted to chip technology. While magnetic stripe transactions are still safe, for your security, BMO is taking a proactive approach in preventing fraud by replacing cards at potential risk.
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