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Summary:
Although short, this video listed the basics of credit and debit card fraud and how it can be avoided in-depth. This type of fraud happens when an individual gets a hold of your card information such as the PIN, or the card itself, and uses it to make unauthorized transactions for themselves.  Fraud can be done in more than just a few ways: someone close to you looking over at you typing in your pin, fake emails enticing you to send your banking information, or even phony card machines that steal your information. Fortunately, all of this can be avoided by utilizing the following tips: "Shielding your pin", checking bank statements regularly, destroying old cards when your replacement card comes in, and not giving out your information through email. If you become a victim of this fraud, contact your local police/bank and antifraudcentre.ca.

Why I chose this video:
As stated in the first paragraph, this video started with the basics of credit and debit fraud and provided valuable information in a short amount of time, making it easy for viewers not as aware of the topic to learn about it and be cautious to protect their information. Hence, my reason for choosing this video. A piece of information I found helpful was that you could inform a figure of authority other than your bank and police, which is the Anti Fraud Centre. This was information that I did not find in the other videos.

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Summary:
This video talked about the Calgary Police charging two men in an alleged credit card and identification manufacturing lab investigation. The two men were operating their fraud from within their residence, where they used equipment to manufacture credit cards that were located in their basement. Moreover, card skimming machines, counterfeit credit cards as well as gas station overlays were found in their possession which helped them commit credit card fraud. They were successful in stealing information by using overlays at gas pumps, which is a temporary procedure where these electronics are attached to the gas pumps and when a consumer uses their card, their information is copied. This is typically used at busy times and removed in a few hours, hence called temporary. The only way this fraud can be avoided is by shaking the card machine to check if there's a skimming device installed.

Why I chose this video:
I chose this video because it was distinct in the sense that it displayed the equipment that fraudsters often use to manufacture fake credit cards and it explained in detail the technique used by the fraudsters.

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Summary:
This video displayed how low-interest credit card scams work in Canada and how detrimental they can be. The "low-interest scam" works by the scammer calling consumers and giving a fake speech as if they're speaking from a bank, and making them pay a hefty one-time amount to "lower their interest rate". The main purpose of this is to steal their identity. The only identified way to fight this back is by turning on credit monitoring and fraud alerts with Equifax and TransUnion. Surprisingly, when the news crew put this to a test, they only received 3 calls for creating 5 credit card accounts. The only effective way to prevent the scam is by a credit freeze, which is available in the U.S., not Canada. This process is not yet implemented here.

Why I chose this video:
I chose this video as it was extremely informative about the most common type of credit card scam in Canada, and they conducted interviews with an Ex-scammer and a lot of fraud victims, which provided valuable insight into how it affects the victims.

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Identity theft: How criminals use a low-interest credit card scam to steal from you (Marketplace)

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Summary:
This video showed how a couple in Canada had their debit cards stolen and thousands of dollars deducted. According to the news, as their PIN was used, the bank did not help cover the losses. Amelia's cards were stolen from her purse and the purse was put back in its original place so there was no suspicion. Later, there were a total of $28,000 worth of charges. The other banks forgave their loss whereas RBC did not, as Amelia had shared her pin with her daughter's caregiver. The bank did not accuse them of the fraud but made them cover for it anyways. The takeaway from this video is to watch your own account and report any suspicious behaviour immediately.

Why I chose this video:
I chose this video as it revealed to me that debit cards are not protected by banks, or at least by RBC, the way credit cards are. Another piece of information I found useful was that if someone shares their PIN and becomes a victim of fraud, they are liable for it.

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Debit card fraud leaves victims on the hook

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Summary:

This website defined what debit card fraud is and how it takes place. It is when someone steals both your credit/debit card information and PIN, and uses it to withdraw cash from an ATM, or make other types of purchases, whether online or in stores. It is only possible to commit debit fraud if they have your pin, but they can steal your information by sending fake emails, using card jammers, or skimming machines. A few tips to protect yourself from debit card fraud are having a card with a reduced daily limit, keeping your PIN confidential, and covering the keypad when typing in the PIN. These ensure you're staying aware and avoiding any risks.
If you fall a victim to this fraud, you should write down what happened and how you noticed it, contact your bank, file a complaint, and talk to the Canadian Anti Fraud Centre.

Why I chose this website:
I chose this website as it is Canada's own website where all the information posted is accurate and trusted. Something I found useful was the suggestion to lower your daily limit. That was a great idea to reduce the loss of more funds.

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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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Summary:
This website talks about how protected you actually are from Credit Card fraud. Generally, Canadians are protected against liability for credit card fraud, but there are still a few points they should keep in mind. The maximum liability for unauthorized use of a card issued by a bank is $50, which means if a consumer is found liable, they would still only have to pay less than $50. Beyond this, companies like Visa and American Express do offer zero liability policies as well, but under some terms and conditions. It is imperative to stay vigilant and protect your information by setting difficult PINs, as banks can only offer so much protection.

Why I chose this website:
I chose this website as it had information contrary to the other resources I looked into. They didn't talk about Canadians' protection from frauds. Something useful from this website was the information about liability.

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Report any loss or theft of a credit card right away and also take action if you see find payments on your statement that you don't recognize (Getty Images/martin-dm)
Credit card fraud is big business in Canada, and it's one that is all-too-familiar to many Canadians. For example, 86 per cent of those who responded to CPA Canada's 2019 fraud survey said they are aware of credit card fraud and almost 39 per cent refuse to use their credit card with some merchants and establishments.

Fortunately, cardholders in Canada are generally protected against liability for credit card fraud. But you still need to be vigilant: there are cases where you could run into trouble if you aren't careful.

CONSUMER LIABILITY FOR CREDIT CARD FRAUD

What do current laws and regulations have to say about liability? According to Section 12 of the Cost of Borrowing Regulations associated with the Bank Act, the maximum liability for unauthorized use of a credit card issued by a federally regulated financial institution is $50. This means that if a consumer is found liable for a transaction, they must pay the lesser of $50 and the maximum set by the credit agreement.

Above and beyond the $50 maximum liability, Visa, MasterCard and American Express offer additional protection through their zero liability policies. But it's important to remember that those policies have conditions-especially when it comes to timelines and personal identification numbers (PIN).

For example, as the Mastercard website points out, you need to report any loss or theft to your financial institution as soon as you become aware of it. You also must have used "reasonable care" in safeguarding your card. As the website explains, this includes not contributing to any unauthorized use, and safeguarding any related PIN or password.

It stands to reason that you should report any loss or theft right away. (You should also take action if you see find payments on your credit card statement that you don't recognize. See Does a credit card charge look suspicious to you? Here's what to do.)

STAY VIGILANT

You should not make it easy for your card to be stolen or used without your permission. But how can you safeguard your PIN? First, choose one that cannot be easily guessed. As the Financial Consumer Agency of Canada (FCAC) explains, "Most, if not all, credit card agreements will state that using your birthdate or telephone number is not allowed to be used for your PIN."

Also, it's also important to know that when conducting an investigation into an unauthorized transaction, the bank may ask you whether you have shared your PIN. If you have, you may be found liable for unauthorized transactions, says FCAC.

When it comes to credit card fraud, then, it's always better to be safe than sorry. While FCAC says that banks are expected to investigate all unauthorized transactions to determine, based on a balance of probabilities, whether they are a result of circumstances beyond the cardholder's control (such as shoulder-surfing, coercion, etc.), you still need to look out for yourself.

As Faisal Butt, an adviser with Edward Jones, puts it, "No one wants to become the victim of a theft. But scammers are out there, looking for their next victims.

"Protect your personal information. Don't give out information about yourself over the phone, via email, or over the internet unless you know the recipient is legitimate. Also, be mindful of the information you put on social media, which can be a treasure trove for would-be scammers."

EDUCATE YOURSELF

Canadians are increasingly worried about fraud and identity theft, according to CPA Canada's 2019 fraud survey. To find out more about how to safeguard yourself, see Protecting you and your money: A guide to avoiding identity theft and fraud.

CREDIT CARD FRAUD: WHO IS LIABLE?

When a fraudulent credit card transaction occurs, it's important to note that liability falls on the bank/issuer-not the card company.

Visa, Mastercard and other credit card companies provide a network and payment solution. (For example, Visa facilitates electronic funds transfers throughout the world, most commonly via Visa-branded credit cards, debit cards and so on.) Each time the card is swiped, the merchant pays a percentage. However, this might also be built into the price charged to the consumer, says one industry insider who prefers to remain anonymous.

The banks, on the other hand, issue the cards and make money on the interest on the balance outstanding, says the insider. "However, the risk is that the consumer doesn't pay," he adds.

"However, the risk is that the consumer doesn't pay," he says.

This is a risk that is seems to be taken into account when decisions are made by the banks. As Jennifer Fiddian-Green, CPA, who leads the national forensic and dispute resolution advisory practice at Grant Thornton, puts it, banks are interested in supporting customers (primarily individuals) to trust and use credit and payment card systems. "So when decisions are made about whether or not to cover the costs of fraud (e.g., to make the consumer whole), we often see that individuals are supported as long as they have executed on the basics of taking care of their cards and data."

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Credit card fraud: you're protected-most of the time

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Report any loss or theft of a credit card right away and also take action if you see find payments on your statement that you don't recognize (Getty Images/martin-dm) Credit card fraud is big business in Canada, and it's one that is all-too-familiar to many Canadians.

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Summary:
This website showed the "zero interest rate credit card" fraud, and how the conversation went with the fraudster.
Canadians receive a wave of scam calls, texts, and emails regularly, and this time the journalist received a call about receiving zero percent interest on all his credit cards, where the scammer asked for his card number pretending to be from Visa. When the journalist asked what company he was with, he said they were doing this offer for only CIBC, Scotia, Bank of Montreal and the Royal Bank. Upon telling the person that he doesn't have an account with any of those banks, the call was ended. Thieves often stalk your online presence to get your information and try to catch you off guard. The takeaway is to never give out your banking information to anyone.

Why I chose this website:
I chose this website as it expanded upon the information I received from one of the videos I shared, and something useful I found on it was how how an actual conversation with a scammer goes and what they do to try to lure you.

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Scammers are trying a new credit card scheme. Here’s how the call went

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Here’s how a two-minute and 26-second call went with a credit card scammer before the person got frustrated and hung up.

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Summary:
This website talked about how credit and debit are the most popular method of payment in Canada as of now, and most people prefer using plastic cards instead of having to deal with cash or a cheque. Similar to the information in my other posts, it has explained what the main two types of credit card fraud are: criminals stealing your card physically or obtaining its information by phishing, and making counterfeit cards. Criminals prefer targeting newcomers, students, and people with low credit. Anyone who pays them never hears from them or sees them again. Debit card frauds, on the other hand, require them to use your PIN. Unless one has a PIN for a debit card, it's useless to them, that's why fraudsters come for your personal information. Skimming and swapping out card machines are great examples of this.

Why I chose this website:
I chose this website as it is TD's official webpage and provides trusted information.  What I found useful was how they also differentiated between how credit card scams work and how debit ones do, as I was not clear on how it worked.

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Credit Card and Debit Card Fraud | TD Bank Group

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Credit card and debit card fraud are among the most common forms of fraud in Canada. Learn more about card fraud and the different types.

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This image shows TD bank's feature of getting instant text messages when any sort of fraudulent transaction on your phone occurs. It tells you what card is being used or what transaction is being made.

I am sharing this image to show that banks do have protective measures to inform you of fraud or suspicious activities with your account, which you can activate by speaking to an advisor and utilize it to ensure you don't incur any losses.

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Although this image is from an American News Channel, it shows the card skimming machine that scammers use in Canada as well. They place it over the actual machine to make it seem real and steal your information.

I am sharing this photo to provide a reference to what I talked about in my posts, and bringing awareness so people know to quickly inspect a machine before inserting their card in it.

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I learned several things about my topic that were new and interesting, but one thing that surprised me the most was that card fraud is incredibly common in Canada, and that more than $379 million Canadians last year reported losses and Canadian Anti-Fraud Centre received 104,295 fraud reports. That almost worries me to an extent as only 5% of victims file reports. I have learned that scammers try to come up with every way possible to catch you off guard, and to never engage with them.

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When I was 17, I received a phone call from a company called "Paytm" which is a banking app in India. They told me my address wasn't confirmed on the app and that they could do it for me over the phone. I thought they were legitimate and said yes, but later realized it was a scammer when they asked me to download a screen-sharing app so they could take control of my screen. I hung up. So, this topic is something I can relate to or at least imagine what the victims go through.

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I would not only tell them to never share their PIN or banking information with anyone, but also encourage them to check the ATM machines to see if a skimming machine is there, or if there's any kind of tampering on a machine, which I believe everyone should be practicing to combat this theft attack going on currently.

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Here you will learn about the various kinds of credit card and debit card scams that take place in Canada, and what preventative measures you can practice to avoid the risk of being a victim of one of these scams.

Divided into four categories: Websites, Videos, Images, and Reflection, you can look at the summary of in-depth information about Credit/Debit fraud and develop awareness about how you should be banking.

Hope you enjoy reading it!