Chip Card
It is more secure because the data it contains is encrypted in such a way that the information is extremely difficult to copy or reproduce.
As you already do for your debit and credit cards, take all necessary precautions to protect the PIN associated with your chip card. For example:
- Never disclose your PIN to anyone;
- Choose a PIN that is easy to remember, but avoid using your birth date, address, social insurance number, telephone number, etc.;
- Never write down your PIN or store it electronically;
- If you feel your PIN has been discovered, change it at any Laurentian Bank automated banking machine.
You will benefit from the same protection as that offered by the magnetic strip technology in case of fraud thanks to VISA®'s Zero Liability policy. For more information on this policy, read the Agreement Governing the Use of the Laurentian Bank VISA Card sent along with your card or mailed when modifying the terms of the Agreement.
The magnetic strip card is still secure. However, chip card technology offers added security because it is more difficult to copy.
Yes. You may change your PIN whenever you wish at any Laurentian Bank automatic banking machine. Already enabled for the magnetic strip card, this feature will remain available to the chip card.
Yes. Each authorized cardholder of a VISA Business chip card will receive by mail a distinct and confidential PIN.
Each authorized cardholder of a MaxAffaires chip card must choose a distinct and confidential PIN.
We will progressively replace debit cards as per the schedule determined by the banking industry. In due time, we will invite you to get a new chip-enabled debit card and assign a confidential PIN directly from your branch. Payment cards should be entirely replaced by December 2012.
We will progressively replace credit cards as per the schedule determined by the banking industry. We will send you a new chip-enabled VISA card by mail and, separately, your initial confidential PIN. You may change the PIN whenever you wish at any Laurentian Bank automatic banking machine.
Yes. The PIN will retain the same format as the magnetic strip technology, i.e. 4 or 5 digits.
Yes, you must still sign the back of your chip-enabled credit card to confirm your cardholder status where chip technology is not enabled.
Yes, you must both have a distinct and confidential PIN.
Merchants will be upgrading their terminals progressively during the transition period. Your signature will be required only if the merchant’s terminal does not yet process chip technology. Otherwise, you will need to enter your personal identification number (PIN) to confirm the transaction.
It is not necessary to assign a PIN to your existing credit card, unless you intend to process cash advances at a Laurentian Bank automated banking machine or any other INTERAC, PLUS or VISA terminal. When a new chip-enabled credit card is issued, you will receive a confidential PIN separately from the card.
You can settle transactions in the same manner as with magnetic strip credit cards since neither a PIN nor a signature will be required.
The chip-enabled credit card will function in the same manner as the magnetic strip card. However, you will need to confirm the transaction by dialling your personal identification number (PIN) instead of signing a receipt. In addition, you will need to insert your card in the terminal and leave it there until the transaction is confirmed.
Yes. You simply need to insert your chip card and dial your PIN to confirm your purchase. It should be noted that gas pumps will be upgraded progressively. During the transition period, you may continue to pay directly at the pump because your card will still be equipped with a magnetic strip.
Yes, you may do so as usual.
Yes, even though the United States has not yet deployed chip technology. You will be able to settle transactions as usual since your card will be equipped with a magnetic strip.
Yes. A growing number of countries are switching to the new technology and you will have no problem making secure transactions worldwide. Since cards will continue to have magnetic strips, you will be able to use them in countries where chip technology has yet to be adopted.
Yes. Merchants will be following market trends and upgrade their terminals to accept chip cards. Although terminals will be outfitted progressively, you will still be able to make transactions because your card will be equipped with both the magnetic strip and the chip technology.
No. All financial institutions and credit card issuers in Canada are required to adopt the chip technology. Credit and debit cards will be replaced gradually, as per the banking sector’s schedule. You may continue using your card during the transition period but will eventually need to replace it with a chip card in compliance with market standards.
A replacement credit card will be forwarded to you by mail. A new confidential PIN will be sent separately. You may change it back to your original PIN at any time from a Laurentian Bank automated banking machine.
The magnetic strip card is very secure, but the chip card offers added security because it is more difficult to copy.
Current credit/debit cards have a magnetic strip while chip cards are equipped with a micro-computer stored in a microchip. In addition, credit card transactions using the chip technology will require a personal identification number (PIN) instead of a signature. Finally, you will need to insert your card in the terminal and leave it there until the transaction is confirmed.
By switching to the chip card, the Laurentian Bank offers its client cutting-edge security features. Yet, the technology by no means diminishes the security of existing cards.
It will take several years to deploy the chip technology. Accordingly, the magnetic strip will be maintained during the transition to facilitate transactions. In addition, the magnetic strip is still useful when making transactions from other countries, like the United States, where the chip technology has not yet been adopted.
Yes. Chip technology will be integrated to all types of cards, no matter if they are issued to companies or individuals.
On the front of your card, you will see a square-shaped microchip.
No. The chip technology will target all payment cards in Canada, i.e. debit as well as credit cards.
Yes. The new card will include all your customary services while offering better protection against fraud.
Chip cards contain the same information as magnetic strip cards. However, the encrypted data will be far more difficult to copy or reproduce.
A chip card is a payment card embedded with a microchip containing a micro-computer. The microchip holds the latest fraud prevention technology, making chip cards extremely secure.
Payment cards equipped with the chip technology offer better protection against fraud because they are more difficult to counterfeit.
Yes, if you so wish. Upon taking possession of your new chip-enabled debit card at the branch, you will be asked to assign a PIN. You can then choose to keep the same PIN or select a new one, insofar as the PIN is comprised of 4 or 5 digits.
