How do you educate, empower yourself to help end fraud? I am one of those people who is cautious when it comes to my pin number. I take care to cover and hide it. I also make sure I go to my bank’s atm. I never used to go out of my way to get to my own bank. I would use any machine that was available to me. That quickly changed the year my husbands card was compromised and we lost money from our account. He used a machine that was expertly tampered with.
All ended well thanks to the fantastic people who work diligently behind the scenes to stop these kinds of things from happening. That situation taught us a lot about our banking habits. I thought I knew a lot about being careful, but criminals are evolving with the technology that is also constantly evolving.
Skimming, electronic pickpocketing, and retail data breaches are very real. Anyone is at risk so it is important to educate and those you love about what you can do to help keep your money and personal information safe.
Interac is also evolving to stay ahead of the people who are committing fraud against you and the people you love. There are teams constantly at work helping to keep your hard earned money safe . In February of this year Interac Association reported that Interac debit card fraud losses, as a result of skimming, are at a record low – decreasing 45 per cent to $16.2 million in 2014 from a previous low of $29.5 million in 2013.
This chart above shows the steady decline in fraud from year to year. Did you know that cardholders are protected from any losses through Interac and their Zero LIability Policy? I know my husband and I were very happy to find that out. We lost a bit of money when his card was compromised but it was given back to us.
I learned at lot this month about fraud prevention. One of the things I loved and will be looking into for our family is Interac Flash. It’s a lot more advanced than its predecessor Interac Debit but it does have some of the same features for security. It offers the same chip technology, as well as the Interac Zero Liability.
One of the upgrades I really like is the added protection of small transaction limits.
You can’t have a single transaction that can be over 100$ and the total spent can not exceed 200$ If any transaction does exceed the limit, the cardholder has to insert their card & enter their pin to complete the transaction. This action also has a dual protection. It validates that the person making the purchase is the valid cardholder and it also resets the limits.
More security features of Interac Flash:
- Secure chip and Pin processing.
- Card must be present at the time of purchase.
- Real time payment from your account, with each transaction recorded on your bank statement.
- Card number is an identifier, not your actual account number. It cannot be used to access your bank account.
- RF ( Radio frequency) enabled smartcard technology which is more secure than RFID ( typically used for inventory management).
- Card must be held no more than 4 centimetres from a POS terminal
Each transaction is unique, and cannot be copied.
What do these things mean? It means no losses, no electronic pick-pocketing and no replay fraud. It means having a little more confidence that you are protected. It means there are people looking out for you and I.
I find that comforting. Learning and getting educated about fraud this past month was really enlightening for me. There are things that you can do to protect your money. Visit the webpage www.interac.ca/security that Interac Association has created to raise awareness about payment card security and fraud prevention