Interac debit card fraud losses fell to record low

It’s Fraud Prevention Month, and keeping in that theme, we’re posting a lot of tips and information about nipping fraudulent activity in the bud at your Startup. Some of it can seem a little scary, especially for first-time entrepreneurs. We don’t want fraud talk to be entirely doom and gloom, however. So let’s take a moment to share some good news from one of our favourite organizations, Interac.

Interac Debit is a secure, low-cost payment acceptance solution for Canada’s small business owners and a convenient, secure, and easy way to pay for consumers. We know that small business owners care about their customers and want to provide them with fair and safe payment options.

A recent Interac survey revealed that two out of five Canadians are concerned about payment card fraud.  Good news for merchants and consumers alike: in 2014, Interac debit card fraud losses fell to record low, down a staggering 88% from 2009.  More significantly, fraud exploitation within Canada accounted for only 20 per cent, or $3.2 million, of 2014 losses to financial institutions.  Security measures like chip technology are forcing criminals to migrate their payment card fraud activity to international exploitation in non-chip environments and card-not-present (i.e., over the internet and phone) exploitation on credit cards and other networks’ debit products.  Additionally, with Interac Debit, merchants do not incur chargebacks and cardholders are protected from losses by Interac Zero Liability Policy.

We encourage small business owners to visit our site and learn more about how we remain vigilant in the fight against fraud on behalf of Canadian merchants and consumers. Learn more at interac.ca/security

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