Interac Flash- Top 3 Myths Debunked
Posted: June 28, 2018
Fraudsters can use a transmitter to electronically pick pocket my personal financial information from my wallet or purse.
Incorrect. Interac Flash leverages EMV-based secure chip processing instead of magnetic stripe data type processing. This protects Interac Flash against skimming, counterfeiting, and transaction replay types of fraud, including electronic pick-pocketing.
The information on a card that uses the Interac Debit® network is basic payment related codes needed to process transactions and cannot be unwrapped or duplicated to produce a counterfeit card or transaction. In basic terms the information on your card is useless to a criminal.
I might pay for something by standing too close to a merchant terminal with an Interac Flash enabled debit card in my wallet or purse, when I wanted to use another payment method.
Not so. To start, your card needs to be less than 4 centimeters away from the terminal and positioned at a particular angle. Also, you must choose Interac Flash as the payment type before your transaction can be initiated.
If my Interac Flash enabled debit card is lost or stolen, my bank account could be emptied before I even realize it.
This is untrue. Spending limits offer an added layer of protection by requiring the card holder to insert the card into the terminal and enter their PIN once limits are reached. Typical limits are $100 for single transactions and $200 cumulative limits. Consumers using lnterac Flash are also covered by lnterac Zero Liability*.
*Interac Flash is the contactless enhancement to lnterac Debit. The lnterac Zero Liability protects you when using lnterac Debit services®.
You will not be liable for losses resulting from unauthorized transactions. See your financial institution for details.
lnterac, lnterac Flash and the lnterac logo are trade-marks of lnterac Corp. Used under license. The Contactless Indicator mark, consisting of four graduating arcs, is a trademark owned by and used with permission of EMVCo, LLC.
For more information on lnterac Flash, visit interac.ca