Montrealmom.com
  • Being Mom
    • Planning /Pregnant
    • Mom of Infant
    • Mom of Toddler
    • Mom of Schoolage Child
    • Mom Of Teen
    • Mom of Twins or More
  • Life
    • Time Management
    • Work & Entrepreneurship
    • Family & Relationships
    • Childcare & Education
    • Money
    • Me.
  • Fun
    • Event Calendar
    • Crafts & Activities at Home
    • Organized Activities
    • Outings
    • Holidays & Celebrations
    • Disney Fun
  • Food
    • Recipes
      • All
      • Baby Food Recipes
      • Beef
      • Beverages
      • Breads
      • Desserts
      • Eggs & Dairy
      • Fish
      • Pasta
      • Poultry
      • Salads
      • Sauces & Dressings
      • Sides
      • Snacks
      • Soups
      • Vegetarian
    • Menu Planning
    • Nutrition
    • Entertaining
  • Lifestyle
    • Health & Safety
    • Home & Garden
    • Holidays & Celebrations
    • Weight Watchers
    • Shopping
    • Fashion & Beauty
    • DIY
    • Living Green
    • Montreal
  • Travel
    • Family
    • Travel Tips
    • Disney
  • Reviews
    • Books
    • Entertainment
    • Apps & Tech
    • Automotive
    • Products & Services
    • Toys
  • Directory
    • Activity Centers
    • Caterering / Pret À Manger
    • Classes
    • Home Services
    • Parties and Related Services
    • Photographers
    • Professional Services
    • Services
    • Services for Mom
  • Work with Us
  • About
    • About Us
    • In the Media
  • Contact

Montrealmom.com

  • Being Mom
    • Planning /Pregnant
    • Mom of Infant
    • Mom of Toddler
    • Mom of Schoolage Child
    • Mom Of Teen
    • Mom of Twins or More
  • Life
    • Time Management
    • Work & Entrepreneurship
    • Family & Relationships
    • Childcare & Education
    • Money
    • Me.
  • Fun
    • Event Calendar
    • Crafts & Activities at Home
    • Organized Activities
    • Outings
    • Holidays & Celebrations
    • Disney Fun
  • Food
    • Recipes
      • All
      • Baby Food Recipes
      • Beef
      • Beverages
      • Breads
      • Desserts
      • Eggs & Dairy
      • Fish
      • Pasta
      • Poultry
      • Salads
      • Sauces & Dressings
      • Sides
      • Snacks
      • Soups
      • Vegetarian
    • Menu Planning
    • Nutrition
    • Entertaining
  • Lifestyle
    • Health & Safety
    • Home & Garden
    • Holidays & Celebrations
    • Weight Watchers
    • Shopping
    • Fashion & Beauty
    • DIY
    • Living Green
    • Montreal
  • Travel
    • Family
    • Travel Tips
    • Disney
  • Reviews
    • Books
    • Entertainment
    • Apps & Tech
    • Automotive
    • Products & Services
    • Toys
  • Directory
    • Activity Centers
    • Caterering / Pret À Manger
    • Classes
    • Home Services
    • Parties and Related Services
    • Photographers
    • Professional Services
    • Services
    • Services for Mom
  • Work with Us
  • About
    • About Us
    • In the Media
  • Contact
LifeMoney

FRAUD PREVENTION: 7 Things You Didn’t Know About Interac

written by Tanya Toledano

Not so long ago I tried to buy $20 worth of cleaning product when the sales clerk said:

“Your credit card has been refused, Ma’am”

“There’s no way- For $20 worth of cleaning product?”

“Let’s try again…Refused again. Do you have another card?”

 My husband communicated with our credit card company only to find out that his card had been compromised and an attempt to use it to buy movie passes in Toronto at the same time as a transaction was taking place in Montreal flagged the card for a possible fraudulent issue.

Given that we’re linked on the same account, both cards were frozen.  He was told that new cards would be issued.  He received his card fairly promptly and 3 weeks later I was still waiting for mine. We called back the credit card company who let us know that they simply re-instated mine since it turned out that mine had not been compromised.  What a pain in the neck as I had already advised certain vendors that I would have to give then my new number as soon as it came in…

A few months earlier, someone I know  told me that she received a call at her home from her credit card company:

“Hi Mrs. ________,  did you make a purchase for $14,000 this morning?”

“$14,000?  I didn’t even leave my home yet – No! ”

She was subsequently informed that it was entirely possible that the her credit card info had been scanned via the RFID, which is something than can be done while and RFID card is still in your purse or wallet, as there are scanners than enable such a thing – from a considerable distance as well.

The card was cancelled and re-issued promptly (Note that in situations like this, feel free to agree to agree to cancel your card but do not give any card info, or personal info of any sort address, etc. as they may be attempts to steal information from you.  There should be no need to confirm shipping address as the credit card company should have all of that on file.  You can also always tell them to send it to your home branch of your financial institution)

interac-logoWhile most of us are not consumed with thoughts of fraud prevention a daily basis , those of us who have been affected by credit card fraud or some form of identity theft, know that when it hits, it can be a pain in the neck to deal with.

Back in March (Fraud Prevention Month) I was invited to attend an event to learn more about fraud & fraud prevention. I learned a lot of things, including that the “Dark Web & Deep web” referred to on House of Cards (if you’re a fan) is a very real thing.  Creepy and I may have preferred to not know that.

Here are some of the things I also learned that may be of more practical value on a daily basis:

(1) The fact that Interac card numbers are simply used as identifiers and are not associated with nor do they represent an individual’s account number in any way means that account information is not being shared nor can it be “skimmed” at the point of sale.

(2) While most credit cards use RFID (Radio Frequency Identification ) technology for their contactless payment method (aka Pay Pass), Interac uses a Radio Frequency enabled smart card technology for its Interac Flash Debit cards.  This is more secure than RFID which is typically used for inventory management.

(3) When a transaction is made using Interac (or Interac Flash), unique values are transmitted for each & every transaction.  That means that the same values cannot be repeated or they will be flagged as fraudulent.

(4) One of the greatest concerns with contactless payment technology is “what if someone gets my card & just starts buying stuff?” Interact Flash individual purchases are capped at $100, meaning for any purchase over $100, a PIN must be used.  In addition, there is a $200 limit for Interac Flash use, so once the $200 limit is reached via Flash transactions, the user’s PIN number must be used to confirm that it is actually the account holder making the purchases and not an imposter / thief going on a shopping spree with someone else’s card. Once th ePIN is enter the limits are then reset and the cardholder can continue to use the convenience of Flash until the limit is reached again.

(5) Interac has a zero liability policy, which means if someone did snatch your card or you do experience some sort of fraud, you are not liable.

(6) Of $211 BILLION worth of transactions on the Interac Network in 2014, Fraud was limited to $16.2 million (only $3.2 million in Canada!) meaning 99.999% of transactions were legitimate.  That number is down from $142.3 million in fraudulent transactions in 2009.

(7) Interac is a not-for-profit organization…SAY WHAT??????  I know,  right? RIGHT. Their purpose is to minimize fraud.  At the event we spoke with Rob Fodor, VP Risk & Information at Interac and let me tell you the lengths that these guys have gone to to study fraud, analyze fraud and v=develop and implement technology that further prevents fraud is astounding.  I walked away with a newfound respect for Interac.

Bottom line: Draw whatever conclusion you’d like, but it looks to me like using Interac as a payment method is a whole lot safer than using a credit card. Something to think about.

Do you have any tips on Fraud Prevention?  Please share if you do!

Wishing you a fraudless day 🙂

Tanya

 

FRAUD PREVENTION: 7 Things You Didn’t Know About Interac was last modified: February 4th, 2016 by Tanya Toledano
0 comment
1
Facebook Twitter Google + Pinterest
Tanya Toledano

previous post
The Apprenticeship of Duddy Kravitz – The Musical at the Segal Centre – It’s a "DO!"
next post
#ThankYouMom for Tips I Use Until Today

You may also like

Fun with Sue Smith & the Gang at CBC Homerun

November 29, 2011

BREATHE. For just 1 minute at 1PM tomorrow- Can you commit?

March 27, 2012

What is Canada Deposit Insurance? 8 Things Every Canadian Needs to Know

November 7, 2017

Light The Night with Leah- Join Me!

September 27, 2012

Clarity: Chicken or Egg?

July 22, 2011

Getting it together for BlogHer ’12

July 27, 2012

My First Blog Post

June 6, 2011

Gossip Girl: Just because you speak doesn’t mean I will engage

July 11, 2011

Reminiscing on the Last Day of School

June 23, 2011

I can’t believe the STM bus driver gave me the finger!

July 12, 2011

Leave a Comment Cancel Reply

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Recent Posts

  • GIVEAWAY: Enter for Your Chance to WIN One of Fifteen Family Packs of Four Passes to See the Montreal Advance Screening of Marvel Studios’ ‘Ant-Man and the Wasp: Quantumania’

  • GIVEAWAY: Enter for a Chance to WIN One of Ten Family Packs of Four Passes to See the Montreal Advance Screening of Disney’s Strange World!

  • NEW! Pre-K Program in the West Island at Inventor STEM School!

  • It Took Me Over Two Years To Let My Guard Down…and Less Than Two Days to Test Positive.

  • GIVEAWAY: ENTER for a Chance to WIN One of Five FAMILY PACKS OF FOUR PASSES to See the Montreal Advance Screening of Disney and Pixar’s ‘Lightyear’ !

Subscribe to our Newsletter

  • #GIVEAWAYALERT Who would like to see the Montreal Advance Screening of Marvel Studios’ 'Ant-Man and the Wasp: Quant… https://t.co/lzjoGC9Ohk

    01-Feb-2023

    Reply Retweet Favorite
  • Must share that I LOVE @TommyBahama -and that it’s available online in #Canada 💗 Not only are the dresses the BEST…… https://t.co/mHrgGKHFIc

    12-Dec-2022

    Reply Retweet Favorite
  • #GIVEAWAYALERT ENTER for a chance to WIN one of 10 FAMILY PACKS OF FOUR PASSES to see the Montreal Advance Screenin… https://t.co/FRs4UGrUqU

    08-Nov-2022

    Reply Retweet Favorite
  • Still looking for a Pre-K program with an enriching and educational experience in a half-day format? You'll be thri… https://t.co/xyrdoJ4SGd

    15-Aug-2022

    Reply Retweet Favorite
  • #GIVEAWAYAlert Who would like to see the Montreal Advance Screening of Disney and Pixar's 'Lightyear'?!? ENTER… https://t.co/riTuuYJQgM

    07-Jun-2022

    Reply Retweet Favorite
team-teluspg-mom-badge

Archives

Categories

LATEST FROM INSTAGRAM

Follow on Instagram

AS SEEN ON TV

Subscribe to montrealmomTV on YouTube to be the first to see Tanya's latest videos.
  • Our Family’s Experience with the Ford Expedition

Subscribe to our Newsletter

  • Facebook
  • Twitter
  • Instagram
  • Pinterest
  • Youtube
  • Periscope
Footer Logo

© 2016 montrealmom.com. All rights reserved  |  Powered by Red Dream Studios


Back To Top
We use cookies on our website to give you the best experience on our website. By clicking “Accept”, you consent to the use of ALL the cookies.
Cookie settingsACCEPT
Manage consent

Privacy Overview

This website uses cookies to improve your experience while you navigate through the website. Out of these, the cookies that are categorized as necessary are stored on your browser as they are essential for the working of basic functionalities of the website. We also use third-party cookies that help us analyze and understand how you use this website. These cookies will be stored in your browser only with your consent. You also have the option to opt-out of these cookies. But opting out of some of these cookies may affect your browsing experience.
Necessary
Always Enabled
Necessary cookies are absolutely essential for the website to function properly. These cookies ensure basic functionalities and security features of the website, anonymously.
CookieDurationDescription
cookielawinfo-checbox-analytics11 monthsThis cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Analytics".
cookielawinfo-checbox-functional11 monthsThe cookie is set by GDPR cookie consent to record the user consent for the cookies in the category "Functional".
cookielawinfo-checbox-others11 monthsThis cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Other.
cookielawinfo-checkbox-necessary11 monthsThis cookie is set by GDPR Cookie Consent plugin. The cookies is used to store the user consent for the cookies in the category "Necessary".
cookielawinfo-checkbox-performance11 monthsThis cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Performance".
viewed_cookie_policy11 monthsThe cookie is set by the GDPR Cookie Consent plugin and is used to store whether or not user has consented to the use of cookies. It does not store any personal data.
Functional
Functional cookies help to perform certain functionalities like sharing the content of the website on social media platforms, collect feedbacks, and other third-party features.
Performance
Performance cookies are used to understand and analyze the key performance indexes of the website which helps in delivering a better user experience for the visitors.
Analytics
Analytical cookies are used to understand how visitors interact with the website. These cookies help provide information on metrics the number of visitors, bounce rate, traffic source, etc.
Advertisement
Advertisement cookies are used to provide visitors with relevant ads and marketing campaigns. These cookies track visitors across websites and collect information to provide customized ads.
Others
Other uncategorized cookies are those that are being analyzed and have not been classified into a category as yet.
SAVE & ACCEPT