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Debit card losses at all-time low

Although payment card fraud is in free fall, Canadians are still wary

payments fraud decreasingCanadians are more than familiar with increasingly sophisticated phishing scams geared at gaining access to their personal banking information.

And perhaps that’s why a recent study commissioned by Interac® found that 41 per cent of the 1,000 Canadians it surveyed acknowledge they worry about payment card fraud.

Thankfully, the real picture is much more encouraging. Interac debit card fraud losses resulting from skimming are in free fall, sinking 45 per cent ($16.2 million) in 2014 from 2013’s previous low of $29.5 million.

Still, skimming is at the top of Canadians’ list of concerns:

  • 49% Fraud associated with skimming
  • 45% Retail data breaches
  • 40% Electronic pickpocketing
  • 38% Online shopping

Chip and pin technology was rolled out in 2009 and since then, skimming fraud has dropped an impressive 88 per cent. ◊