March is Fraud Prevention Month

Interac Association Encourages Canadians To Put Their Fraud Prevention Smarts to the Test
March is Fraud Prevention Month

TORONTO, March 3 /CNW/ - March is Fraud Prevention Month, and as Canada's leading payment network, Interac Association is encouraging Canadians to put their debit card fraud prevention smarts to the test.

• Can I share my PIN with a friend or family member?
• Is it safe to enter my PIN without shielding it, if no one is watching me?
• Do fraudsters have to physically have my card to steal money from my bank account?

If you answered "yes" to any of the above questions - you may want to take a refresher on how to use your debit card more safely. "INTERAC is among the safest networks in the world, however debit card fraud can occur and that's why we're involved in raising awareness about debit card fraud and educating Canadians about what they can do to help keep their money safe," said Caroline Hubberstey, Director, Public and Government Relations, Interac Association.

Interac Association and its industry partners have a number of initiatives in place to protect Canadians, including the transition to chip card technology, a new generation of payment cards that will significantly reduce debit card skimming and the production of counterfeit cards.

Cardholders can also play a role in the fight against fraud by practicing safe debit card use. Following are some key safety tips for cardholders and retailers:

Cardholder Safety Tips

1. Use your hand or body to shield your PIN during every transaction conducted at an Automated Banking Machine (ABM) or at the checkout;
2. Keep your debit card in sight when conducting transactions at the checkout;
3. Check your banking statements regularly and contact your financial institution immediately if you detect any unusual activity, for example purchases you did not make or missing charges;
4. Notify your financial institution immediately, if your debit card is lost, stolen or retained by an ABM;
5. Memorize your PIN - only you should know it. If you suspect that someone knows your PIN, even a friend or family member, change it immediately;
6. Select a unique PIN. Never use obvious information, such as your telephone number, date of birth, address or Social Insurance Number. These numbers are often stored in the same place as your debit card enabling criminals to easily guess your PIN.

Retailer Tips

1. Treat your PIN pads like cash. Keep PIN pads out-of-sight when not in use;
2. Check your PIN pads and Automated Banking Machines (ABMs) regularly for anything unusual;
3. Lock-up PIN pads at closing;
4. Include log-in sheets for accountability of PIN pad in cash open and close procedures;
5. Consider adding surveillance cameras;
6. Know your employees - exercise due diligence when hiring and check references;
7. Remind your customers to protect their PIN when entering it at every opportunity;
8. Talk to your payment service provider about other steps you can take to prevent fraud from happening at your location.

"In the instance of debit card fraud, cardholders are protected by the Canadian Code of Practice for Consumer Debit Card Services, under which victims will be reimbursed," said Hubberstey.

Chip cards to make safe system even more secure

Chip cards and terminals have already begun to roll out across Canada and the majority of Canadians will be able to fully benefit from this new technology by 2010. Throughout the transition chip terminals will recognize both chip and magnetic stripe cards, so customers will be able to continue to use their magnetic stripe card where chip terminals are not yet available.

For more information about debit card fraud and chip or to test your fraud prevention smarts, please visit www.interac.ca.

About Fraud Prevention Month

Fraud Prevention Month is coordinated by the Fraud Prevention Forum (FPF), a group of private sector firms, consumer and volunteer groups, government agencies and law enforcement organizations committed to fighting
fraud targeted to consumers and businesses. Chaired by the Competition Bureau, the FPF aims to prevent Canadians from becoming victims of fraud.

About Interac Association

A recognized world leader in debit card services, Interac Association is responsible for the development and operations of the INTERAC network, a national payment network that allows Canadians to access their money through Automated Banking Machines and point-of-sale terminals across Canada.  Interac Association was founded in 1984 and is composed of a diverse membership which includes banks, trust companies, credit unions, caisses populaires, merchants, and technology and payment related companies. Other INTERAC-branded and related services include: INTERAC Online, for secure online payments directly from a bank account, INTERAC Email Money Transfer, for the transfer of money from a bank account to anyone with an email address, and Cross Border Debit, for point-of-sale access at more than 1.5 million U.S. retailers.  For further information: Media contacts: Tina Romano, Interac Association, (416) 869-5062, tromano@interac.ca; David Weinstein, Strategic Objectives, (416) 366-7735 ext. 231, davidw@strategicobjectives.com