March 11, 2015

Fraud Prevention Month with Interac Canada

Did you know that March is Fraud Prevention Month here in Canada? 



Last week I was invited out to The Carbon Bar with Interac Canada to learn about payment security and how we can protect ourselves against fraud when using Interac

As someone who uses Interac debit almost exclusively for all of my purchases, I was very interested to learn more about fraud prevention! Throw in a delicious meal at a restaurant I have been wanting to check out - and we'll call that a great way to spend a Friday evening!


We were set up in the private dining area, the Green Room and presented with a fixed menu to choose from. As I've mentioned - I'm all up for trying new things nowadays, so I went with the Crisp Frog Legs, Dry Aged NY Striploin and Fried Apple Turnover with Cheddar Ice Cream.

...ribbit, ribbit... 

As we were eating, the team from Interac presented to us and told us all about the innovations and steps Interac is taking to protect our money.


What Did I Learn? 

Here in Canada, only $0.01 is lost for every $10,000 spent. Giving us one of the lowest fraud rates in the world! In 2014, 99.999% of all transactions on the Interac network were legit. That's pretty darn impressive! 

In 2014, Interac debit card holders made 4.9 billion transactions worth $211 billion on the Interac network. In that same time period, Interac debit card fraud (as a result of skimming), dropped to $16.2 million. And, only $3.2 million of that was here in Canada.

That's a decrease of 88% from 2009.

You can learn more about Interac security HERE. 




I've always been hesitant to have an Interac debit card with the "tap payment" option, Interac Flash. I was always worried that if it was ever stolen/lost, someone could ring up excess charges, simply by tapping my card. But, I learned - that is not the case! There is actually a $200 limit on tap payments in any 24-hour period, and $100 for any one-time charge. 

Have you heard of the "dark web"? How about .onion sites? These are the types of sites nightmares are made of! Hackers steal your information and list them on "black market-esque" sites for people to buy. Scary stuff out there on the interwebs, I tell ya! The good thing about using your Interac debit card online is that whenever you do, none of your information is stored - anywhere. It's not shared with the retailers and, heaven forbid something does go wrong - Interac never holds you responsible for your losses if something out of your control happens. That's the benefit to Interac's Zero Liability Policy.



If you want to learn more, and stay up to date on all the innovations Interac is bringing to help keep your money safe - follow the hashtag #FPM2015 on Twitter, and check out interac.ca