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.
Android users can reset their online banking password by tapping their RBC client card and inputting their PIN (CNW Group/RBC Royal Bank)
"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.