by Jonathan Chevreau
TD Canada Trust revealed a startling statistic showing that one out of 3 people in Canada feel that they were victimized by credit or debit card in the past and that 40 percent are extremely worried about being defrauded in the future. This is big concern is grounded as Canadian financial institutions are relying on “PIN” and “Chip” system to avoid fraudulent activities. However, a research at Cambridge University found that criminals can get around the new “chip” technology to perform their nefarious activities. The new PIN and chip technology only means that we should not let our guards down. As BBC reported this morning, we live in a world filled with sophisticated hackers and cyber criminals, and it is very doubtful that all of these criminals can be shut down or arrested. What we can do is minimize the chances of losing a lot of money if they got through our credit/debit cards. One thing we can do is to lower our daily withdrawal limit, whether for lines of credit, credit card or checquing accounts. It’s true that the banks said that they will reimbursed customers who have been robbed, but as British banks who have incorporated the new Chip technology are still being a victim of fraud, some bans seemed to be having second thoughts reimbursing customers, especially those who are partially or wholly responsible for their misfortune.
The month of March is also Fraud Prevention Month. We must always be vigilant with our transactions. A little paranoia is not uncalled for when we are swiping our card and entering our PIN. We all cannot afford to trust strangers and people we deal with in situations where we use our cards. Avoiding credit card fraud will require you to b eternally vigilant and not just for the month of March. Never assume that it will never happen to u. I urge you to take the time to answer the TD Canada Trust's 12-question card fraud quiz if you have not yet done so by clicking Here
Your credit and debit cards should be treated same as your money and your PINs like your key to your house. Always keep them in a safe place and never trust anybody with them. Never disclose your credit card number unless you made the call, and immediately call your bank if the card went missing so that they can block it. You should also make sure to check your statements and transactions to ensure that every transactions made with your cards are authorized by you. Choose your PINs wisely and remember to periodically change them. Never give them out to anyone, not even your bank is supposed to know it. When you’re in your ATM machine, always make sure to cover your hands when entering the PIN for there may be a hidden camera somewhere looking over you as you enter your PIN.
VIA National Post
Keyword: Credit cards
statistic showed one out of 3 people believe theyve been a victim of debit or credit card fraud
