Canadians continue to use their debit, credit cards with confidence, despite concerns about fraud
TORONTO--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 offered which Canadians can use to help protect themselves.
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
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.