Interac Flash- Top 3 Myths Debunked

Myth 1

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.

Myth 2

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.

Myth 3

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

SMS Texting Scam

SMS Texting Scam

By Howard Solomon, Cyber Security Today

There’s a bank scam going around that uses SMS text messaging to get Canadians to give up personal information and their passwords. It starts with a text message that reads something like “Scotiabank Alert: Your card starting with 4536 is disabled for security. Please secure your account below” — and there’s a link that includes the bank’s name for you to click on. Ignore this. Don’t click on the link. First, banks don’t send warning text messages. Second, many Canadian-issued credit card start with the same digits — like “45” plus two more digits — that are set by the global banking industry to show where the card comes from. So these first four numbers aren’t a secret, and they’re not your personal credit or debit card number. And third, the fact that the link doesn’t start with HTTPS is a giveaway. By the way, this type of scam has been seen in the U.S. as well so American listeners should ignore supposed text messages from a bank as well.

Read the Article

Black Book of Scams 2nd Edition

Black Book of Scams 2nd Edition

Scammers are sneaky and sly. They can target anyone, from youngsters to retirees. They can also target businesses. No one is immune to fraud. Our group of superheroes has found a way to see through the scams. Their secret is simple: knowledge is power!

Topics include:

  • Fraud fighting 101
  • Subscription traps
  • Identity theft
  • CEO scams
  • Health and medical scams
  • Romance scams
  • Business scams
  • Phishing and smishing scams
  • Tax scams
  • Door-to-door scams
  • Emergency scams
  • Purchase of merchandise scams
  • Sale of merchandise scams
  • Red flags: things to watch for
  • Reporting a scam

Download the Black Book of Scams 2nd Edition Watch these videos!