Chip technology embeds a microchip in your card that stores information in a secure encrypted format. It is virtually impossible for unauthorized users to copy or access the information. Using a personal identification number (PIN) provides an extra layer of security.
There is no personal information on the chip. The only information stored on the chip is your PIN and the applications to approve or decline transactions.
What does this mean for you?
There are many benefits to using chip technology:
- It's easy to use! Just insert your card into the terminal and leave it there while you enter your PIN to complete the transaction.
- It's secure. You don't have to give your card to someone else to process the transaction, and your card is harder to copy.
- It's a consistent payment method. You'll use your credit and Customer Cards the same way.
- It's more durable. Chips last longer than magnetic stripes.
If you've just received your chip-enabled debit card in the mail, you can use it immediately. Your PIN is the same as it was with your old debit card, and you don't have to change it. Chip cards also have the magnetic stripe on the back to ensure continued acceptance by merchants that do not yet have chip-enabled terminals.
Frequently asked questions
Do I need to change my PIN?
If you've received your chip-enabled debit card in the mail, you can use it immediately. Your PIN is the same as it was with your old debit card, and you don't have to change it.
That being said, it's a good idea to change your PIN frequently. We recommend monthly. You can change your PIN any time at any ATB automated banking machine (ABM). If you live outside of Alberta, you can change your MasterCard PIN at the nearest Canada Post outlet.
Why change to chip?
For the added security. The move to chip card technology is the latest innovation in the rapidly changing debit and credit card environment. It demonstrates the industry's efforts to further secure Canadian electronic payments.
Does the move to chip mean that the magnetic stripe is not secure?
Magnetic stripe cards are secure. The chip simply makes an already safe payment system even more secure.
Are chip cards 100% immune to fraud?
Chip represents the highest level of security available to protect payment information and prevent fraud. While no technology is 100% invulnerable, chip cards employ a range of security features and measures that create a multi-layered defence against fraud.
Can I use my chip debit card outside of the country?
Yes. Canadian chip cards are fully compatible with systems in other countries. In countries that don't use chip technology, simply use the magnetic stripe.
Note: For increased fraud protection, please notify ATB Financial at 1-800-332-8383 if you are planning to use your MasterCard or debit card outside of the province or country.
Why is the United States not going to chip and PIN technology?
Chip and PIN technology is still being evaluated in the United States.
We're here for you.
Still have questions or concerns? Give us a call at 1-800-332-8383 and one of our associates will be happy to help.