So, this is the second chip card I have. (The first one is an ID card.) Transactions will only need a 4-digit PIN now. No more signiture. (Well, it still depends on the terminal. Not all terminals have the chip card slot yet.) This is supposed to be more secured because the info is harder to steal, but a 4-digit PIN without a signature? I don't think so.Moreover, seems like the banks are unloading liability. I'm not sure if it's been like this before, but the agreement that came with the info package says, under lost / stolen cards or card numbers: The primary Cardholder is liable for Personal Identification Number ('PIN') based Transactions, to the maximum extent permitted by law, but not for PIN-based Transactions that occur after CIBC is advised of Card loss or theft of unauthorized Card or Card number use. The Primary Cardholder is not liable for unauthorized non-PIN based Transactions on a lost or stolen Card or if the Vixa Account is otherwise accessed without a PIN and without a Cardholder's authorization.
So, in short, you're on your own for unauthorized PIN-based access before the bank is notifyed of theft. If you find out early, good for you. Otherwise you're dead. The banks will still bail you out on signature-based transactions, though. No fair, as the world moves towards the chip card, one day the banks will not have to do that anymore.
