Fraud Prevention with Interac

March is Fraud Prevention Month. Fraud and financial security are huge issues for parents. Thankfully, Interac is doing something about it.

We got together with the Vancouver’s blogerati and web mavens to eat a delicious candlelit dinner meal at the Flying Pig in Gastown and hear all about Interac’s mission to make debit card fraud non-existent and the most secure way to spend our money.

Here are a few of the tibits we picked up from the Interac folks.

Did you know?

Interac has a whole fraud and security department? They work full time working on staying one step head of criminals and fraudsters.

The ratio of sales to fraud in 2014 was 0.0001%?

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?

Fraud often happens at the merchant or machine that you frequent most?

Interac crime is not petty crime; it’s organized crime, and Interac is working hard to stop it?

Interac Flash is a great way to pay for smaller purchases (less than $100) like trips to the coffee shop with the kids? It’s quick, and there’s no need to fumble around entering a PIN; you simply flash the card at the till.

Interac Flash is protected against electronic pick pocketing, so it’s one of the safest way to carry a card around? It does not contain account numbers and cannot be used to produce a counterfeit card or transaction.

Interac Flash spending limits provide an added protection by prompting you to enter your PIN when you’ve reached your limit ($100/per transaction or $200/ day)?

Security Tips

Select a password that balances convenience and security. Good choices include things like the number you had on your high school locker, but stay away from birthdays or phone numbers or, you know, the ever popular “1234.”

Protect your pin at the terminal or bank machine. Always cover your PIN!

Check your bank statement. If you see anything strange, report it! Interac has a zero liability policy, which means you will always get your money back.

Find out more about Interac fraud concerns, the Interac Flash card and how to protect yourself at www.interac.ca/security, and here’s to a fraud-free March!