About RBC > Media Newsroom > News Releases > Fifty-five per cent of Canadians admit to having shared their PIN or security passwords with family or friends
During Fraud Prevention Month learn more about what you can do to keep your PIN and Passwords safe
TORONTO, March 9, 2020 - There are certain things that just aren’t meant to be shared: you don’t share your toothbrush or give your house key to strangers. Yet, according to the RBC Fraud Prevention Poll, 55% of Canadians have admitted they’ve shared their banking PIN or passwords with others. Despite the fact that there can be serious implications if your PIN or password is compromised, 41% of Canadians have done one or more the following things that could compromise their security:
“You should always protect your PIN and passwords and choose one that follows security best practices,” says Jason Storsley, Vice-President, Fraud Management, RBC. “In the wrong hands, this information could be detrimental to your financial security. Think of it as leaving your house key in the lock, yet expecting that you are protected.”
PINs and passwords act as electronic signatures to identify you as the authorized user of your banking products and services, such as your debit card, credit card and online banking. When used in combination with the corresponding card or account number, PINs and passwords provide you with access to your money and account information. Canadians who do not protect this information are leaving themselves vulnerable to fraud.
For Fraud Prevention Month, RBC has the following tips to help Canadians reduce their chances of falling victim to fraud.
How to choose your PIN
Choose a PIN with numbers and/or letters you can easily remember, but avoid numbers and letters that others might guess, such as your birth date, phone number, address or SIN.
Do not write down your PIN or store it electronically and do not disclose it to anyone including your bank, law enforcement agencies, friends or family.
How to protect your PIN
Protecting your PIN is one of the most effective ways to protect yourself against scams and fraud.
How to choose strong and effective passwords
“RBC invests in emerging and new technologies and maintains rigorous security procedures to ensure our clients can enjoy doing business with us in a safe and secure environment,” adds Storsley. “Billions of transactions take place safely each year and we believe that working together with our clients is the best way to safeguard against financial fraud.”
RBC has a team of dedicated fraud experts working 24/7 to prevent, detect and investigate fraud, and this team works closely with industry associations, government and law enforcement to ensure clients are protected at all times.
To learn more, visit www.rbc.com/privacysecurity/ca/protecting-yourself.html.
About this survey:
These are the findings of a survey conducted by Royal Bank of Canada from February 27 to February 28, 2020 with a representative sample of 1,510 online Canadians who are members of the Angus Reid Forum. The survey was conducted in English and French.
About Angus Reid Forum surveys:
The precision of Angus Reid Forum online polls is measured using a credibility interval. In this case, the poll is accurate to within ±2.5 percentage points, 19 times out of 20, had all Canadians been polled. All sample surveys and polls may be subject to other sources of error, including, but not limited to coverage error, and measurement error.
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 85,000+ employees who 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 34 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.
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Media contact:
Edith Galinaitis, RBC Communications, 647-622-1525