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WEBSITE #9: So who IS responsible for WHAT?

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WEBSITE #9: So who IS responsible for WHAT?

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The Office of the Superintendent of Financial Institutions is the federal regulator of banks.
I chose to post this website as compounding information for viewers, on their rights and supports. This resource identifies all of the federally regulated banks.

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WEBSITE #5: Sharing is caring - YoungandThrifty.ca

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WEBSITE #5: Sharing is caring - YoungandThrifty.ca

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My experience following this Canadian blog has been totally enjoyable. Visitors can get information on topics such as investing and banking, to a comparison of credit cards and their benefits, for 2019. This fresh-looking website is appealing for viewers and the current information on a wide range of topics keep a reader updated and interested.
I chose to post this blog because I read about this blog on the CBC website, right before it was recommended to me. I enjoyed following this blog because their financial advice and explanations are simplified and clear.

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Last Updated on

Credit card fraud - it happens in Canada more than you think.

Sure, credit cards make life easy and are a convenient and safe method of payment that's accepted all over the world. But these days, credit card fraud is on the rise in Canada, and savvy consumers need to be in the know.

Even if you've never been a victim of credit card fraud, you've no doubt heard of it before and should get the 411 on how to prevent it. Because the last thing you need is the hassle of being scammed by fraudsters.

But what is "credit card fraud" exactly? Credit card fraud occurs when someone steals your credit card or your credit card information along with your PIN, and then uses it to make a purchase or withdraw money without your permission. The result can be devastating - not only in terms of having your accounts drained of your hard-earned moolah, but also because credit card fraud can negatively affect your credit rating and possibly lead to the even more serious crime of identity theft.

Here's what you need to know about credit card fraud in Canada and how you can better protect yourself against it.

The Best Canadian Credit Cards for Fraud Protection

The good news is that every bank and credit card in Canada has fraud protection, though some make it a little easier to keep track of than others.

One of the leading banks right now in terms of innovative credit card fraud protection is TD Bank, which now offers fraud alerts for both debit cards and credit cards.

"TD Fraud Alerts are texts that notify a customer if TD detects suspicious activity made with their TD Access Card on their personal banking accounts, or possible suspicious transactions made with their TD Credit Card," says Julie Bellissimo of TD Bank Group. "Customers can reply to the alert with a simple 'Y' or 'N' to confirm whether they recognize the transaction and TD will unblock or block their TD Access Card or TD Credit Card accordingly, based on the response."

"TD will never ask a customer to reply to a Fraud Alert text with any personal information or ask customers to click on any links in their reply."

Impressed? With the TD Cash Back Visa Infinite* Card, In addition to fraud alerts, for a limited time, you'll earn an amazing welcome bonus, where you can earn 10% in Cash Back Dollars on all purchases for the first 3 months ( up to a total spend of $2,000). Plus, pay no annual fee for the first year. After the promo ends, get 3% in Cash Back Dollars on eligible grocery purchases and gas purchases, and on regularly recurring bill payments set up on your account. Earn 1% Cash Back Dollars on everything else.
Card Details:
Learn more about the TD Cash Back Visa Infinite*.

Another great option is the Tangerine Money Back Credit Card. With Tangerine, cardholders will receive Orange Alert emails to keep you up to date on what's going on with your bank account; an easy way to spot any unusual activity.

Finally, RBC credit cards, such as the RBC Visa Infinite Avion, are also worth your consideration. RBC has recently given their clients the power to temporarily lock their credit card through a handy RBC app if they notice their card is MIA.

Common Credit Card Scams in Canada

Unfortunately, there is no shortage of credit card scams in Canada, and new ones constantly pop up like a deranged whack a mole game. While some are obvious scams ("Hi, it's Bill Gates from Microsoft calling..."), others are more convincing and can easily suck you into their scam. These are a few of the more recent credit card fraud scams in Canada to keep on your radar:

Phone call from the "fraud department": Scammers call you, pretending to be from the security and fraud department of your credit card company. They will flag a fake purchase and ask for all of your card details.

Card skimmers: plastic machines often attached to card readers at ATMs or gas pumps. They have the same scanner as the actual card readers and can be hard to identify.

Skimming App: As well as the skimming machine, there is now a skimming app that can read your credit card data. To get it to function, the NFC antennae in your smartphone needs to be very close to the card (about 10cm); however, it can still read the numbers through purses or pockets.

On top of these annoying scams, remember to be alert for the usual suspects: fake phone calls from collectors at the Canada Revenue Agency (CRA) or a supposed family member in need, donation requests from faux charities, and telemarketing scams.

How to Protect Yourself from Credit Card Fraud

Never lend your card or disclose your PIN to anyone else (obviously!).

Always insert your card first, instead of swiping when making a purchase. This will protect you from having your card skimmed and, if the store terminal isn't chip capable, it will prompt you to swipe.

Make sure that you don't use an obvious PIN that someone can guess. This means no birthdays, addresses, telephone numbers, or other favourite digits that someone could guess.

Memorize your PIN: don't write it down and stick it in your wallet. That's like leaving a backdoor open for a robber.

Hide your PIN: use your shoulder or your hand to shield your PIN when entering it into the keypad.

Always know where your cards are and be mindful when using them. Watch for any double swipes and don't let anyone distract you at an ATM. You should also check over the statements when they come in and keep tabs on your card activity online or through your banking app.

Shred any bank statements or personal documents before throwing them out. Leaving them open in a recycling bin is just an invitation for disaster.

Be wary about giving out your digits over the phone: Unless you've made the call, don't give out your credit card number or any other sensitive information over the phone. The person may sound convincing and claim to be from a legit company, but it's better to be safe than sorry. Get their info and tell them you'll call them back. Then check it against what's listed on the company's official website.

Use credit cards with enhanced security features: Oh the good old days of swiping your card and signing a receipt! Nowadays, chip and PIN technology offer a more secure way of protecting your credit card from fraud. If you don't have this on your current credit card, make a quick call and get a replacement.

What To Do If You're a Victim of Credit Card Fraud in Canada

Despite all your best efforts, it can happen. If you suspect that you are a victim of credit card fraud, there are a series of steps to take to protect yourself, your savings, and even your credit score. Whatever you do, don't dawdle - get on the situation ASAP.
Step 1: Report it to Your Bank or Credit Card Company
Whether your card has been compromised, stolen, or lost, it needs to be reported to either your bank or the credit card company ASAP. They will be able to then put a block on the card so that it can no longer be used.
Step 2: Get in Touch with Your Credit Bureau
Credit card fraud is not only damaging in terms of losing money, but it can also have a negative impact on your credit score. If you are a victim of credit card fraud you will need to contact both Equifax Canada and TransUnion.

Please note that there is a $5 processing fee and you will be asked for a credit card number. Since yours is likely out of commission, in this case, ask a family member or a friend if you can use theirs.

Toll-free number for Equifax: 1-800-465-7166

Toll-free number for TransUnion: 1-877-525-3823

Chances are that your stolen credit card won't be a top priority for the police, but making a statement is still required - and important! Firstly, it serves as an official record of identity theft, which will be very beneficial if the fraudster goes further than making a bunch of purchases on your credit card. Secondly, it can be helpful to police in terms of identifying fraud schemes and protecting the public.
Step 4: Inform the Canadian Anti-Fraud Centre
The Canadian Fraud Centre is partially managed by the RCMP and should be notified on any fraudulent activity. You can contact them at 1-888-495-8501.

Credit card fraud is more common than we would like, and it can be super annoying to deal with if it happens to you. Following a few simple tips and tricks, you'll be well on your way to better protecting yourself from fraudsters.
The Best Credit Cards by Category:
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Credit Card Fraud in Canada and how to Protect Yourself

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Last Updated on Credit card fraud - it happens in Canada more than you think. Sure, credit cards make life easy and are a convenient and safe method of payment that's accepted all over the world. But these days, credit card fraud is on the rise in Canada, and savvy consumers need to be in the know.

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This Government of Canada website explains what an individual should do if there is an unauthorized transaction in a bank account. Within this website are ‘clickable links’ which are helpful in the event of an unauthorized transaction. This is an excellent resource to keep on hand and share with others.

I chose to post this area of the Government of Canada website as a point of quick reference. I identified in a previous post that the Government of Canada website is a source of extremely reliable information. The unknown part is all the areas which this website has to offer.

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Recognizing an unauthorized transaction

Generally, any banking or credit card transaction that you didn't make or approve is an unauthorized transaction.

Unauthorized transactions may occur when your debit or credit card is lost or stolen. Someone could also steal your identity and use your information to make transactions without your knowledge or consent.

Each financial institution, such as a bank, may define unauthorized transactions differently. Read your credit card, debit card and account agreements carefully to make sure you understand what is considered an unauthorized transaction.

Reporting an unauthorized transaction

If you think an unauthorized transaction was made using your card or your account, or if there is a risk of this happening:

change your passwords immediately

notify your bank or credit card issuer immediately

report any transactions you didn't make or approve

check your credit report for any credit you didn't apply for

In some cases, you may need to report the incident within a specific amount of time, as specified in your agreement. If you don't, you may be held responsible for the transaction and you may not get the full amount back.

For deposit accounts, such as chequing or savings accounts, you usually have 30 days after the date of your statement to dispute a transaction. However, this could differ from one bank to another.

When you report an unauthorized transaction, credit card issuers must always thoroughly investigate the incident.

Paying for an unauthorized transaction

In most cases, you will not be held responsible for transactions you didn't make or approve.

Unauthorized debit card transaction

You're protected against unauthorized transactions when you use debit card services in store, at a point-of-sale terminal or at an ATM. You should immediately report any unauthorized transaction to your bank.

If you took the necessary steps to protect your PIN, you should get your money back.

You're not responsible for losses that result from circumstances beyond your control, which include:

technical problems, for example, the ATM didn't give you the full amount of cash you asked for, but still deducts the amount requested from the account

unauthorized transactions, as long as you didn't contribute to the loss by not taking the necessary steps to protect your PIN

You could be responsible for losses in situations where you contribute to or encourage unauthorized use of your card.

You could be liable for losses if you:

use your date of birth or telephone number as your PIN

told your card's PIN to someone else, 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

didn't 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

didn't take the necessary steps to protect your pin

Read your card agreement to make sure you know your responsibilities when using a debit card.

Unauthorized credit card transaction

When an unauthorized transaction is made with your credit card, your maximum liability, by law, can't be more than $50.00. Your credit card agreement must explain your maximum liability if your card is used without your permission.

Visa, Mastercard, American Express and Interac have committed to protect you against financial loss if your credit or debit card is used without your permission. According to this public commitment, you will not be held responsible for the unauthorized transactions and won't have to pay any fee.

Learn more about these commitments and policies.

Making a complaint about an unauthorized transaction

All federally regulated financial institutions (FRFI) must have a complaint-handling procedure in place.
Learn how to file a complaint with your financial institution.
Related links

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personal finance; consumer protection; regulations; fraud

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Criminals may try to steal your personal information and use it to approve transactions on your financial accounts.

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WEBSITE #7: A common misconception about banks...

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WEBSITE #7: A common misconception about banks...

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This CBC News reported a story about banks that did not reimburse/compensate patrons when money was stolen by hackers. In this story, Scotiabank denies an individual a reimbursement due "extensive history" of them making transactions from a store historically, online. It is understandable that it might be difficult for banks to comprehend if a purchase was made by the account holder. However, banks should accept the risks of insuring their patrons against this credit and debit fraud.
It was only after the subject,] went public with their story that Scotiabank finally offered to compensate them. After the money was stolen, they had to wait six months total for bank reimbursement. Banks should be reliable; meaning reliable coverage/protection for patrons and reliable for the protection of patron's information and investments.

I chose this video because it is more common to hear of banks denying the return of money stolen, rather than banks covering losses due to theft. It is important to know the facts about financial institutions and research their legal obligations.

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Sunjit Lidhar was awoken by a phone call from Scotiabank last February, informing him that $3,000 had been transferred out of his savings account and was gone.

"My heart pretty much dropped to my stomach," Lidhar told Go Public from his home in Surrey, B.C. "We just assume our money's safe."

Soon after, the cybercriminals stole another $2,000. But worst of all, Scotiabank refused to reimburse him.

"It is not acceptable to have your money stolen from your account and the bank - which you trust so much with your life savings - tells you they can't do much to help."

Lidhar is the victim of a "systemic problem" of criminals breaking into people's online accounts and stealing money, according to Christopher Parsons, a senior public policy researcher at the Citizen Lab at the University of Toronto's Munk School of Global Affairs and Public Policy.

Parsons argues that the country's banks, not their customers, should be financially liable when thieves raid customer accounts.

"The banks are responsible - solely responsible - for building and maintaining the infrastructure," he said.

"We need to reverse the liability the banks currently impose upon individuals who are using the very services and tools that banks are providing."

The trouble started for Lidhar on Feb. 11, when hackers broke into his account and e-transferred $3,000 in two transactions - one for $2,000 and one for $1,000 - to an email address he says he doesn't recognize.

As soon as he learned about it, Lidhar says he changed his password, got a new debit card, asked Scotiabank to freeze his accounts and stopped banking online.

Scotiabank said it would investigate, but when Lidhar didn't hear back after two weeks, he visited his local branch. While speaking to someone in the fraud department, they told him money was again being transferred out of his account.

"I was totally shocked and blown away that this was happening while I was in the branch," he said.

His bank was able to stop one e-transfer for $1,000 but not another for $2,000.

Lidhar says Scotiabank took a few weeks to investigate, and then said it wouldn't cover his losses.

In an email, Scotiabank said his claim was denied because the transaction was authorized from an internet address where he has "extensive history."

Security experts tell Go Public that hackers can access a bank account from a victim's IP address by taking over an infected computer and logging in as if they were that person.

Lidhar says Scotiabank wouldn't explain how the fraud happened, adding that only he has access to his account.

"They're trying to blame me," he said. "And they haven't told me anything about who it went to."

In a statement to Go Public, a Scotiabank spokesperson said the bank "took immediate action and conducted a thorough investigation," into Lidhar's case.

"We take the concerns of our customers very seriously," wrote Douglas Johnson.

After Go Public contacted Scotiabank, it offered to compensate Lidhar - six months after his money was stolen.

More bank customers blamed

Go Public has heard similar stories from others - all saying their accounts were hacked, and that the banks often won't reimburse them.

In May, Martin Chapman of Peterborough, Ont., lost almost $12,000 when criminals broke into his accounts at TD Bank and Royal Bank. Initially, he says, TD refused to fully compensate him, offering just $1,805. "They have admitted to me they don't know how the scammer broke through their security system," said Chapman. Only after he appealed did TD agree to reimburse all $6,000. RBC refunded the remaining money after a two-week investigation. TD would not respond to questions from Go Public about this case.

Curtis Hamilton of Esquimalt, B.C., says he was targeted by hackers last November who installed a key logger on his computer and sent just over $2,000 to themselves. TD's fraud department said Hamilton didn't protect his password and it was his fault. Hamilton had anti-malware software on his computer. He's hired a lawyer but has yet to get his money back. "It's been quite frustrating," he said. "The bank is basically saying ... 'We're not responsible for anything.'" TD would not comment on this case, when asked by Go Public.

Patricia Widdis of Breslau, Ont., told Go Public that hackers accessed her RBC account and redirected her Visa payments, stealing $12,000 in May 2018. The bank was able to get $7,000 returned, but she is still out $5,000 and feels betrayed. "They said, 'You made the payments yourself,'" said Widdis. An RBC spokesperson wrote that potentially unauthorized transactions are analyzed "on a case-by-case" basis.

Threats 'very problematic'

Most Canadians are unaware that more criminals are hacking into financial institutions in Canada and around the world, says security expert Limor Kessem.

"These threats are very real and very problematic," said Kessem, an adviser based in Tel Aviv with IBM X-Force, an international team of investigators who track global security threats to the financial sector.

"In the beginning," she said, "we would see that a banking trojan [a type of virus] would be targeting banks through their customers," such as GozNym, a malware attack she helped uncover and that was shut down in May, as part of an international law enforcement operation.

GozNym targeted two financial institutions based in Canada - which Kessem won't name - and 22 U.S. banks, credit unions and popular e-commerce platforms, stealing sensitive personal and financial information, including online banking login credentials such as usernames and passwords.

It's estimated GozNym stole over $100 million from some 40,000 victims. It's an example of the sort of malware that might be responsible for the hacks against Lidhar, Hamilton and Chapman.

"And then we have a different type of attack," said Kessem. "Cybercrime groups that will invade the banks' actual infrastructure and get into their payment systems and start compromising them internally."

Banks 'should be liable'

It all points to the need for financial institutions to take responsibility when hackers steal customers' money, says Parsons, the public policy researcher.

"They can't just provide us tools or push liability upon us and then walk away," he said. "One of the ways of correcting this would be to shift the liability structure. So rather than punishing customers ... the banks themselves should be liable, so that they're encouraged to build way better security and protect their customers from this sort of fraud."

In the U.K., says Parsons, banking fraud was such a big problem, the government made banks responsible for financial losses to customers.

"And as soon as the banks had to take those losses, all of a sudden ... fraud plummeted because the banks invested massively in security," said Parsons.

He says Canada's next government needs to follow the U.K.'s example.

"If banks themselves won't do it, then it's an area where legislation needs to be seriously considered. We can't rely on customers to know about every kind of security vulnerability, to track every website that has breached passwords," he said. "That's just absolutely absurd and not a feasible solution to the problem."

Go Public asked the Canadian Bankers Association - which represents Canada's largest banks - whether its members would consider assuming liability when hackers break into the online banking systems they have created. A spokesperson did not address that question, but wrote, banks "have no higher priority than the security of their customers' money and conduct comprehensive investigations of all fraud cases, some of which are complex and take time to investigate the specifics of the case."

All the banks involved in these cases have told Go Public that customers are responsible for taking precautions to ensure their devices, accounts and information are protected.

Sunjit Lidhar says he's stopped doing online banking and now heads to his bank branch instead - a hassle he says is worth it, for peace of mind.

He says he wrote to Go Public to let people know that banks could hold them responsible when hackers strike.

"I just want people to know that this is something that's very real," says Lidhar. "It's not safe. And that's something they [the banks] need to work on."

Submit your story ideas
Go Public is an investigative news segment on CBC-TV, radio and the web.

We tell your stories, shed light on wrong-doing, and hold the powers that be accountable.

If you have a story in the public interest, or if you're an insider with information, contact GoPublic@cbc.ca with your name, contact information and a brief summary. All emails are confidential until you decide to Go Public.

Follow @CBCGoPublic on Twitter.

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Banks deny compensation when hackers steal customers' money | CBC News

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A Vancouver-area man is speaking out after hackers broke into his bank account, stole $5,000 and Scotiabank refused to reimburse him. As organized cybercriminals increasingly target Canada's banks, a public policy researcher says they need to bear the cost when their systems are compromised.

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VIDEO #5: ✨Shimmer; but not the 'pretty' kind...

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VIDEO #5: ✨Shimmer; but not the 'pretty' kind...

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Do not get excited, shimmer just got a lot less fun. Skimming seems a thing of the past, not that shimmer is in the hands of thieves. This video is proof of the efficiency and intelligence behind a technology which is nearly undetectable. This video shows how small and undetectable this device is being as this as a piece of paper and embedded with storage space enough to hold lots of card data. Even scarier, the fact that a thief can steal all this information via Wi-Fi, they don't even have to touch the terminal!
I felt I had to post this video, as if it was my duty. I had no idea that such a small, thin piece of material could cause such havoc and steal so much information. It looks the exact same as a micro chip, but it does the exact opposite of what our bank card's chip is supposed to do. I was surprised to learn that it is considered safer to use mobile phone apps, such as Google Pay or Apple Pay than to insert chip cards.

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‘Shimming’ is the new credit card skimming scam

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This video is very informative, some might find it shocking. Before anyone can notice, two individuals pull a quick maneuver without drawing attention and install a device to steal credit and debit card information. This video is an excellent reference because they are real actions of thieves which we can learn from.
I hope that by sharing this video, others might spot and disarm thieves, by paying closer attention to payment terminals and the difficulty it takes to insert their chip cards. It is important to understand how quickly and easily thieves can install and remove these small, often 'invisible' gadgets. Understanding the ease of their installation may cause others to realize,this is a serious problem and anyone could be the target at any time.

Did you Know: Skimming devices are commonly placed on the front of an ATM or debit machine!

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Credit Card Thieves Caught on Tape Using Skimmers

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Why Chip Credit Cards Are Still Not Safe From Fraud

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Credit card thieves can use a skimming device to swipe data through the cards' magnetic strips.

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VIDEO #2: Pick-pocketing, gone electric!

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VIDEO #2: Pick-pocketing, gone electric!

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Watch this video to learn about Radio Frequency Identification and how you can keep yourself safe from thieves. RFID is a popular feature which often associated with passport covers, but RFID protection can be integrated into a wallet, or even a purse to protect your credit and debit cards from being targeted. There should be a guarantee on the label of these wallets, bags or purses to prove product inspection and approval have been completed, to the Canadian Government's standard. This means it has been authorized and proved to be sold as a RFID protective item.
I like this video for many reasons. The serious and concerning tone is palpable; it is a fact that an individual could scan your information, from a credit or debit card, from over 300 feet away!

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One of the best resources for information is the Government of Canada website because it provides up-to-date and accurate information. This website teaches readers how to protect themselves from credit and debit fraud and what to do if you believe you have become the victim of a scammer.
The reason I chose this page is because government domains supply some of the most trusted, truthful information. Websites that are government domain implies that it is lead, managed, updated and regulated by the government. Everything on these pages, including the many 'clickable links' within sections, have legitimate and reliable information.

Did you know: You can put a fraud alert on your credit report! Only Equifax and TransUnion, the two Canadian credit reporting agencies, can do this for you.

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Recognizing, preventing and reporting credit card fraud.

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Just as the narrator in this video said, plastic is what we are using more and more, rather than tangible bills and coins, to pay for everything. This skit, by the Bank of Canada, is a fantastic resource for the many people that work in retail. Some might not know what signs to look for and this is a great way to learn.

I decided that this video was a 'must share' with everyone who visits my Padlet wall. I worked retail for a total of almost 12 years and it is amazing how easy it could be to spot a fraudster, especially if they are trying to distract an employee from the terminal.

I must state an important point on signatures which I have encountered. It is a known fact that, no matter how hard an individual may try, it is impossible to perfectly duplicate another's signature. One rule which has been forgotten, is the signature comparison, which I used to always do when working in a retail environment. In my opinion, enforcing a permanent signature at the back of a credit card, and another, done upon purchase, should be mandatory. Not only does this serve as proof of your identity, but it can also serve as factual data of your spending habits, later used to prove your innocence in case of credit or debit fraud. I found further information regarding this in a connected post located below this one.  ⏭

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Youve probably heard of debit and credit card fraud. But have you heard how to beat it? Watch this video by the Bank of Canada and its partners to see how you can protect your credit and debit cards. Be sure to check out more videos on our channel.

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This is a skit provided by the Bank of Canada, that also includes discussion of debit card fraud. To know that a store clerk could be the perpetrator of credit and debit fraud is shocking. Due to the unspoken trust between a customer and business, this dishonest act could expose many people to compromised personal information. Thieves do not need your physical debit card to steal. The information stored on the card can be stolen by a skimming device. Personal information, plus a pin, means a thief can replicate a card and impersonate someone for numerous purchases.

I chose this video because it represents the simplicity involved in credit card fraud. The explanation of the functions of a chip, magnetic card, and the reasoning for access to both helps to clarify their purpose. Thieves can obtain the pin to your card several ways, but the way which I knew about previously, was cameras in stores. I am always cognizant of where cameras are, around the cashier's area, and I am always sure to cover. I hope others also tap more than inserting their chip cards. Enjoy this video and be sure to change any bad habits to protect yourself!

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The reason I chose this topic was due to my lack of knowledge in the area of credit and debit fraud. I wanted to explore a subject that I was interested in, so I never have to wonder about it again. I never understood how people can steal and then use information, so easily and quickly. In the process of learning all this, I learned a ton about the many types of fraud, and how prevalent it is.

One shocking thing I have learned that about a shimmer device. Such a small device which is completely out of sight while it is stealing your information, and almost paper-thin!

I was shocked to learn that thieves can steal your personal information from up to 300 feet away with devices that are not much bigger than your phone. I was also shocked to learn that hackers can access a bank account from an individual's IP address. All they need to do is remotely gain access by infecting your computer, or gain access to one which already infected, and log in!

If there was any knowledge which I could pass onto a friend or family member, it would be to invest in RFID wallets, and to touch each terminal they intend on using. My intention is not to evoke fear or paranoia, but it is to be sure that they are cognizant of any abnormal feeling or looking terminals in stores, gas stations and everywhere else.

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Did you know that there is a month which has been deemed "Fraud Protection Month?" This year marks the 15th annual Fraud Protection Month and The Competition Bureau and decided for March to be "Fraud Protection Month," fraud protection bureau.
I chose this picture due to my lack of knowledge on the existence of this month, and assuming that other may be the same. Linked to the Government of Canada website, this picture leads to a website with extremely regulated, updated and trusted information.

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This guest blog post is provided by the Competition Bureau, an independent law enforcement agency that ensures Canadian businesses and consumers prosper in a competitive and innovative marketplace. Headed by the Commissioner of Competition, the Bureau is responsible for the administration and enforcement of the Competition Act, the Consumer Packaging and Labelling Act (except as it relates to food), the Textile Labelling Act and the Precious Metals Marking Act.
Fraud is nothing new. Year after year, Canadian businesses lose millions of dollars to fraudsters, who are always adapting and changing their tactics. And contrary to popular belief, fraudsters are not obvious and they will target even small businesses.

Did you know that approximately one in five small businesses has been victimized by fraud? And it costs them $6,200 on average. Take the initiative! Establish a protection plan to help your company fend off fraud.

When it comes to fighting back against fraud, knowledge is power and vigilance is your best defence. Find more information and training tools for small and medium enterprises, and equip your team to counter the latest scams that target businesses.

On top of knowing how scammers operate, your anti-fraud plan should include:

Investments in network security systems

Good employee training on fraud detection

Strong business security practices

Clear payment procedures

A limited number of employees authorized to make payments

Well-organized accounting systems to help detect unusual activity

As part of Fraud Prevention Month, the Bureau encourages Canadian businesses to recognize, reject and report suspicious activity to law enforcement agencies.

With information, vigilance and a plan, you and your employees can be the first line of defense against fraudsters trying to get a foothold by phone, email, social media or at your door.

Make sure your business is good at fending off fraud!

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It's Fraud Prevention Month - can your business fend off fraud? - Canada Business

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This guest blog post is provided by the Competition Bureau, an independent law enforcement agency that ensures Canadian businesses and consumers prosper in a competitive and innovative marketplace. Headed by the Commissioner of Competition, the Bureau is responsible for the administration and enforcement of the Competition Act, the Consumer Packaging and Labelling Act (except as it relates to food), the Textile Labelling Act and the Precious Metals Marking Act.

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WEBSITE #6: Why Improved Authentication May Stop the Online Fraud Epidemic

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WEBSITE #6: Why Improved Authentication May Stop the Online Fraud Epidemic

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Anyone with a smartphone or a laptop has likely experienced this: to sign up for a website or to create an account, you must provide a long list of 'secret questions;' or the dreaded "new password required" alert while using a favourite phone/computer application. Security alerts often inflict panic for uneducated or new users of technology. Instead of invoking anxiety, they should be welcomed, as it is multi-step authentication that improves the safety of your identity.
I chose this website due to my ignorance, and past annoyance with security alerts. I would feel anxious or upset at being forced to change my password, update my information or choose 3-10 new security questions, just to access my personal accounts or account information. These security measures are truthfully the best way to protect yourself from hackers and thieves stealing and using your personal information.

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WEBSITE #4: Someone else is watching us... 👀

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WEBSITE #4: Someone else is watching us... 👀

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In 2017, most fraudsters were victimizing online lenders. I was interested to learn about what efforts were being made to protect citizens. I wondered if, perhaps through programming or monitoring, if there was someone going through a massive compilation of sales data and how they keep up with all the data coming in every day from various companies or individuals.
I came upon a network that makes reports of transaction data, created by ThreatMatrix. These reports are based entirely on the analysis of all collected transaction data. The reason ThreatMatrix constantly analyzes this data is to give insight into traffic patterns, possible threats, and an accurate resource for information regarding any and all transaction discrepancies.
I was impressed to learn about the extreme accuracy and legitimacy of its information and how it was based off hundreds of different characteristics(such as: device ID, geolocation, history, behavioral analytics etc.). Having this information makes me feel more confident in the power of technology and the protection, which is provided for us, against thieves attempting to make purchases against us with our own information.

Did you know: The ThreatMetrix Digital Identity Network analyzes around 2 billion transactions per month!

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Cybercrime is becoming more automated, organized and networked than ever before, according to the ThreatMetrix Cybercrime Report: Q4 2016.

Cybercriminals are increasingly targeting online lenders and emerging financial services, says Vanita Pandey, vice president of strategy and product marketing, ThreatMetrix.

[ Related: 8 tips to defend against online financial fraud threats ]

ThreatMetrix's report is based on data drawn from its ThreatMetrix Digital Identity Network, which analyzes about 2 billion transactions per month for insight into traffic patterns and emerging threats. The network uses a real-time policy engine to analyze transactions - about 44 percent of which originate from mobile devices - for legitimacy based on hundreds of attributes, including device identification, geolocation, previous history and behavioral analytics.

ThreatMetrix's data shows 1 million cyberattacks targeted online lending transactions throughout 2016, Pandey says . It estimates the total value of these transactions at about $10 billion. It expects the number of attacks to continue to grow in 2017. Indeed, the number of attacks specifically targeting alternative lending increased by 150 percent quarter-over-quarter in the fourth quarter of 2016. That doesn't mean criminals have stopped targeting banks: ThreatMetrix says it detected 80 million attacks using fake or stolen credentials during 2016 in the finance sector alone.

It should be noted that attacks are increasing both in number (ThreatMetrix says it detected and stopped nearly 122 million attacks in real-time in the fourth quarter, an increase of more than 35 percent over the previous year) and in proportion: growth in attacks outpaced overall transaction growth, and the overall rejected transaction rate grew by 15 percent.

[ Related: Online card fraud up as thieves avoid more secure chip cards for in-store payments ]

"Fraud has evolved from being like robbing a house to being a big heist on a bank or institution," Pandey says.

Increasingly, she explains, cybercriminals are stealing identities and using them to create accounts that they allow to sit and mature, sometimes for years, before leveraging them for crime.

First, she says, criminals buy, trade and augment stolen identity credentials from any of the numerous data breaches that occur with increasing frequency.

"Most of us have been breached, whether you've stayed at an InterContinental Hotel, or you had a Yahoo account or you have a LinkedIn password you haven't changed in four years," she says.

Those credentials are then used to create new accounts with retailers, banks and e-lenders. E-lenders are frequently targeted, perhaps because the criminals see them as softer targets than more established banks, according to ThreatMetrix.

"They will then use automated bot attacks on a new site to create an account for you," Pandey says. "If it doesn't exist, they'll create an account. If it does, they'll bring in sophisticated tools to crack your password. They'll let an account sit and mature for a while. Once your identity has been verified, a lot of times you won't be stepped up or challenged. Imagine if I have a stable account, I've been transacting for two years nicely and then I use my account to buy a big item and change my address, they may not flag that."

Pandey says ThreatMetrix sees a lot of fraud being committed with accounts that have five or even six years of credit history and a big credit file. Even victims who regularly check their credit reports may not pick up on the fraud, as the criminals take care not to damage their victims' credit ratings until the accounts mature.

"Due to its surge in popularity, and fast transaction cycles, online lending has become a prime target for cybercriminals," she says. "Online lenders are under increasing pressure to adopt smarter authentication methods that leverage real-time, behavior-based intelligence to accelerate genuine loans and prevent fraud. This is the only way to thrive in an increasingly competitive market."

Developing countries becoming bigger players in online fraud game

This type of fraud isn't limited to the U.S. and other developed nations. ThreatMetrix says it has seen this type of fraud originating in developing countries including Brazil, Egypt, Ghana, Jordan, Nigeria and Macedonia. ThreatMetrix also reports a significant increase in attacks, particularly identity spoofing attacks, from emerging economies including Tunisia, Ukraine, Malaysia, Bangladesh, Pakistan, Serbia, Morocco, Guadeloupe, Qatar and Cuba.

"The fact that developing nations are becoming bigger players in the online fraud game demonstrates the spread of breached identity data to countries across the globe," Pandey says. "One in four transactions on our network is now cross-border, illustrating a global village economy that's continuing to take root. Global data breaches are making stolen identity data globally available via the dark web, and this information is traded by organized and networked crime rings."

How to keep the online digital world safe

With cybercriminals becoming more ambitious and more sophisticated, Pandey says it's becoming clear that text-based authentication needs to be deprecated. In fact, she says, any static information used for authentication that must be stored by a company is susceptible to a data breach and therefore an outdated way of thinking about secure authentication, identity verification and fraud prevention.

"It is becoming increasingly clear that the only true way to keep the online digital world safe and secure, (and processing transactions in the manner that technology-savvy consumers expect), is by analyzing the digital identity of every online user, an identity that is built on dynamic, shared intelligence harnessed from sources far wider than the individual companies a user transacts with," the ThreatMetrix report says.

Behavioral analytics and machine learning are the keys to making this work.

"It is only by using this holistic, crowdsourced approach to digital identities that companies can be more confident of accurately differentiating fraudsters from genuine customers," the report concludes. "In the case of Yahoo, the cookies might have been forged, but the online footprint of those fraudsters would have been markedly different to the genuine users, and it is up to Yahoo to be able to detect that in order to protect sensitive customer data."

Copyright © 2017 IDG Communications, Inc.

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Fraud rises as cybercriminals flock to online lenders

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Cybercrime is becoming more automated, organized and networked than ever before, according to the ThreatMetrix Cybercrime Report: Q4 2016. Cybercriminals are increasingly targeting online lenders and emerging financial services, says Vanita Pandey, vice president of strategy and product marketing, ThreatMetrix.

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PHOTO #1: Fraudsters - The faceless 🕵️‍♂️

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PHOTO #1: Fraudsters - The faceless 🕵️‍♂️

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You are likely thinking, "I have seen this picture, A LOT, while exploring this Padlet." I purposely chose to use this photo as the background and as a post because it is exactly the subconscious picture I create when conjuring up 'a thief/fraudster/scammer.' The reality is that a fraudster does not look like or act like anyone specific. These are individuals like you and me, making a terrible decision while pretending their actions are invisible. Those who commit fraud could be a country away, a province away, or even a street away from our own home.

I believe that fraudsters/scammers choose their actions due to a measurable amount of belief that they won’t be caught. Some might think no one can catch them because they are impersonating someone else. Pretending to be someone else does not make a person, or a crimes invisible. They are real and, as evidenced by the previous post, thieves should know that they are being watched through technological network and analysts and they will be caught.

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WEBSITE #2: The Canadian Anti-Fraud Center 

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WEBSITE #2: The Canadian Anti-Fraud Center 

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This is a necessary resource to share, especially as we look more specifically at Debit and Credit fraud. This website is the official Government of Canada website for anti-fraud. The Canadian Anti-Fraud Center are who should be contacted by anyone who has fallen victim, or believes to have fallen victim to fraud or identity theft. Be careful, when entering data into online websites. Be sure they are trusted or protected and that you are not using a public network, as thieves are able to access and target your credit and debit card information.

I believe that this is an essential website to know about. Before I began my research, I had no idea this website existed, or their mission statement. I chose this website because it offers up-to-date information on various habitual tactics presented by fraudster, and many links to current news articles regarding fraud. I also appreciated that the information is clearly displayed, with important information highlighted.

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The Canadian Anti-Fraud Centre (CAFC) is the central agency in Canada that collects information and criminal intelligence on such matters as mass marketing fraud (e.g., telemarketing), advance fee fraud (e.g., West African letters), Internet fraud and identification theft complaints.

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I came upon this amazing infographic picture during my research. I am in school to become a nurse, so this type of fraud caught my attention, though it was not directly connected to debit or credit fraud.

In some countries it is called Medical insurance fraud, Medical Service fraud or Health Care fraud; it doesn't matter where you are from, it all means the same thing. You are taking advantage of a health care system.

I am proud to live in a country such as Canada. Something we have slightly less worry about in Canada is identity theft and fraud through our healthcare system. Medicare fraud is prevalent in the united states, especially because of their extravagant pricing for basic operations and treatment.

Did you know: One of the main reasons Canada enforced all inhabitants to get the green health card was due to the high level of protection it offers Canadians. The ease with which individuals could commit healthcare fraud was quickly addressed, after notice was taken over the replication of 'red and white' health care cards.

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Before we delve into credit and debit fraud, this website explores criminal fraud under various classifications. This is a great place to start exploring fraud as it sheds light on the types of fraud and their scopes, and depth of possible impact.

From car fraud to business fraud, landlord fraud to bank fraud and consumer fraud; they have thorough, comprehensive on the many types. Each type has very clear and direct fraud prevention tips, plus instructions on what to do if you've fallen victim to any types of these frauds.

The reason I chose this website is because it has an organized layout and is visually pleasing for an individual interested in learning about fraud. Because they cover so many types of fraud, I felt this was an essential website to share with everyone who visits my Padlet wall. Though not specifically Canadian, I hope that, from this website, you too will feel more confident and prepared in protecting yourself and others from falling victim to fraud.

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What is "fraud"? Legislated definitions are too complicated so here are three simple explanations expressed in different ways.

1. "All multifarious means which human ingenuity can devise, and which are resorted to by one individual to get an advantage over another by false suggestions or suppression of the truth. It includes all surprises, tricks, cunning or dissembling (disguising, concealing), and any unfair way which another is cheated." [Black's Law Dictionary, 5th edition]

2. "Deceitful conduct designed to manipulate another person to give something of value (1) by lying, (2) by repeating something that is or ought to have been known by the fraudulent party as false or suspect or (3) by concealing a fact from the other party which may have saved that party from being cheated. The existence of fraud will cause a court to void a contract and can give rise to criminal after liability". [Duhaime's Online Legal Dictionary]

3. "Lying and stealing and cheating for gain"

Fraud comes in hundreds of different flavours but the essential red flags of deceiving someone as a stepping stone to getting their money or property are present in every case. Here is a simple way to decide if you have been defrauded - look at these three examples and the questions that follow.

1. A tenant pays for his rent with a cheque drawn on a closed account. The cheque, of course, bounces and the landlord is out of pocket. Question for the landlord: Would he have accepted the cheque if he had known that it was drawn on a closed account? No, of course not. The tenant deceived the landlord by suppressing the information about the closed account and as a result the tenant continued to enjoy occupancy of the apartment until the landlord's bank returned the bad cheque. The tenant committed a criminal fraud.

2. A "delivery man" goes to a food warehouse to collect cheese for delivery to a restaurant and gives the warehouseman an account number that is valid for that restaurant. After leaving the warehouse the delivery man sells the cheese to a local pizza parlour for a handsome profit. Question for the warehouseman: Would he have allowed the delivery man to take possession of the cheese had he known that the driver did not represent the restaurant whose account number was correctly quoted? Of course not. The driver gave a valid account number but omitted critical information and as a result the warehouse was deceived and led to believe the pickup and delivery was legitimate. The driver committed a criminal fraud.

3. A fraudster who is part of an organized crime group producing counterfeit identification visits a local bank and assumes the identity of an existing customer. This is an "account takeover". He deposits a large cheque for $5,000 and asks the female teller for $500 in cash. The teller obliges. Question for the teller (Customer Service Representative): would she have accepted the cheque and given $500 cash to the "customer" if she had known that the bank's real customer was being impersonated? Of course not. The fraudster deceived the bank staff and committed a criminal fraud.

The KPMG Fraud Survey 2003 for the USA in which 459 large corporations were polled showed that the top seven types of fraud disclosed by those companies were: Employee Fraud (60%), Consumer Fraud (32%), Vendor-related, third-party Fraud (25%), Computer Crime (18%), Misconduct (15%), Medical/Insurance Fraud (12%), and Financial Reporting Fraud (7%). Worse still, fraud is on the increase and the associated value of that fraud is spiralling. It is an alarming fact that fraud is under-reported for many good reasons and we don't therefore really know the true extent of fraud throughout North America.

Facts:

It doesn't matter whether you are a consumer, a landlord, you run a business, work in a bank or you are a government employee. Everybody is affected and everybody should be concerned and do something to prevent fraud in your own environment.

In all frauds three factors come into play: (1) a need for cash (often enhanced because of an addiction), (2) rationalization (misguided justification for committing the fraud) and (3) an opportunity (a chance to commit fraud without being caught).

A "typical" perpetrator of fraud could be a long-serving and trusted employee with no previous criminal history, a married male with a higher than average education. Fraudsters do not walk around with signs painted on their foreheads - they could be the person next to you.

Criminals will take the least line of resistance - there are few consequences for fraudulent conduct; fraud is easier to commit than bank robbery and often yields higher profit with less risk!

Many criminals become experts at committing fraud and are capable of sustaining a good lifestyle for a long time at the expense of governments, businesses and consumers.

If you are a victim of fraud, whether a consumer or a business owner, it is a fact of life that you are unlikely to recoup fraud losses. Doesn't it make sense that the only way to deal with fraud is to prevent it from happening in the first place!

To protect yourself from potential fraud when dealing with other individuals and businesses the golden rule is:

Know WHO and WHAT you are dealing with!! If you practice diligence and critical thinking skills and do not automatically accept people or the documents they present to you without giving them a second thought you will have your own personal fraud radar detector on constant alert and save yourself a lot of grief and loss of income.

Educating yourself about the many schemes fraudsters use to rip you off will pay dividends - knowledge is power and that knowledge will arm you with the information you need to avoid becoming a victim of fraud.

Welcome to

You will find a wealth of helpful information as you navigate the pages on this website.

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What is "fraud"? Legislated definitions are too complicated so here are three simple explanations expressed in different ways. "All multifarious means which human ingenuity can devise, and which are resorted to by one individual to get an advantage over another by false suggestions or suppression of the truth.

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Through this conversational Padlet wall, I intend to share the many discoveries involved in my research of debit and credit fraud. I intend to research debit and credit fraud statistics, credit and debit fraud in Canada, and to then go deeper into finding the most reliable sources for how to protect and defend yourself against credit and debit fraud.
My intention is to bring light to the subject of credit and debit fraud, exploring the ease and difficulties of fraud and how the fraudulent activities are executed. I would like to learn about the landscape of credit and debit fraud and then how it has advanced or receded. Thank you for visiting, I hope you enjoy sharing this journey with me!

Warm regards,
Tiffani Brown