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March is fraud prevention month: Tips on how to protect yourself #FPM2015 @Interac

Did you know that March is fraud prevention month? Many of us spend a lot of time online and as technology evolves, so do some of the scams that criminals use to commit fraud. I recently attended a press dinner with INTERAC in order to learn more about Fraud Prevention Month. Thankfully I learnt some wonderful tips to protect yourself from fraud.

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Tips to Protect Yourself from Fraud

•This one might not come as a surprise but it’s important to be extra cautious about calls, emails or mailings offering international bonds or lottery tickets, a portion of a foreign dignitary’s bank account, free vacations, credit repair or schemes with unlimited income potential.

•Never be afraid to hang up the phone, delete the email or turn off your computer.

•Never purchase a product or service without carefully doing your research on the product, service and company.

•Don’t be afraid to request further documentation from the caller so you can verify the validity of the company. This is no different than if someone were to come to your home and ask to come inside. 

•Never disclose personal information about your finances, bank accounts, credit cards, social insurance and driver’s license numbers to any business that can’t prove it is legitimate. 

•Shred unwanted personal information such as bank statements, credit card bills, unwanted receipts, cheques, pre-approved credit applications and old tax returns. Shredders do not cost very much but potentially save you thousands of dollars if your information gets into the wrong hands.

•Check your credit report every year and report problems immediately.

•If a scam artist contacts you, or if you’ve been defrauded: report it! Your reports are vital to the anti-fraud efforts of law enforcement agencies.

I have used Interac since the early days that it came out and rarely keep more than small pocket change on me. What I didn’t realize though is how easy it is for criminals to access our personal information if we’re not careful. 

[bctt tweet=”Using @Interac flash, a transaction can’t exceed $100 otherwise you’ll be asked for PIN #FPM2015″]

I was reassured to learn that a single INTERAC Flash transaction can’t be more than $100. The total you can spend without a PIN can’t exceed $200. INTERAC uses RF-enabled smartcard technology, not RFID. It’s more secure and helps protect against electronic pickpocketing. For those who may not know, it is otherwise possible for a criminal to scan your personal information off of your cards without even touching them using RFID (Radio Frequency Identification).

It was reassuring to learn that 80% of skimming exploitation happens outside of Canada. According to INTERAC 41% of Canadians are concerned about payment card fraud. Thankfully, INTERAC’s Zero Liability policy means that if you are victim of fraud, you will get your money back.

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Security 

Not all contactless payment technologies are created equally. Interac Flash uses EMV secure chip processing to protect consumers against fraudulent activity, including skimming, counterfeiting, transaction replay types of fraud, and tactics such as electronic pick-pocketing. 

Interac Flash has all of the security features of Interac Debit, plus additional security features as a contactless payment technology. 

• Interac Debit security features: 

~  Secure chip and PIN processing.

~  Real-time payment from the cardholder’s account.

~  Card must be present at the point-of-sale. The number on
the front of the Interac debit card is just an identifier, not an account number. It cannot be used for online debit transactions.

~  Interac Zero Liability Policy means cardholders are protected and will be reimbursed 100% for all fraudulent transactions.

•Additional security for Interac Flash transactions: 

~  There are single transaction and cumulative spend limits in
place. No single transaction can exceed $100 and the total of consecutive contactless transactions (cumulative spend), as set by the financial institutions, currently does not exceed $200.

~  When the single transaction limit or cumulative spend limit is reached, the cardholder is prompted to insert his/her card and enter his/her PIN to complete the transaction. This will validate that person as the legitimate cardholder and reset the limits.

Follow your gut. If it sounds too good to be true, chances are it probably is not true. If you’re concerned about a transaction, report it. You can never be too cautious when it comes to fraud prevention.

 

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32 Comments

  1. Must stay on top of all finances, credit card transactions and never give out personal info. We’ve been thankful that our credit cards are on top of the fraud that has got us.

  2. Great tips! I am always so cautious and worry about everything so although I feel I’m always on top of my stuff, it’s still a worry! Thanks for this!

  3. I had no idea it was fraud prevention month. Good to know. I’ll have to make sure I mark my calendar so it doesn’t pass my by next year!

  4. I know so many people who have been affected by credit card fraud (and fraud in general). It’s great that there’s a month to bring awareness about what people can do to prevent it.

  5. It’s scary just how many scammy phone calls and emails I get every month. I do feel safe and secure using interac. It’s the only way I pay!

  6. This is really great advice. I don’t think I know anyone who hasn’t been impacted by some type of financial scam in their life. I agree, you can never be too cautious.

  7. It can be soooo scary – our friend (older single guy) was just taken for $7000 from a supposedly IRS phone call – he followed their directions exactly – I love the cell phone security idea you’ve shared – great awareness post

  8. This is excellent advice. I am always cautious but fraudulent criminal activity is pretty easy to fall victim of. The criminals get craftier every day Fariha! You really have to be on your toes!! I see crazy phishing emails here all the time and they look almost legitimate until you ask yourself wait would CIBC actually email me to tell me to change my bank account password? Nope. They wouldn’t. I am very leery of people who call as well and I frequently hang up or ask for proof they are who they say they are.

  9. Thanks for the tips! Although I’ve never been a victim to fraud protection my debit card has been compromised. It’s good to know there are things I can do to prevent that from happening.

  10. Thank you for bringing awareness to this! I’m a confirmed victim of identity theft and the things i’ve had to go through for almost 10 years were so stressful! Thankfully, it’s over now, haven’t had anything pop up in over 5 years now. I have to jump through hoops to prove who I am when it comes to credit (my choice) Nice to see security has increased with these new financial products on the market. I’ve never had any issues with interact!

  11. I had a caller with an authentic voice system call. When he got on the line he was asking questions about my business. When he made a business inquiry I asked him why he didn’t already know the answer to that since he was calling me. Click. He hung up. For a second that one did seem real. They’re tricky…

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