TD Canada Trust Unveils Enhanced Debit Card
TD Canada Trust has unveiled a new debit card that offers perhaps the most comprehensive features you will find on the Canadian market. This debit card is the first of its kind, it will not only offer you the ability to access your bank account(s) but includes the benefits of Visa Debit, Interac Debit and Interac Flash.
You do not need to re-read that section, yes TD’s new debit card offers all 3 of those payment forms.
This will make life so much easier for people; the convenience included with TD’s new debit card is amazing. Whether you want to purchase a product over the phone, online, etc. you can do so with funds leaving straight from your bank account.
What can this new debit card for me?
As I mentioned above, this new enhanced debit card will allow you to pay with money in virtually all possible outlets. The fact is, you are given the security and ease of having a credit card to make various purchase, except it is in the form of your debit card.
In case anyone has forgotten, Interac Flash is a technology that will allow you to make contactless payments via you debit card. Scotiabank is currently the only bank in the Big Six that offers this feature on their Scotiabank Scene card.
When you reach checkout and wish to pay, you simply flash your card against the reader – the only catch is that the purchase has to be less than $100.
How does the new debit card work?
This new debit card has an embedded microchip which stores information in a secure format. Transactions are then processed via Interac Debit and Interac Flash; they will benefit from the Interac Zero Liability policy. It will also allow youto make Visa Debit purchase; having your purchases be processed through the Visa network, making them protected by Visa’s security.
With that said, the CIBC Advantage Card offered Visa Debit, which made it quite unique, and with the Scotiabank Scene Card offering Interac Flash, TD had competitors in both fields.
In my opinion they blew them out of the water by introducing a debit card that not only offered what these banks offered, but both of them at once.
As it stands, I was not able to find out when this debit card will officially be launched, but I am looking into it and will let you know whatever news I find! The new debit card is available! You can pick one up today from a TD Branch.
What do you think of TD’s new debit card?
EDIT: Update Debit Card availability
Clay
Amy @ JobCred CV Builder
Keith Penny
Penn
Comments (12 )
I went to a TD branch here in Toronto yesterday (Monday) and asked the CSR if I can get one. They said yes, and I got one already.
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Sensei Reply:
June 26th, 2012 at 3:47 pm
Thanks for the update! I will be adding that in the article now
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Sensei Reply:
June 26th, 2012 at 3:53 pm
I am amazed you were able to pick one up a day before they announced it. Nice job
I will be picking mine up today.
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In your piece you say that TD Is the only bank that offers contactless debit card payments – RBC has also had this capability for a while, now. Though there aren’t too many merchants who accept this yet.
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Sensei Reply:
June 26th, 2012 at 7:55 pm
You are completely right, RBC does offer it – I forgot to add that. However I meant that TD is the only bank that offers all 3 features, Visa Debit, Interac Flash and Interac payments.
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I’m confused.. How does this card differ from a chip enabled credit card? Mastercard in particular? Can Master holders not use interac/Interac flash?
That being said this is just another way to increase chip and pin usage. I’m amazed the big banks/govt can push this knowing it’s been compromised..
Also with Visa Debit, I am assuming funds are pulled from your bank account. In the event of a fraudaulent transaction how easy will it be for “Visa” or the “Bank” to reverse? I don’t think it’ll be the same as a credit card since TD claims it isn’t one..
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Sensei Reply:
June 28th, 2012 at 10:42 am
With a chip enabled MasterCard, you are working off of MasterCard PayPass system – essentially it is the exact same thing as Interac Flash however it runs off of the MasterCard network, like with Interac Flash, it runs off of the Interac network.
Yes, with Visa Debit your funds are being pulled from your bank account. It is expected to be the same as you have Visa’s fraud liability built into the card.
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Antonio Romeo Reply:
August 7th, 2012 at 7:43 am
I met with TD’s corporate security team regarding the Visa Paywave issues. The president of TD Retail Group Tom Hockey confirmed that TD is taking a “balancing act approach” to dealing with this method of fraud “electronic pickpocketing”. My company has the solution, but all the banks we met with have denounced it. Are they all afraid of a class action lawsuit for exposing their client’s personal and financial information? I think yes.
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Sensei Reply:
August 14th, 2012 at 10:08 am
That is interesting – I know of electronic pickpocketing, but I was under the impression banks had solved any potential security breach. Would love to discuss this more with you.
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Antonio Romeo Reply:
August 14th, 2012 at 11:01 am
Hi Sensei, in my correspondence with Tom Hockey, I have been referred to Paul Milkman Senior Vice President and Head of Technology Risk Management and Information Security at TD on July 17st, 2012. In an email he indicated, ” We diligently monitor the threat environment for incidents and attempts of compromise, and determine the most effective defense strategies to protect our customers against the risks of fraud and identity theft. We employ a variety of tools to combat the “electronic pickpocketing” issue, and have tested our products, various behavioral and pattern analysis strategies as well as sleeves, insulated wallets and other protective devices. We have not dismissed sleeves as an additional device
that could be used to complement other defensive tools.” In otherwords, the breach still exists as the RFID Chip on the card cannot be turned off unless destroyed. To avoid destruction of the RFID Chip, the banks simply turn off the Contactless technology at the system level (not the card), therefore not allowing contactless payments to be processed, but this still leaves the data on the card exposed to skimming/ electronic pickpocketing. The data retrieved can be manipulated to create a new card. We will be starting Phase 2 of our Media Campaign to expose this breach of security this fall as the banks have not done executed their responsibility in properly securing client data. I have two patented technologies solutions financial institutions can implement to secure client data on contactless payment cards, all they have to do is ask for it. I believe it is just a matter of time before the new Interac Flash Cards also get compromised. This crime is virtually undetectable and cannot be easily traced.
Scotiabank offers interac flash on both the Scene ScotiaCard and new Moneyback ScotiaCard.
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