Chip Technology

Chip Technology: Making a Secure Payment System Even More Secure

At CIBC, we're always looking for ways to improve your overall banking experience and to provide you with an even more secure system of credit card fraud protection. That's why we've incorporated the added security of chip technology into CIBC VisaTM1 Cards* and CIBC MasterCard® Cards.

What is chip technology?

Cards with chip technology use an embedded microchip to encrypt information, making it more difficult for unauthorized users to copy or access the data on the card. Chip technology is already tested, proven and in wide use around the world, and chip-enabled cards are quickly becoming the new global standard for enhanced security.

How will chip technology change the way I pay?

Over the next few years, point-of-sale terminals and bank machines across the country will be outfitted to accept credit cards with chip technology. Your chip-enabled CIBC Credit Card will require you to use your PIN for purchases at chip-enabled point-of-sale terminals, and for cash advances at bank machines. While merchants work toward becoming outfitted with chip technology, your CIBC Credit Card will still feature the familiar magnetic stripe on the back to ensure it is accepted everywhere you use your cards today.

How do I use my CIBC Credit Card with chip technology?

Your PIN is your new signature. You will require your CIBC Credit Card PIN to make purchases at chip terminals with your chip-enabled credit card.

When you are issued your new CIBC Credit Card with chip technology, you will also be sent a PIN to use when making transactions, if you are a new cardholder. For existing cardholders, please continue to use your current PIN when you receive your new chip credit card1. It will become extremely important to remember your PIN as more merchants replace their magnetic stripe point-of-sale terminals with new terminals that are enabled to process chip credit cards. Your PIN is the key to using your chip-enabled card.

We encourage you to select or change your PIN to something known only to you and that's easy for you to remember. For added security, change your PIN from time to time.

How do I change my CIBC Credit Card PIN?

Purchases made at chip terminals using your chip-enabled CIBC Credit Card and PIN will no longer require your signature as authorization. Your PIN identifies you as the rightful holder of your card and is your secure authorization of the transactions. You will be asked to enter your PIN to make purchases at chip terminals in and outside of Canada and when taking cash advances wherever your CIBC Credit Card is accepted.

At terminals not yet equipped with chip technology (non-chip terminals), in and outside of Canada, merchants will continue to swipe your card and request your signature as authorization for the transaction, as they do today.

When making purchases at a merchant or a store where chip technology is available, instead of swiping your new chip-enabled CIBC Credit Card, your card will be inserted into the point-of-sale terminal. You'll then be asked to enter your PIN instead of signing a receipt-similar to how you use your debit card today.

You'll notice a number of minor differences compared to transactions with a magnetic-stripe credit card. Transactions will now follow these simple steps:

  1. Your card will be inserted into the chip terminal
  2. Keep your card inserted throughout the entire transaction because removing the card will terminate the transaction
  3. Instead of authorizing the transaction with your signature, you will be asked to enter your unique four-digit PIN
  4. Upon successful completion of your transaction, you will be prompted to remove your card from the chip terminal and you will you'll receive a confirmation receipt

Merchants will be transitioning to chip technology over the next few years. The magnetic stripe on your chip-enabled CIBC Credit Card will remain for any transactions at stores without a chip terminal. In these situations, you will be asked to provide your signature as you do today.

To learn more about how chip technology is increasing security, and for information regarding your chip-enabled credit card, visit Visa or MasterCard. For more information from CIBC, call us at 1-800-465-2422.

TM1 Visa Int./lic. user.

* Excludes CIBC U.S. Dollar Visa Card.

® MasterCard is a registered trademark of MasterCard International Incorporated.

1 If you are a new CIBC credit cardholder (or you are receiving your first chip-enabled CIBC credit card), your PIN will arrive in the mail separately from your card; for existing CIBC credit cardholders, please continue to use your current PIN when you receive your new chip credit card.