- 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 chip debit & credit cards?
- When can you expect to get a chip card & PIN?
- When can Corporate credit card customers expect to get a chip
card & PIN ? - Can you change your chip debit & credit card PIN?
- How can you protect the security of your PIN?
- What if my chip debit or credit card is lost or stolen ?
- Do you need to sign a receipt after you've entered your PIN?
- Will your card number change when you get your new chip card?
- Can you use your chip card outside Canada?
- Will all BMO debit and credit cards include chip?
- 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 card and a chip card with PayPassTM?
- Can a chip card be compromised?
- Will Corporate Department credit cards be converted to chip and will they have a PIN? (For BMO Corporate clients only)
- Where can I get more information on BMO Corporate chip credit cards? (For BMO Corporate clients only)
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.
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 provide enhanced security because your card never leaves your sight.
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.
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.
5. When can you expect to get a chip card and PIN?
BMO Bank of Montreal began 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. 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.
Debit card customers will receive their new chip debit card in the mail – their current debit card PIN will not change. If you have a BMO debit card and would like to request a chip debit card please visit your nearest BMO branch or call Direct Banking at 1-800-363-9992.
Credit card customers will receive a notification in their statement before their card expires advising that their new card will have chip card technology. They will then receive their PIN in the mail before they receive their new chip credit card. If you have a BMO credit card and would like to request a chip credit card, please call Customer Contact Centre at 1-800-263-2263.
6. When can Corporate credit card customers expect to get a chip card & PIN ?
BMO will begin issuing Corporate chip credit cards in Canada in the fall of 2010 to both new and existing clients. Existing client conversion will occur in multiple phases. Your organization will receive notification closer to your conversion date. Once your organization has been scheduled for conversion, your current magnetic stripe credit cards will be replaced by new Corporate chip credit cards. BMO will begin issuing Corporate chip credit cards in the U.S. after the Canadian market has been fully converted.
7. Can you change your chip debit or credit card PIN ?
Yes, you can change your chip debit or credit card PIN to something easier for you to remember, but which could not be easily guessed by others at any BMO Bank of Montreal ATM.
8. 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 chip debit & credit card PIN to something easier for you to remember, but which could not be easily guessed by others at any BMO Bank of Montreal ATM. We recommend that you change your PIN periodically for extra security.
- 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.
If you suspect someone knows your PIN you can change your PIN immediately at any BMO ATM, 24 hours a day, 7 days a week
9. What if my chip debit or credit card is lost or stolen ?
If your BMO chip debit card is lost or stolen, call Direct Banking at 1-800-363-9992 immediately or visit your nearest BMO branch to report your stolen card and get a replacement card. Your PIN will remain the same.
If your BMO chip credit card is lost or stolen, call Emergency Card Services at 1-800-361-3361 immediately or visit your nearest BMO branch. You will receive a new chip credit card and PIN in the mail.
We recommend you change your PIN periodically for extra security. You can change your PIN at any BMO ATM 24 hours a day, seven days a week.
10. Do you need to sign a receipt after you've entered your PIN?
You won't need to sign a receipt when you make transactions with your chip debit or credit 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.
11. 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 chip debit or credit card with the same card number as your existing card.
12. 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 Customer 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.
13. Will all BMO debit and credit cards include chip?
Most BMO debit card and personal credit card customers will have a new chip card by the end of 2010.
If you have a BMO debit card and would like to request a chip debit card please visit your nearest BMO branch or call Direct Banking at 1-800-363-9992.
If you have a BMO credit card and would like to request a chip credit card, please call Customer Contact Centre at 1-800-263-2263.
14. What is stored on the chip?
The chip contains the same information that's stored on your magnetic stripe.
15. Where can you get more information about chip technology?
For more information and regular updates you can also visit the following websites:
MasterCard
Interac
ACT Canada
16. 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.
17. 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.
18. 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.
19. What is the difference between a chip card and a chip card with PayPassTM?
If you have a BMO debit or credit card with PayPass, your card has a built-in technology that communicates with PayPass terminals. This allows you to pay for purchases of $50 or less quickly at merchants with PayPass terminals by tapping your card against the terminal.
20. 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.
21. Will Corporate Department Card(s) be converted to Chip credit card and PIN (For BMO Corporate clients only)
Yes, Department Cards will be converted to Chip and PIN. Given that Department Cards are intended for shared-use by multiple employees, a PIN number will typically not be issued. The POS terminal will not prompt for a PIN and the cardholder may be required to sign a receipt for the transaction.
22. Where can I get more information about BMO Corporate chip credit cards? (For BMO Corporate clients only)
For more information about Corporate chip credit cards, please contact your BMO Relationship Manager or Corporate Client Services at 1-888-267-7834.