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Let’s Talk Fraud Provention Month with Interac

Let’s Talk Fraud Provention Month with Interac

March is Fraud Prevention Month. Last week, I was invited to a dinner with Interac to talk about their fraud prevention efforts. Unlike most events, it was quite small and the participants sat around a table filled with great food talking about our lives and how our decisions shape those lives. It was pretty interesting.

We chatted about some of our preconceived notions about fraud. Things like: (I’m using “I” to reference what people said…not what I, Merry, said…)

  • I don’t use tap/flash because I’m afraid it will open me up to fraud.
  • I bought a purse that blocks RFID to keep myself safe from fraud.
  • If someone steals my flash/tap enabled card, they can use it without entering a pin as many times as they want.

Boy….we were all CLUELESS about how we were protected using Interac Chip enabled cards. Everything we worried about was covered by existing fraud prevention technology.

Fraud Prevention Month Fact #1: Due to chip technology, Interac Flash enabled cards have increased protection against skimming, counterfeiting, and transaction replay types of fraud, including electronic pickpocketing

That little metallic chip on your card seems like decoration, but it’s presence means a step change in fraud prevention. Your money is safer than it has ever been.

Fraud Prevention Month Fact #2: Interac Debit losses due to skimming, have continued a six year drop setting a new record low of $11.8 million in 2015 – a 27 percent decrease from the previous year.

Canadians use their Interac Cards to pay for more and more transactions every year. Even with this increase in transactions, fraud has gone down.

Fraud Prevention Month Fact #3: Last year there were 6 billion transactions worth $350 billion on Interac. With all those transactions, there were only $2M lost to fraud in Canada. AND the victims of those frauds were not on the hook for one penny.

Yep. Interac has a Zero Liability Policy.

As an Interac cardholder, you will not be liable for losses resulting from circumstances beyond your control. This includes losses resulting from technical errors, system problems or fraud. In such cases, you must make a claim with your financial institution for losses incurred. If the claim is determined to be valid, you will be reimbursed by your financial institution.

Fraud Prevention Month Fact #4: Interac Chip technology allows you to tap/flash until you reach a predetermined amount (usually around $200). After that, you will be required to enter your pin. Needing a pin AND a chip means that fraudsters can’t get to your money…even if you have flash enabled. They also can’t access your money with any RFID information they might be able to get off your cards.

And last, but not least, using your Interac card saves your local merchants money in fees over using credit cards.

Fraud Prevention Month

We were all amazed at all the thought and technology that goes into keeping our money safe. It was satisfying to know that my money is protected on so many levels.

Did you know all the ways that Interac protects your money? Do you have any Fraud Prevention questions you would like to know the answers to?