Peace of mind with @interac #FPM2016
Growing up as a child of South Asian immigrants in the pre debit card days, cash was king. My parents did not overly rely on credit cards and would often advise us to steer clear of them. I did however become addicted to debit cards from a pretty young age. I rarely carry more cash than I might need for a coffee on the go; for everything else I use Interac.
I recently attended a media event with several Interac executives and had the opportunity to learn about many of the security features as well as to learn that Interac is a non-profit.
Thieves are constantly innovating and coming up with new ways to steal our money. Interac warned us of being weary when inserting our debit card into a card reader. If the card goes in too far, always ask the merchant about it right away. It becomes easier for thieves to steal data. They are able to detect what buttons you push for your pin (therefore stealing you pin) as well as copying the magnetic strip on the back side of the card. When you insert your card only partway, this cannot be done. It is not necessarily the merchant that might be stealing data; sometimes it’s a third-party that may have swapped the point of sale machines.
Interac Flash is a contactless enhancement of Interac direct payment that lets you pay for small everyday purchases under $50, and $100 at the gas station, directly from your bank account. It transmits an identifier that is super secure and you are never required to use your PIN number. This brought me a lot of peace of mind. Chip processing in debit cards protects consumers against skimming, counterfeiting and electronic pick-pocketing.
I love the security that comes with Interac Flash. It allows me the convenience of paying quickly on the go while protecting my purchase. Eventually your debit card information will end up on your phone (this is coming sooner than you might expect), Token Service Providers (TSP’s) will give you a unique number for your transaction, safeguarding your personal information.
Security is always of utmost importance. This year, the CRA is warning Canadians to be weary of fraudulent phone calls, emails and even text messages. Most Canadians would steer clear if asked to send money to someone claiming to be the CRA without checking first, however a new scam has fraudsters offering to send money on behalf of the CRA; all they need is your account information.
There are other simple things you can do to safeguard your money. I use Interac transfers very regularly for my business. I love the convenience and low fees. If ever you receive an Interac e-transfer you were not expecting, it’s always good to contact the sender to verify before proceeding. When sending money, Interac requires a password to be established before sending funds. That’s in order to protect the transaction. It’s also because the consumer is responsible once an Interac transaction takes place. That money cannot be reimbursed by a bank so you’ll want to be extra careful.
Card transactions are the norm. It’s important to understand how financial transactions work and to know that not all cards are the same. For my peace of mind and security, I trust Interac.
What do you use for your financial transactions? Let me know in the comment section below.
DISCLOSURE: While I partnered with Interac on this post, all views are 100% on my own.
