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The Importance of Credit and Debit Fraud

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The Importance of Credit and Debit Fraud

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by: Samm Hoover

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In this padlet I will be informing you on the dangers on credit and debit fraud.

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In this video it talks about how people can be a victim of credit and debit fraud and also how to prevent it. Canadians lost more then $600 million in illegal schemes in 2009 and 15 million Canadians a year get targeted by fraud. Anyone can be targeted, people get their information stolen by someone looking at their pin, a card scammer at a gas station, steeling mail/bank statements and through email scams. Some ways you can prevent your information from being stole is by shielding their pin, reporting faulty debit card machines, cut up your old cards and never give out your information over the phone or via email.

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Credit card and debit card fraud is an unfortunate reality that can range from an inconvenience to a harmful and costly incident. In fact, every year, some 15 million Canadians are targeted by fraud.

In 2009, card holders and card issuers lost more than $600 million to illegal schemes. Anyone can become a target: your neighbours, family members, co-workers and friends.

Here are some ways to prevent this from happening to you.
Segment 2: Problem identification
Credit card and debit card fraud happens when someone steals your card, your card information or your personal identification number (or PIN) and uses it without your permission to make purchases or to withdraw money from an automated banking machine.
Segment 3: Saving strategy
How can someone get your credit or debit card information from you? Well thieves can work in many different ways:

(voiceover)

By stealing your PIN:

Jenny lost $800 when a "friend" watched her enter her PIN and then stole her debit card from her purse.

By using card skimmers to copy information from your card:

James' bank account was cleaned out after a phony card reader he used copied his banking information.

By stealing your mail and your identity:

Marcia had her bank statement stolen from her mailbox, and soon after, money was removed from her account.

And email scams that get you to send your personal financial information:

The email Sam received claimed he had won a vacation . The "vacation" turned out to be a fake and with his personal financial information, the "company" maxed out his credit card.

These are only a few ways scammers try to get your card data.
Segment 4: How to protect yourself
Even though card fraud is common, there are also effective ways to prevent it from happening to you. Here are some helpful tips:

(voiceover list or other visuals)

Shield the keypad when you enter your PIN

If you notice something suspicious about a card device at a store or ATM, report it to the company that issued your card.

If you receive a replacement card, destroy the old one as soon as you activate the new one.

If you don't receive a replacement card, before your current card expires, contact your issuer.

Don't give out credit information over the phone unless you've contacted the company directly and know it's legitimate.

Don't give out credit card information by email.

Check your bank statements often, and contact your card issuer if you see any mistakes or suspicious charges.

Keep your mail, bank statements and personal information in a safe place and manage your digital records carefully.

Segment 5: If you think you are a victim
(voiceover)

If you think you are a victim of credit card fraud, contact your credit card issuer and your local police. You should also contact the Canadian Anti-Fraud Centre.
Conclusion
Remember to always use your debit and credit cards carefully and keep your information safe. By following these easy tips, you can protect yourself from becoming a victim of credit card or debit card fraud.

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12.1.7 Video: Debit and credit card fraud

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Credit card and debit card fraud is an unfortunate reality that can range from an inconvenience to a harmful and costly incident. In fact, every year, some 15 million Canadians are targeted by fraud. In 2009, card holders and card issuers lost more than $600 million to illegal schemes.

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In Calgary they are trying to warn businesses about a scam regarding scammers reprogramming the credit and debit card machines. They put in an administrative card then change the amount paid and put an extremely high tip “by accident”, they then put in a debit card to get the refunded amount. For example, the scammer paid his bill for $88.11 cents using a MasterCard, adding a $20 tip. But when the payment went through, it was for a total of $902.11.

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Tue, Jan 16: An elaborate scam using debit and credit card machine administration cards is making the rounds in Calgary. Several Calgary businesses said they were hit by the same scheme. As Sarah Offin reports, the service industry estimates thousands of dollars in losses.

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Payment scam using administration cards costing Calgary businesses thousands | Watch News Videos Online

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Tue, Jan 16: An elaborate scam using debit and credit card machine administration cards is making the rounds in Calgary. Several Calgary businesses said they were hit by the same scheme. As Sarah Offin reports, the service industry estimates thousands of dollars in losses.

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In Canada we are the highest users of debit cards in the world, with this comes high debit and credit fraud. The chip is the safer way to go, when you swipe your card it can easily be copied from one device to another. Then all they have to do is figure out you pin by looking over you shoulder or via camera. Make sure you protect your pin and never give out your pin, check all ATM machines for unusual things such as tampering.

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Canadians are among the highest users of debit cards in the world. While over 99 per cent of debit transactions each year are made without incident, we still need to protect ourselves. Debit card fraud costs millions of dollars every year. It's a threat that can hit anywhere.

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This website is from the Government of Canada and I found it very resourceful. It tells you how debit card fraud happens, with cash withdrawals from ATM, from in store purchases and online purchases. A person can only commit debit fraud if they know your pin, they can steel you pin and information by; putting you card through a device that takes and records information from the strip on the card, they can look at the pin over you shoulder and many other ways. They also tell you hoe to prevent it and what to do if you are a victim.

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How debit card fraud happens

Debit card fraud happens when someone steals or uses without your permission your debit card or debit card information. Your information or your card is used to:

make a purchase in a store

make a purchase or transaction online

withdraw cash from an automated teller machine (ATM)

withdraw money with an in-store purchase

A person might steal your debit card information by:

swiping your debit card through a device that copies the information stored on the magnetic stripe on the back of your card

looking at your personal identification number (PIN) over your shoulder when you're using your debit card

sending you a fraudulent email asking for your banking information (also called phishing)

using a device that jams your card in an ATM. A helpful stranger then suggests that you try to put in your PIN a few times. When the card remains jammed, this person later removes your card and has your PIN

Protect yourself from debit card fraud

Debit cards issued by financial institutions have a computer chip that makes transactions more secure. The computer chip works with your PIN to make sure you give permission for each transaction. This helps protect you against fraud if someone steals your card.

There are also certain actions you may take to protect yourself from debit card fraud. Follow these tips to protect your debit card and your personal information.

Keep your PIN secret

Choose a PIN that is hard to guess. For example, avoid using your birthday, Social Insurance Number, address or telephone number as your PIN.

Be sure to keep your PIN secret:

never share your PIN with another person. Do not even share it with a family member or partner

memorize your PIN rather than writing it down. If you write it down, keep it in a safe place, away from your card or wallet

change your PIN often

Contact your financial institution and change your PIN immediately if you suspect someone knows it.

If you share your PIN with someone, you may be responsible for transactions you haven't made or approved.

Reduce your daily limit

A daily limit is the amount of money you may spend or withdraw from your account each day. It applies to both ATMs and in-store transactions.

Contact your financial institution if you think your limit is too high.

Protect your debit card and your debit card information

To better protect yourself from debit card fraud, you may also:

keep your debit card in a safe place

never lend your debit card

insert your card rather than swiping it during a purchase

hide the terminal or ATM keypad when you enter your PIN

keep your debit card in sight at all times when making a purchase

take your debit card and transaction receipt with you once you've finished a transaction

retrieve your card quickly after a transaction. Complete your transactions before answering anyone trying to get your attention

check your account statements often to make sure all transactions are correct

keep paper and electronic copies of your account statements and put them in a safe place

contact your financial institution right away if your card is lost, stolen or stuck in an ATM

If you're a victim of debit card fraud

If you're a victim of debit card fraud, take the following steps:

1. write down what happened and how you first noticed the fraud

2. contact your financial institution right away to tell them about the fraud

3. take note of whom you talked to and when you spoke to them

4. keep all documents that you think might be helpful when the police investigate the fraud

5. contact your local police service to file a complaint

6. if you believe a company (for example, your telephone company) has been hacked, contact it

Report the fraud to the Canadian Anti-Fraud Centre

The Canadian Anti-fraud Centre includes partners from the Royal Canadian Mounted Police, the Ontario Provincial Police and the Competition Bureau of Canada. It is the central repository for information about fraud.

Contact the Canadian Anti-Fraud Centre.

Related links

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debit card; fraud; personal finances; banking;

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Debit card fraud is when someone steals both your PIN and debit card or debit card information and uses it without your permission. Learn more:

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In this article it tells you how to recognize debit and credit fraud. For a debit card it happens when a thief takes you information from the strip on your card and the makes a copy of the card, they then have to get you pin to gain access to the account. With a credit card it can happen many ways, you could lose it and someone finds and uses it, a thief could take your personal data and use this to make a counterfeit card or the data could be retrieved by phone or internet shopping.

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In this website was a bunch of interesting statistics, including bankruptcy, card ownership, debt and credit card scores. Some of these facts were kind of mind blowing, for example; In 2016, more than 95% of credit cards in Canada had contactless payments, and Canada's major banks have changed more than 40% of their debit cards to contactless. Also, the total grievances related to identity fraud in Canada in 2016 were 7258.

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This picture is from statistics Canada, from this picture I can see that cheque fraud is decreasing while other fraud and credit/ debit card frauds are increasing. I believe this is due to the fact that hardly no one uses cheques any more and everyone uses credit cards.

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This image shows just how easy it can be by just tapping your card to purchase something. It makes it so easy for someone to steel you card and use it because they do not need to know the pin or any information.

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This image shows just how easy it can be to be tricked at an ATM. This it a device that will take all of the information off of your card and you can not even tell the difference.