A first for a Canadian bank, millions of
RBC customers can now authenticate themselves with
client card and PIN via their mobile phone
TORONTO, May 18, 2022
/CNW/ - Today RBC is introducing a ground-breaking technology to
further protect its clients' most personal information online.
Built within the RBC Mobile App, clients can now use their personal
PIN with their client card or biometrics to securely authenticate
themselves on their mobile phone. For Android users, the App uses
Near-Field Communications (NFC), enabling clients to simply tap
their RBC client card before inputting their PIN. This additional
layer of security and method to authenticate through a mobile app
is one of the first instances of this technology being used by any
bank worldwide. For iOS users, clients can use biometrics enabled
on their device before inputting their PIN.
"Clients trust us with some of their most sensitive and personal
information, and we take that responsibility seriously," said
Peter Tilton, Chief Digital Officer,
Personal & Commercial Banking, RBC. "As Canadians increasingly
choose to bank digitally, it is more important than ever that we
empower them with the tools they need to safely manage their money.
PIN on Mobile, with its industry-leading digital security patterns,
is yet another way RBC is striving to make RBC Mobile the safest
and most trusted banking app in the world for our clients."
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
Rami Thabet, Senior Vice-President,
Digital Sales & Advice, RBC. "Until today, these methods of
authentication have had limited interplay leading to
inefficiencies. The world-class technology at the heart of this new
feature allows us to bring these security patterns together on a
client's mobile device to better protect them from fraud caused by
identity theft."
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.
About RBC
Royal Bank of Canada is a
global financial institution with a purpose-driven, principles-led
approach to delivering leading performance. Our success comes from
the 88,000+ employees who leverage their imaginations and insights
to bring our vision, values and strategy to life so we can help our
clients thrive and communities prosper. As Canada's biggest bank, and one of the largest
in the world based on market capitalization, we have a diversified
business model with a focus on innovation and providing exceptional
experiences to our 17 million clients in Canada, the U.S. and 27 other countries. Learn
more at rbc.com.
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.
About MYPINPAD
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/
SOURCE RBC Royal Bank