Finance & Economics

The Royal Bank of Canada unveiled a new authentication tool

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The Royal Bank of Canada unveiled a new authentication tool. Source: depositphotos.com

RBC has launched a revolutionary 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 NFC, enabling clients to simply tap their RBC client card before inputting their PIN. 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. 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
Peter Tilton, Chief Digital Officer, Personal & Commercial Banking, RBC

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.

We’ve reported that J.P. Morgan launched a new data platform.

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