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Fraud Prevention Month – Debit Card Fraud

March 14th 2019 - by Amanda Huinink

It’s March and that means it’s Fraud Prevention Month! Not only is this something we should be focusing on for the month of March, but all year round.  Scams are constantly changing, and every year thousands of Canadians find themselves caught in a different scam without even being aware of what happened or what went wrong. Millions of dollars are lost each year to different scams online, through your credit card or debit card. Your financial institution has many different safety procedures in place to help prevent fraud but also to help you if you have been the victim of a scam.

Today we want to focus on Debit card fraud and ways that you can prevent being a victim.

  1. Keep your PIN a secret. Not only should you not be sharing your PIN with anyone else, but also make your PIN something that would be difficult for someone to guess. For example, try not to use your birthday or address.
  2. Reduce your spending limit.  Cards will come with pre-set spending limits per day, but that doesn’t mean you can’t lower that if you want to further protect yourself.  For example, at Member Savings our daily spending limit is $1,000 but if you wanted to lower that $500 you can. This would mean that if someone ever did get a hold of your debit card and PIN, they would be limited as to how much of your money they would be able to access in a day.
  3. Monitor your accounts. It’s important to consistently check your account activity and immediately report any suspicious activity.  If you think you see something you do not recognize, call your financial institution immediately and they can help you discover whether it was actually one of your transactions or fraudulent.

Always contact your financial institution right away if you have lost your debit card, suspect there has been suspicious or fraudulent activity on your account or if you suspect anything unusual when using an ABM or point of sale terminal.

For more information about Debit card please visit Government of Canada or Interac