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 ATM 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 ATM, 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 ATM 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.
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