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1.     What did you learn about your topic that surprised you the most?

I always knew that credit and debit fraud happened, but I didn’t realize it happens as often as it does. What did surprise me the most I think was with regards to the low-interest credit card scams, the fact that they retrieved around 3000 names of people that were victims of credit card fraud. And that was only from one call centre! There are so many ways to try to protect yourself but the hackers keep finding ways around it.

2.     Provide a real-life example of how this topic is relevant or interesting for you.

My sister’s credit card information was actually stolen and used in Montreal, while she was in Mississauga. The purchase went through and she got a notification AFTER the fact, which is kind of absurd but it’s better than nothing I guess. After answering some questions the bank had, they advised her it was likely stolen with a device on the subway. It was explained that the hackers just need to bring these devices close enough to your credit or debit card to get its’ information. And this is what likely happened to her. She did notify as soon as she got the notification and she was reimbursed the money.

3.     If you could pass on your knowledge to a family member or friend, what do you think is the most important thing to pass on?

The most important thing I think people should know is to always, always check your bank statements and to have notifications sent to your phone for any purchase. Even with these notifications, technology is not 100%, so a notification may be missed. But if you check your bank statements often, you will find any unusual transactions. Another thing everyone must understand is that there is no category for the victims they choose; it can literally be any single person in the world. So everyone needs to do their part and try to be as vigilant as possible when it comes to their cards.

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This Government of Canada website explains most of what the videos showed us. It explains how credit card fraud happens and things to do to prevent credit card fraud. However it also lets us know the steps to take if you’ve lost your credit card and what to if you’ve become a victim of credit card fraud.

An interesting fact on this website, which I didn’t know before, was that in Canada, all federally regulated financial institutions must decline any magnetic stripe transactions. Instead you have to insert your card and use the pin number. Something else that I learned on this website, was finding out that although we have our pin and chip for extra security, the reason we still have the magnetic stripes is so we can use the card in other countries that don’t have chip-reading technology.

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Recognizing, preventing and reporting credit card fraud.

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This is another page from the Government of Canada website, but is directly related to debit card fraud. I just put this second webpage for additional information if anyone wanted it, since the first one was only about credit cards, not debit cards.

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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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Website#2 Fraud awareness a priority as credit and debit card use continues to rise

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Website#2 Fraud awareness a priority as credit and debit card use continues to rise

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This website briefly explains the results of a CPA Canada (Chartered Professional Accountants of Canada) survey that was done regarding fraud. It’s crazy to see that nearly 75% of the people who did the survey received fraudulent requests in 2020. It also explains the EMV chip technology and ways for both the consumers and merchants to do their part in preventing fraud from happening.

Something interesting is that I never really realized that there are things that can be done by the merchant to help avoid fraud. It was interesting to read that PIN pads can be locked up after closing. I used to work in retail a long time ago, and I never realize that’s something that could be done.

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Consumer spending is on the rise as COVID-19 vaccines roll out across the country, prompting restrictions to ease. While most signs are pointing towards an economic recovery, consumers should remain vigilant when it comes to where they choose to swipe their credit and debit cards.

In addition to in-person shopping, the pandemic has fuelled the need for new financial technology that makes it effortless to use your smartphone to buy, invest and save. Despite the affordable and instant service that's provided, there's never a guarantee that personal information will be fully protected when it's sent into the ether.

A Chartered Professional Accountants of Canada (CPA Canada) survey ¹ found nearly 75 per cent of respondents reported having received fraudulent requests in 2020, and one out of three (33 per cent) said they had fallen victim to fraud at least once in the past. CPA Canada highlights one of the ways to catch illegal activities when it comes to your finances is to review and track your banking and credit card transactions at least once a month. The survey notes while 82 per cent of respondents already review their transaction history monthly, only 39 per cent have set up text or email alerts for transactions, which can help catch unauthorized behaviour almost immediately.

Financial institutions like HSBC Bank Canada take credit card fraud very seriously and have highly sophisticated security systems and teams of experts in place to monitor transactions, protect customer information, and prevent and detect credit card fraud. Security measures are constantly being enhanced and new, cutting-edge technology adopted mid-pandemic is being tested to prevent cyberattacks.

At HSBC Bank, our debit and credit cards use EMV chip technology that can help safeguard personal information for purchases in stores. This technology allows the card and the store terminal to communicate with each other during the transaction and carry out security checks to ensure the card is valid. The microchip is state-of-the-art in payment card technology and is extremely difficult to duplicate.

While there are many sophisticated security systems in place to prevent credit and debit card fraud, there are additional steps you can take to minimize risk and protect your banking information from being compromised:

Protecting your PIN when making a purchase in store and online.

Inserting your card in the terminal first before swiping when making a purchase. If the store terminal isn't compatible with chip technology, it will prompt you to swipe.

Never lending your card or disclosing your PIN to anyone.

Memorizing your PIN; don't write it down.

Making sure your PIN cannot be easily detected if your card is lost or stolen.

Regularly reviewing your transaction history online or on your bank statements and reporting anything unusual to your financial institution immediately.

Changing your PIN periodically.

Being judicious about which websites you purchase from and avoiding storing credit card information online outside of your financial institution.

For merchants, Interac ² offers the following tips to protect against debit card fraud:

The customer is responsible for inserting their debit card into the terminal and entering their PIN.

The customer is responsible for making an Interac Flash transaction - the merchant can verbally assist by directing them to hold their card or mobile phone above the PIN pad.

Treat your PIN pads like cash; keep them out of sight when not in use.

Check your PIN pads and Automated Banking Machines regularly for anything unusual.

Lock-up PIN pads at closing.

Include log-in sheets for accountability of PIN pad in cash open and close procedures.

Consider adding surveillance cameras.

Know your employees - exercise due diligence when hiring and check references.

Remind your customers to protect their PIN when entering it at every opportunity and take their card when the transaction is complete. Talk to your payment service provider about other steps you can take to prevent fraud from happening at your location.

In closing, it takes a collaborative approach from both consumers and merchants to mitigate the risk of fraud. This includes making sure businesses are investing in the right data security tools, and consumers are encouraged to exercise vigilance and maintain a watchful eye on their personal finances to spot any suspicious purchases.

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Fraud awareness a priority as credit and debit card use continues to rise

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Consumer spending is on the rise as COVID-19 vaccines roll out across the country, prompting restrictions to ease. While most signs are pointing towards an economic recovery, consumers should remain vigilant when it comes to where they choose to swipe their credit and debit cards.

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This Waterloo Regional Police website gives us some tips to prevent credit or debit card fraud. Although some of the information is repetitive from other website that we’ve come across, such as securing your pin and checking your bank statements, there were 2 new things on this website that I didn’t see in the others. Which was to tug on the card acceptance slot to ensure there is no fake device installed, and we were introduced to shimming.

Previously we learned that skimming is when a scammer uses technology to steal information from your card’s magnetic stripe. However shimming is something different. This refers to when the scammer uses technology to steal information from the card’s chip.

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Debit Card or Credit Card Fraud takes place when a fraudster uses a device to tamper an Automated Bank/Teller Machine (ABM/ATM) or Point of Sale payment terminal ('debit machine') to capture data from a payment card and/or Personal Identification Number (PIN); then uses the information to make purchases.

Prevention Tips

In order to minimize your risk of becoming a victim of payment card fraud, follow this advice:

1. Secure your payment cards

1. Keep your payment cards in a secure location.

2. Avoid handing over your payment card to someone when making payment.

3. Notify your financial institution immediately if your payment card is lost or stolen, or if a bank machine appears to keep it.

2. Secure your PIN

1. Never share your PIN with anyone.

2. Create a PIN that does not include your personal or financial account information.

3. Do not write down your PIN. Memorize it.

4. Shield your PIN from any possible camera or someone's view.

5. Wipe all of the keys on the PIN pad after completing your transaction to prevent the use of heat sensing technology from determining your PIN.

3. Secure your payment card numbers

1. Only give your payment card number to someone you trust paying.

2. Do not give your payment card number to someone claiming you have won a prize or lottery, or other 'too good to be true' scenario.

3. When conducting online banking or making any type of purchase online, do not allow a website to save/store your payment card number or password / passcode.

4. Overcome any machine/device tampering

1. Inspect the Point of Sale terminal ('debit machine') or Automated Bank/Teller Machine (ABM/ATM) for any signs of tampering.

2. Tug on the card acceptance slot, and other areas of the ABM/ATM to ensure there is no fake device installed referred to as a false front.

3. A form of tampering of a Point of Sale terminal or ABM/ATM is called shimming. Shimming refers to a fraudster using technology to steal information from your payment card's chip. Tampering may have occurred if your payment card fits too tightly into the card acceptance slot. Stop the transaction, remove and secure your card, and contact your financial institution immediately.

4. Another form of tampering of a Point of Sale terminal or ABM/ATM is called skimming. Skimming refers to a fraudster using technology to steal information from your payment card's magnetic stripe.

5. Check your Statements

1. Be sure to check your statements and online accounts regularly.

2. Ensure all transactions were made by you.

3. Report any suspicious transactions to your financial institution immediately.

For more information on Payment Card Fraud, and to avoid being a victim, visit the Canadian Anti-Fraud Centre, watch a Bank of Canada video, and visit Interac.

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Debit Card / Credit Card Fraud (Payment Card Fraud)

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Debit Card or Credit Card Fraud takes place when a fraudster uses a device to tamper an Automated Bank/Teller Machine (ABM/ATM) or Point of Sale payment terminal ('debit machine') to capture data from a payment card and/or Personal Identification Number (PIN); then uses the information to make purchases.

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Website#4 Credit card fraud: you're protected-most of the time

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Website#4 Credit card fraud: you're protected-most of the time

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This website gives us a bit of an explanation regarding the consumer liability for fraud. It tells us that although cardholders in Canada are usually protected against liability for credit card fraud, we still need to be vigilant because that might not always be the case.

Something that never crossed my mind that we learn in this website is that when the banks are conducting their investigation they could ask you if you have shared your PIN, and if you have you may be found liable for the fraudulent transaction! It does make complete sense, but in reality I think there are many, many people that give at least their significant other their pin!

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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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This image shows us a breakdown of the average loss per account in 2010 and where the loss is located.

It’s surprising to me to see that fraudulent applications is such a high number !

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Hi guys! This wall will give you some insight on credit and debit fraud. You'll learn some info you may not have known. As well as some tips and tricks to hopefully prevent credit or debit fraud from happening to you!

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This video is quick rundown of a few different types of credit and debit card fraud. It advises us that anyone could be a target of fraud. It lets us know how people may get our information and a few tips on how to avoid it.

I had always known that credit and debit fraud happens fairly often. However one piece of information that was very surprising to me was that in 2009, both cardholder and card issuers lost around $600 million dollars due to illegal schemes. Since that was in 2009, I can’t even imagine the amount at this time.

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This video goes more into detail about all the different types of credit card information and how people go about stealing that information. It tells us how skimming works and shares that you can in fact buy a skimming machine online! It’s quite expensive but it’s out there which is pretty crazy.

A really interesting thing that I learned in this video is that our cards have 2 CVC numbers. I always thought it was just the one on the back. But they have a CVC1 code and a CVC2 code.  The CVC1 code is programmed into the magnetic strip and the CVC2 code is the one we all know that is on the back of the card by the signature strip.

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How Credit Card Fraud Works & EMV Card Shimming | Bank Fraud and Scams: Credit Card Fraud

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Video #3 How criminals use a low-interest credit card scam to steal from you

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Video #3 How criminals use a low-interest credit card scam to steal from you

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This video goes in depth as to how scammers use the “low-interest rate” tactic to get personal information and steal your identity. It shows how easy it is for the scammers to get your SIN#, credit card number and many other details because they make it seem like you are talking to the bank, so in your head, them asking all these questions is normal. It also introduces us to Terbium labs, which is a company hired to monitor the dark web for stolen information.

I chose this video specifically because it introduced something called credit freeze. Once you have credit freeze on your credit file, no one can view your credit history or credit score without you allowing them. This would reduce the risk of identity theft because the scammers can’t see your information. However, the most upsetting part is that credit freeze is not available in Canada but it is in fact available in the United States, for free! That is outrageous to me!

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

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Video#4 How to deal with credit and debit card fraud

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Video#4 How to deal with credit and debit card fraud

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This video basically tells us that online shopping and gas stations are two of the biggest ways scammers can get your information. It also gives us 2 simple tips for us to do in an attempt to stop the scammers from getting our information, which is to get an online checking account and to pay for gas inside instead of at the pump, because that’s usually where skimmers are.

Something that I found pretty useful was the online checking account. We learn in this video that you can open an online checking account, which is a separate account from your regular checking account and your savings account and it has its’ own bank card. Then when you go to make an online purchase, use the online checking account and only transfer money in there for that transaction. That way if someone steals your information, there is nothing else in that account because you always have it at 0! It makes so much sense now thinking about it and I wish I knew about this before.

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How to deal with credit card and debit card fraud

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This image shows us the percentage of who is behind the breaching of information that allows for fraud.

The fact that malicious insiders takes up 15% of the breach sources, is very unsettling!