Canadians are among the highest users of debit cards in the world and rely on the Interac® brand to conduct over 13 million transactions a day. We are a world-class debit payment network with one of the lowest rates of fraud globally in debit or credit.
Prevention is the cornerstone of all our security initiatives. We use sophisticated fraud detection tools and innovative technologies to protect your Interac Debit and Interac Flash transactions from fraudulent use. Our financial institution partners have the technology in place to monitor unusual activity and prevent fraud. And we collectively work with fraud experts, business partners and law enforcement to monitor unusual activity and take immediate steps to protect cardholders.
Our collective prevention efforts and significant investments in the fight against fraud are reflected in our record low fraud numbers. In 2015, losses from Interac debit card fraud, due to skimming, fell 40 percent year-over-year to $11.8 million dollars. And only $2 million occurred as the result of fraud exploitation in Canada.
This means criminals are finding it increasingly more difficult to commit fraud on Interac services. When fraud is reduced, we all benefit. Read more:
More than 99.99% of transactions are processed through the Interac network without incident. This means that we are doing an exceptional job at preventing fraud. Here is how we are championing security:
Interac® Debit cards use EMV chip technology. This technology allows the card to store and process data securely, making it virtually impossible for criminals to create counterfeit cards. By the end of 2015, all merchant point-of-sale terminals are to be converted to chip technology.
Interac Cash® allows Interac Debit cardholders to access their own money securely at any ABM with an Interac logo. Backed by the security of chip technology, these ABMs require the use of a cardholder’s confidential PIN.
Interac Online® allows cardholders to pay for online purchases securely through web banking. You must log-in to your financial institution’s web banking site to authorize the Interac Online purchase. No personal financial information is ever given to a merchant, making Interac Online one of the safest ways to pay when shopping online.
Interac e-Transfer® allows Canadians to send and receive money in near real time from one bank account to another. It is done quickly and securely through web banking. Your personal and financial information always remains private.
As an Interac cardholder, you will not be liable for losses resulting from circumstances beyond your control. This includes losses resulting from technical errors, system problems or fraud. In such cases, you must make a claim with your financial institution for losses incurred. If the claim is determined to be valid, you will be reimbursed by your financial institution.
Select a unique PIN, memorize it and keep it confidential.
When making an Interac Debit transaction, only you should be the one to insert your card into the point-of-sale terminal. Shield the terminal when entering your personal PIN.
Notify your financial institution immediately if your debit card is lost or stolen.
Check your banking statements regularly and contact your financial institution immediately if you detect any unusual transactions.
If you suspect anything unusual when using an ABM or point-of-sale terminal, do not use the machine and report it to the financial institution immediately.
Shield the PIN pad when entering your PIN and remember to take your card when the transaction is complete.
Be alert. If someone is watching you or makes you feel uncomfortable, cancel the transaction and use a different machine.
When making an Interac Flash transaction, only you should be the one to hold your card in front of terminal to make a contactless debit transaction.
Migration to Chip Technology
The conversion to chip technology in Interac debit cards, Automated Banking Machines (ABMs) and Point-of-Sale (POS) terminals has been extremely successful. Cards and ABMs have been converted and over 99 per cent of POS terminals. Leading into the deadline for POS terminal conversion, a fraction of one per cent of POS terminals have not been converted. To ensure an effective completion of conversion, Interac Association has extended its chip conversion deadline at the point-of-sale from December 31, 2015 to September 30, 2016 for Members seeking a temporary exemption. This means that Issuers and Acquirers will be able to continue accepting magnetic stripe Interac Debit transactions originating from magnetic stripe terminals. During this exemption period, Issuers will continue having the right to accept or decline non-chip transactions at their own discretion, and Acquirers will be responsible for confirmed fraud losses should they occur on magnetic stripe terminals.
Click here to learn about Interac fraud prevention.