Dispelling Myths about Debit and Credit Card Fraud
(NC)—Canadians use debit and credit cards millions of times each day to purchase goods and services and to access their accounts. Although cases of fraud are rare, they do occur, and it is important to have the best information about fraud in order to protect yourself. TD Canada Trust offers the following information to help dispel the myths surrounding credit and debit card fraud.
Myth: My debit card is all a thief needs to gain access to my account because the PIN is on the magnetic stripe.
Your PIN is not available anywhere on the card itself. Even if your card is lost or stolen, it cannot be used unless someone has the PIN as well. That is why you should always shield your PIN.
Myth: If I am a victim of debit or credit card fraud, there is no way to get my money back.
Canadian cardholders are protected. Visa cardholders are protected through the Visa Zero Liability Policy, which means they are not responsible for fraudulent or unauthorized 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 institutions.
Myth: Online shopping is unsafe. I shouldn’t use my credit or debit card to shop online.
Millions of Canadians enjoy shopping online safely. You can help protect yourself by following some basic tips such as buying from reputable sites and looking for third party seals of approval.
Myth: It’s OK to share my PIN with family and friends.
You should not let anyone else know or use your PIN, including family and friends. Avoid writing it down or carrying it in your wallet. No one but you knows your PIN – not even your financial institution.