Canadians continue to use
their debit and credit cards with confidence, despite concerns
about fraud:
In support of Fraud Prevention Month, TD Canada Trust provides
tips and advice to help Canadians avoid debit and credit card
fraud TORONTO (March 11, 2010)
– With billions of transactions taking place in Canada
each year, debit and credit cards are an essential part of everyday
life. However, Canadians are aware of fraud -- according to the TD
Canada Trust Fraud Prevention Month Poll, 40% of Canadians surveyed
say they are ‘very’ or
‘extremely’ concerned about becoming a victim
of fraud in the future and one-third of Canadians feel they have
been a victim of debit card or credit card fraud in the past. “It’s understandable that
Canadians worry about fraud, but it’s important to
remember that these types of incidents make up a fraction of one
percent of debit and credit card transactions,” says
Christine Morris, Vice President, Account Recovery & Fraud
Management, TD Canada Trust. “Canadians can use their
cards with confidence and also know that it pays to be well
informed about how they can help prevent fraud.” The use of debit and credit cards continues to rise
in Canada. Currently there are 34 million debit cards in
circulation across the country. Between 2008 and 2009 the number of
debit transactions in Canada rose from 3.7 billion to 3.8 billion
annually and the value of debit transactions rose from $168 billion
to $171 billion.1 There were approximately 69 million
credit cards in circulation in Canada in 2009, compared with 68
million in 2008.2 “With so many cards in use, a small
amount of fraud can happen, however, Canadians can be proactive
about preventing it. Keeping track of where their cards are at all
times, protecting their Personal Identification Number (PIN) and
remembering to always report their lost or stolen card are all very
simple ways to help ensure they are not victims of
fraud,” says Morris. In support of Fraud Prevention Month, TD Canada
Trust offers the following tips, which Canadians can use to help
protect themselves: CREDIT CARD FRAUD PREVENTION
TIPS: Guard your cards - Always know the location of your credit cards.
Keep them in a safe place if unattended.
- Don’t lend your cards to
anyone.
- When making a purchase, keep your card in view
as much as possible.
- Don’t forget to take your card after
using it at an ABM or to pay for a purchase.
- Carry with you only the cards you need.
- Never provide your credit card number over the
phone unless you are the one who initiated the call.
Check your records, statements and
activities - Check your account statements as soon as they
are available to ensure all transactions and charges are correct.
Look for extra or missing transactions and report any discrepancies
immediately. Using an online banking service, like TD Canada Trust
EasyWeb, allows you to check your transactions throughout the
month.
Report missing cards
immediately - If your card is lost, stolen or is retained by an ABM,
notify your financial institution
immediately.
In the event fraud does occur, Visa cardholders are
protected through the Visa Zero Liability Policy, which means they
are not responsible for fraudulent or unauthorized purchases or
charges on their Visa account. Victims of debit card fraud are
protected by the Canadian Code of Practice for Consumer Debit Card
Services, and are reimbursed by their financial institutions. DEBIT CARD FRAUD PREVENTION
TIPS: - Select a PIN that’s easy for you to remember
but difficult for others to guess. Always avoid the
obvious – your telephone number, date of birth, etc.
- Memorize your PIN. Do not let anyone else know
or use your PIN and avoid writing it down.
- Always enter your PIN yourself.
- Never give out your PIN over the phone,
Internet or mail. No one but you knows your PIN – not
even your financial institution.
- Complete transactions only when and where you feel
secure.
- When conducting transactions at an ABM or making a debit
purchase, use your hand or body to shield the
keypad when you enter your PIN.
- When a transaction is complete, put your card back in
your wallet and take your transaction record.
- Shred or otherwise destroy your transaction
records when you no longer need them.
TD Canada Trust takes card security seriously, and
uses some of the newest technologies available to protect its debit
and credit cardholders. This includes sophisticated monitoring and
detection systems, the existing security features of TD Canada
Trust Access Cards and credit cards, such as PIN numbers, as well
as adding ‘chip’ technology to its cards. More information on fraud prevention from TD Canada
Trust can also be found by visiting
/privacy-and-security/privacy-and-security/how-you-can-protect-yourself/protect-yourself.jsp. TD CANADA TRUST FRAUD PREVENTION MONTH
POLL
The TD Canada Trust Fraud Prevention Month Poll, conducted by Angus
Reid Public Opinion, a division of Vision Critical, surveyed adult
Canadians with debit and credit cards to gain a better
understanding of Canadians’ concerns over fraud. The
total sample size includes 1,059 working Canadians with polling
completed February 9-11, 2010. TD BANK FINANCIAL GROUP
The Toronto-Dominion Bank and its subsidiaries are collectively
known as TD Bank Financial Group. TD Bank Financial Group is the
sixth largest bank in North America by branches and serves more
than 18 million customers in four key businesses operating in a
number of locations in key financial centres around the globe:
Canadian Personal and Commercial Banking, including TD Canada Trust
and TD Insurance; Wealth Management, including TD Waterhouse and an
investment in TD Ameritrade; U.S. Personal and Commercial Banking,
including TD Bank, America's Most Convenient Bank; and Wholesale
Banking, including TD Securities. TD Bank Financial Group also
ranks among the world's leading online financial services firms,
with more than 6 million online customers. TD Bank Financial Group
had CDN$567 billion in assets on January 31, 2010. The
Toronto-Dominion Bank trades under the symbol "TD"
on the Toronto and New York Stock Exchanges. For further information:
Carolyn Abbass / Steve Presant
Paradigm Public Relations
416-203-2223
cabbass@paradigmpr.ca /
spresant@paradigmpr.ca
Tashlin Hirani
TD Bank Financial Group
416-982-3375
Tashlin.hirani@td.com | 