March is Fraud Protection Month in Canada and last week over dinner w/ a few other bloggers I learned all the ways Interac is keeping your money safe.
Dinner date w/ @brockmclaughlin + @AwesomeJennJenn @ChickyMara & more thanks to @INTERAC. #FPM2015 pic.twitter.com/7q5iRARPQa
— CASiE STEWART (@casiestewart) March 4, 2015
Back in 2009, fraud from card skimming resulted in $142-million in losses and as of 2014, $16.2 million. That’s over $125 million not lost on debit card fraud! Chip technology is making it hard for criminals so they’re moving away from Interac fraud. Yahooo!
The Facts on Interac
Here’s a breakdown on some of the things I learned and find most interesting.
When you use Interac online to make a purchase, none of your financial details, card numbers, or login info are shared with the retailer/third party. If something goes wrong, you aren’t liable for losses resulting from circumstances beyond your control related to the payment. So, go ahead and spend your hard earned money without worrying you’ll be compromised.
I was kinda worried about Interac Flash (tap to pay) not being secure but it’s SO CONVENIENT I was happy to learn it’s secure. A single transaction can’t exceed $100 and you’ll be asked for PIN if it’s over. There’s also a cumulative limit for Interac Flash transactions. When your limit is reached n(ex. $200), you’ll be asked to insert your card and PIN. This resets your limit
Skimming is capturing the data on the card that's contained on your magnetic strip. Phishing is getting ids & credentials #FPM2015
— Mara Shapiro (@ChickyMara) March 4, 2015
INTERAC uses RF-enabled smartcard technology, not RFID. It's more secure & helps protect against electronic pickpocketing #FPM2015
— INTERAC (@INTERAC) March 11, 2015
At interac.ca/en/security, Interac gives you security facts and myths. The more we all know about this stuff the better, keeping your money safe and in your bank (or in your closet!) is important.
Canadians 35 and younger (millenials yo!) are less concerned about payments-related fraud. The main thing to remember is that Interac fraud is on the decline! Check out the #FPM2015 hashtag to learn more about Fraud Protection Month visit interac.ca for more info.
<3 CASIE
