If your mom is like mine then she’s sure that if she ever makes a purchase online or uses easy pay point-of-sale options like ‘tap’ aka flash, her identity will be stolen and her bank accounts will be drained.
And although this occurrence has never happened to my mom, nor any of her friends or family, she is certain that it’s an inevitable fate for her.
As March is Fraud Prevention Month I decided to meet with a team of experts from Interac to get the facts on debit card fraud.
Currently North America processes over 5.91 billion transactions per year at a value of $347 Billion on the Interac network and out of all of those transactions 99.993% were legit.
In 2009 prior to chip technology fraud losses were at a record high, but today, due to new technology and a ruthless fraud prevention department, Interac is recording an all time low, showing a 95% decrees in reported losses.
And out of the current $11.8 million of reported loss in 2015, Canada only accounts for $2 million of those losses.
So how likely are you to be a victim of Interac fraud?
Putting it into perspective, if you were to fill all the seats in the Calgary Saddledome 11x times over, only one person out of all those people would have been a victim.
Worried that person is going to be you (like my mom is)?
Know that card holder losses are protected from circumstances beyond their control when using Interac Debit, Interac Flash, cross border debit and Interac online.
So mom, let’s have some real talk, if you are ever the unfortunate one to be a victim of fraud (which I feel like your odds at winning the lottery are better) you will be protected!
So tell your friends it’s safe and start shopping! I’ve got a giant list of ‘wants’ and ‘must-haves’ for my birthday.
Keep On Keeping On with Interac!
Mr. Fab Flash