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Welcome to my padlet on credit and debit fraud! In this wall I will be exploring the different ways you can protect yourself against these thief's as well as percentages of how many people are scammed per year. At the end I hope you will be able to learn to stay vigilant when making purchase sand to always be on the lookout for suspicious activity.

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This website comes straight from the cibc bank, giving quick and simple tips on ways to keep you safe from falling victim to credit/debit fraud. It talks about all the ways people can steal your information and how to prevent it.

The reason I chose this website is it gives good examples of ways people can steal your information and use it quicker than you can realize. One piece of information in this website I found interesting is about ATM skimmers. People are able to attach devices that go un noticed and steal your pin numbers. They can also hide cameras near the atm to steal your information easily.

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Recognizing debit and credit card fraud is important to keep your bank account safe. Use our tips to protect your PINs and cards from scams and vulnerable situations.

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This website comes from a blog that was made in response, asking Money sense to provide them information on what to do if you come across a situation where your bank or credit was stolen. The individual was looking how to proceed to the next steps of recovering their money and this website explains in good detail the steps to recovery.

The reason i chose this website was of how clear and straightforward the steps to helping you recover were. Some things i learnt from this was to not rely on home insurance to help cover identity thief and to go straight to the police for help.

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Fraudsters can exploit victims through text, email and other means. What are your options if that happens?

Ask MoneySense

-William

How to deal with financial fraud

Sorry to hear about this situation, William. Any fraudulent activity in your financial accounts can be unnerving. But knowing someone was able to access your bank accounts directly is really intrusive.

Interac e-Transfer is generally a safe way to send money in Canada. In fact, "for every $100 spent across the Interac Debit and e-Transfer networks, less than $0.02 was lost to fraud [in 2021]," according to Interac.

Regardless, fraud happens. E-Transfer fraudsters generally use text or email channels to exploit victims. Some examples of fraud in Canada include:

If the fraudsters were able to send transfers directly from your account, William, it sounds like they were able to hack into your online banking. This may have been from a phishing text, email or website that tricked you into entering your bank login details and allowed the fraudsters to access your account afterwards.

How do you report bank account fraud?

According to the Canadian Anti-Fraud Centre (CAFC), the first things to do when you are a victim of fraud are:

1. Contact your financial institutions
Put flags on all of your accounts, even at other financial institutions. You should change your passwords.

2. Contact the police
Report the incident to the police and update them on any further developments.

3. Report the incident
Contact Canada's two credit bureaus: TransUnion and Equifax. You can consider credit monitoring that reports suspicious credit activity to you. You should also contact the CAFC by phone at 1-888-495-8501 or using its online Fraud Reporting System.

What do banks consider unauthorized transactions?

It sounds like you have done all the right things so far, William. As far as the bank's responsibility, each financial institution may have different definitions of what constitutes an unauthorized transaction. You have to check your debit card or credit card agreements to see the terms, which could include restrictions on how long after the transaction occurred that the financial institution will take responsibility. That may be where you are running into trouble.

According to the Financial Consumer Agency of Canada (FCAC), you may be responsible for losses in cases when you:

Use your date of birth or telephone number as your PIN.

Shared your card's PIN with someone, including a family member.

Keep a written record of the PIN "in proximity to" the card, including writing your PIN on the back of the card.

Did not report your card as being lost or stolen in the amount of time specified in your card agreement.

Refuse to cooperate in an investigation of unauthorized use.

Made fraudulent deposits with your card.

Did not take the necessary steps to protect your pin.

If you haven't had luck dealing with your bank directly, William, you can contact the Ombudsman for Banking Services and Investments at 1-888-451-4519 or [email protected] .

You could speak with a bank fraud litigation lawyer to see if they can help. An initial consult might confirm whether you have a case or if there are further steps you can take.

Does home insurance cover identity theft?

Home insurance sometimes covers identify theft in Canada, but this cyberfraud situation is different. If you have spoken to your insurer and they are unable to help, there may not be an insurance solution for you.

Some Canadian banks and financial institutions offer alerts if a bank account or credit card transaction exceeds a certain limit. This might be one way to avoid large transactions that could put your accounts at more risk. Two-factor authentication, to the extent that it's an option for your financial institution log-in, is another good practice.

In summary, William, it sounds like the fraudsters were able to access your account directly through your online banking. The terms of your debit card agreement might limit your ability to recover funds. I would continue to escalate the issue with the bank and file a complaint with the Ombudsman. It may be worthwhile speaking with a lawyer to at least see if they think there is a legal means to pursue things further beyond what you are already doing. I am sorry about your situation and wish you good luck with a resolution.

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Financial fraud in Canada: What to do if your bank account or credit card is compromised - MoneySense

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Fraudsters can exploit victims through text, email and other means. What are your options if that happens?

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This website comes from cpa Canada and talks about the limits of how protected you are when it comes to credit/debit fraud. It states that us Canadians are generally protected against most kinds of threats yet each bank has their own liability rules they follow.

I chose this website since it gives us an example of what we can be covered under. For example Mastercard offer additional protection when it comes to liability policies yet even still they have their own rules that need to be followed. Luckily these rules just state that you must report these incidents as soon as you are aware or detect suspicious activity on your account.

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This website here takes a different turn and instead of talking about ways to prevent fraud, we take a deep dive into the percentage of how many Canadians get scammed each year by the many ways available.

The reason I chose this website is because of the growing need to get information out about how many people are really being scammed. A shocking thing I found while reading was the percentage of people 55+ getting scammed and it being lower than younger people. 31% of 55+ and a whopping 63% of people aged 18-34 getting scammed. I was honestly thinking these results would be switched.

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This video talks about a woman from Calgary got scammed hundreds of dollars after a stranger who got too close to her had a special device that was a type of card reader, stealing her cards information. It was stated that a stranger came uncomfortably close to this woman and then left and late she found out that there was money missing from her account.

I chose this video since I was unaware this was a way people were able to steal money and even card information from you. With the normalization and convenience of contactless payments it makes sense that scammers were quick to pick up on ways to get some quick cash.

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Calgary woman loses money from what she believes was card-reading scam | Watch News Videos Online

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Watch Calgary woman loses money from what she believes was card-reading scam Video Online, on GlobalNews.ca

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This video goes into detail how easy it can be for scammers to steal your information and make payments on your credit/debit card. They also talk about how much money can be racked up before someone takes notice and sometimes the bank doesn't catch anything.

Thea reason I chose this video is because of how quick these scammers can rack up debt on your account if you're not careful. In one day someone spent up to forty thousands dollars in one day and another reported over twenty six thousand in a single day as well. Only when the man tried to use his credit card is when he found out he had been scammed.

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Credit card fraud made easy | Watch News Videos Online

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Watch Credit card fraud made easy Video Online, on GlobalNews.ca

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This video talks about a couple who decided to go on a vacation but little did they know, someone was up to know good while they weren't paying attention. Unfortunately for them their bank was accusing them of lying, saying that they must have handed out their pin or written it down and someone got a hold of it.

The reason I chose this video is because even if you report things, sometimes the bank can not be easy with you. Sometimes in unfortunate cases the bank will think that you were the ones to make these purchases and when you try to get your money back it might be a bit more difficult than you think.

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CIBC customers are out thousands of dollars after their Visa was stolen

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This video talks about how criminals are finding new ways to quickly make fraudulent refunds using POS systems. In the video we see several individuals breaking into stores and going right for the POS system. It only takes them minutes after its stolen for them to chargeback thousands of dollars to stolen credit cards.

I chose this video because of how easy it is for criminals to go in and out within seconds and minutes later, stealing thousands of dollars right from business owners accounts. I am astonished on how quickly these POS systems can be hacked and fraudulently refunded.

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Why thieves are targeting point-of-sale debit terminals

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Card Skimming is when a thief re-creates the interface of a device used to process a transaction, such as an ATM, and places it overtop of the device’s original interface. This can trick a card owner into inputting their information into the fake interface, giving the thief access to their card. Occasionally, the owners of the establishment housing the transaction device will install the card skimmer themselves, so reports of suspected card skimming should not go to the owner of the establishment - They should be taken directly to the authorities.

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Phishing is a common form of social engineering - It’s an attempt to trick a card owner into giving their information to what they believe is a trusted source, when in reality, it’s a scammer recreating a recognizable environment to steal the card owner’s information. A common form of phishing is through e-mail, but it can take many forms - A person in a suit claiming they’re from the bank and need your credit card can be considered phishing.

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Overall I believe finding out about how criminals can hack into POS systems and charge back stolen cards has surprised me the most. As I work in a place that uses POS systems all the time it scares me that someone can come right up to the desk and steal it if they wanted to and charge all these refunds. I feel the most important thing i can pass on is to always check your surroundings when purchasing things and to frequently check your account to make sure there is no suspicious action.