Technology helping to lower the rate of debit skimming
Posted March 29, 2014 10:59 am.
This article is more than 5 years old.
VANCOUVER (NEWS1130) – Chip technology is helping to make Interac safer than ever.
Losses from debit skimming are down right across the country.
Last year, the company only lost around $30 million, which is way down from its all-time high of $142 million of losses in 2009.
However, only $7 million was because of debit skimming.
Caroline Hubberstey is with Interac and says that’s because more people are aware of criminals and technology is getting better. “It’s really a combination of tactics, and that’s working with financial institutions, consumers taking action temselves. Certainly, the investments in technology, whether that’s fraud monitoring and investments in things like chip technology.”
Hubberstey adds while they are very pleased with the results, the number one way you can protect yourself is to cover up your PIN.
