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.

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! 

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. 

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

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

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.  

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. 

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. 

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!  

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.