RBC unveils revolutionary authentication tool that bolsters client security
A first for a Canadian bank, millions of RBC customers can now authenticate themselves with client card and PIN via their mobile phone
"Clients trust us with some of their most sensitive and personal information, and we take that responsibility seriously," said
This additional level of protection is timely, as Canadians have been feeling the impact of the increase of fraud attempts during the pandemic. According to RBC's 2022 Fraud Prevention Month Poll, 48% of respondents say fraudsters have increasingly targeted them since the start of the pandemic, compared to 22% in 2021. And Canadians aren't just feeling the increase in fraud attempts—the amount Canadians are losing to fraud is also on the rise. According to the Canadian Anti-Fraud Centre, in 2021, there was $379 million in reported losses from fraud compared to $160 million in 2020.
To begin, clients can use this new method to authenticate when resetting their online banking password. Over the next several months, it will be scaled across RBC to support a wide range of other applications.
"Historically, financial institutions around the world have supported three methods of authenticating clients: card & PIN, digital login and password, and knowledge-based questions," said
As PIN is a universally trusted and accepted method of authentication, it will help prevent fraud and make users feel more secure when banking and transacting online. The PIN on Mobile solution, often referred to as PIN on Commercial-Off-The-Shelf Devices (COTS), has been developed in partnership with MYPINPAD, a leader in Payment Card Industry (PCI) certified software-based payments acceptance solutions.
Clients also benefit from RBC's digital security tools like ID Verification, 2-Step Verification, Card Lock, two-way fraud alerts and fraud monitoring, in addition to the RBC Digital Banking Security Guarantee.
This new, industry-leading digital capability is a demonstration of RBC's long-standing commitment to add value, enhance security and create peace of mind for clients as they manage their finances digitally.
We are proud to support a broad range of community initiatives through donations, community investments and employee volunteer activities. See how at rbc.com/community-social-impact.
MYPINPAD is a global leader in secure payments acceptance and personal authentication solutions using smartphones and tablets. Our proprietary and globally patented technology secures and protects the input of sensitive information on touchscreens creating a trusted environment. MYPINPAD's innovative solutions removes the need for specialised hardware thereby reducing cost and complexity, promotes rapid adoption and leverages the connected capabilities of smart devices.
To find out more about MYPINPAD, visit its website: https://mypinpad.com/