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Credit/Debit Fraud in Canada: How to prevent it and what to do if it happens to you

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Credit/Debit Fraud in Canada: How to prevent it and what to do if it happens to you

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This Padlet will focus on credit and debit fraud in Canada, including strategies to reduce the chance of becoming a victim. I will also discuss what to do in the event that you do fall victim. I have selected three websites, three videos, and three pictures that each focus on specific areas of credit or debit fraud. As a whole, these nine items help to provide an in-depth overview of credit/debit fraud for Canadians. I will also reflect on the information provided and will discuss a real-life example of how I was impacted by credit fraud.

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Website #1: Credit Card Fraud - Royal Canadian Mounted Police (RCMP)

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Website #1: Credit Card Fraud - Royal Canadian Mounted Police (RCMP)

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http://www.rcmp-grc.gc.ca/scams-fraudes/cc-fraud-fraude-eng.htm

I chose this website as a resource for two main reasons. First, it provides an overview of credit card fraud, including the four steps to reporting suspicious purchases:
1) Contact Credit Card issuer (number on back of card)
2) Contact credit bureau to have fraud alerts on your credit report

Equifax Canada (1-800-465-7166)

TransUnion Canada (1-877-525-3823)

3) Contact local police

4) Report fraud to the Canadian Anti-Fraud Centre

Second, this resource provides statistics for credit card fraud in Canada. While the data is from 2009/2010, the statistics provide perspective. Of all credit cards in circulation in Canada, 0.77% of cards were compromised in 2009. In the past, the most common method of credit card fraud was through obtaining the card's information via magnetic chip and transferring that information to a blank card. Since the introduction of chip and PIN technology, the more common method has been "card not present" or "CNP" fraud. CNP fraud is used when a card is not required to be present, such as with internet or telephone transactions.For example, the total amount of money stolen via fraud in Canada increased from 2009 to 2010, however the method of theft changed. From 2009 to 2010, the amount of fraud from counterfeit and stolen cards decreased, however the amount of fraud from CNP increased by 25%.

Most useful information: I found the statistics in this website to be most informative.

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Website #2: Government of Canada - Credit Card Fraud

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Website #2: Government of Canada - Credit Card Fraud

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https://www.canada.ca/en/financial-consumer-agency/services/credit-fraud.html

I chose this resource as it provides strategies one can implement to reduce the chance of being a victim of credit card fraud.

For chip cards, federal institutions are not able to authorize transactions via magnetic strips, as a chip and PIN method must be used for all such transactions. This resource stresses the importance of protecting your PIN by not sharing or writing down your pin and by changing your PIN often.

For preventing credit card fraud, the Government of Canada makes recommendations for at home (signing card right away, shredding unneeded statements, etc), online (using https websites, clearing cache after use, do not make purchases on public computers), and over the phone (ensure you are in a private place and speaking with a trusted company).

Most useful information: only using websites with https at the start. This can be an easy and clear red flag at the start of any online purchase process.

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Website #3: Government of Canada - Debit Card Fraud - Introduction

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Website #3: Government of Canada - Debit Card Fraud - Introduction

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http://www.ic.gc.ca/eic/site/oca-bc.nsf/eng/ca01832.html

I chose this resource as it provides a variety of information regarding debit card fraud, including how to protect yourself, how fraud occurs, what to do if you are a victim of fraud, what are you liable for as a consumer and how much could you lose. As website #1 and #2 focused on the first three points, I chose this resource as it discusses liability.

The Canadian Code of Practice for Consumer Debit Card Services has been created to ensure consumers are protected against debit card fraud. As long as the fraud results from situations that are out of your control and you report it as soon as you become aware, you are not liable.  With that said, you can be found liable if you are not careful, including writing down your pin close to the card or telling others your pin. If you are found liable, you typically are at risk of losing the daily limit authorized by your financial institution. One strategy mentioned to reduce the amount of loss is to request a reduction in the daily limit for your account.

Most useful information: There is a code of practice in place to protect consumers against debit card fraud if losses are due to circumstances outside of your control.

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Video #1: Bank of Canada - Debit Card Fraud

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Video #1: Bank of Canada - Debit Card Fraud

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https://www.youtube.com/watch?v=G-iOEBGb3jg

I chose this video as it provides a great overview of fraud in Canada and stresses two key points to prevent fraud: vigilance and reporting suspicious activity. Canadians make over 4 billion interact transactions in a year, with 99% or transactions being completed problem free. The video stresses the importance of checking your bank account to prevent fraud and focuses on the benefit of chip technology to prevent fraud.  Vigilance is key in preventing fraud, including making your PIN unique and not predictable and checking statements frequently for unusual transactions. The use of chip technology ensures cryptology is used to verify the card. Owness was also placed on employers, ensuring employees are not committing fraud at their business (ie. Looking for additional card swiper, extra wires to credit/debit terminal, etc).

Most useful information: Vigilance and reporting suspicious activity are the best strategies to prevent/curb fraud.

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Video #2: The Globe and Mail - Tips to Avoid Credit Card Fraud on Vacation

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Video #2: The Globe and Mail - Tips to Avoid Credit Card Fraud on Vacation

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http://www.theglobeandmail.com/report-on-business/video/video-money-monitor-tips-to-avoid-credit-card-fraud-on-vacation/article25106498/

I chose this video for it's focus on vacationing, however these strategies can be applied at home too. This video features Mike Haley, regional RBC Vice President, who discusses important cautions to take with your credit card while travelling. You should be in constant view of your card and never allow the employee to walk out of site with your card. In addition, you should be vigilant with all paperwork associated with the card, including bills (you can switch to paperless billing) and receipts. If you are a victim of fraud while on vacation, you are in a much better spot if you have all of your receipts on hand. This will make it easier to decipher your purchases versus fraudulent transactions.

Most useful information: It is important to keep your receipts to verify transactions once you receive your statement.

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Video #3: Global News - Text message fraud cost Canadians half a million dollars so far in 2016 

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Video #3: Global News - Text message fraud cost Canadians half a million dollars so far in 2016 

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http://globalnews.ca/news/3067595/text-message-fraud-cost-canadians-half-a-million-dollars-so-far-in-2016/
I chose this video as it focuses on text message fraud. While most people delete fraudulent texts, some do follow through with the given instructions. Criminals send out numerous text messages requesting you deposit a cheque or send a money transfer, often promising a job that pays well with little effort. Daniel Williams from the Canadian Anti-Fraud Centre reported scammers will use the cheapest means available to reach the most amount of people. Texting is currently one of those means. This video recommends researching the company prior to responding, as many common scams are being discussed online and one will be able to find that information from a quick search online.

Most useful information: Scammers look for the least expensive way to reach as many people as possible. It is important to research the company prior to responding.

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https://www.westpac.com.au/security/fraud-and-scams/online-fraud/

I chose this picture as it helps to show how online fraud can occur via emails. This email has numerous red flags, including:
1) email address that is not of the organization the email claims to represent
2) Poor grammar and punctuation.
3) Redirection to a fake website. Once redirected to the new link, you will most likely be asked confidential information which can then be used to commit fraud.

These common red flags can help alert individuals to a possible scam. In addition, legitimate companies/organizations will never request confidential information via email.

Most useful information: moving the mouse over the link will display the URL, you do not need to click the link in advance.

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Image #2: ILWU Credit Union - Tips for Protecting Against Debit Card Fraud 

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Image #2: ILWU Credit Union - Tips for Protecting Against Debit Card Fraud 

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http://blog.ilwucu.org/2013/protecting-against-debit-card-fraud/#.WNhCjhLyvVp

I chose this picture as it shows how a duplicate card reading device can be placed over bank machine's card slot. This device reads your card and records your PIN via a small camera. Once removed from the bank machine, your information can easily be downloaded onto any computer, leading to debit fraud.

Most useful information: These devices also have cameras to record PINS. This information helps to stress the previously mentioned strategy of frequently changing your PIN.

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Image #3: How 30 million 'wi-fi' credit cards can be plundered by cyber identity thieves exploiting contactless payment technology

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Image #3: How 30 million 'wi-fi' credit cards can be plundered by cyber identity thieves exploiting contactless payment technology

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http://www.dailymail.co.uk/news/article-2334468/How-30million-wi-fi-credit-cards-plundered-cyber-identity-thieves-exploiting-contactless-payment-technology.html

I chose this picture as it shows how contactless payment technology works. Through an app on a mobile phone, as long as they are within close range of cards, a criminal can wirelessly retrieve your name, number and expiry date. As mentioned previously, this information can be used for "card not present" purchases, such as online.

Most useful information: No contact is made in this method, increasing the importance of regularly monitoring your credit statements.

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Credit:Debit Fraud in Canada- Reflection questions  