Canadians Wise To Fraudsters

When it comes to money, it’s natural to be skeptical and take precaution before engaging in any exchange of funds. Our funding specialists know this very well and diligently work with our clients to assure them that they are in safe hands when participating in our merchant cash advance program.

We cannot, however, assure them that they are safe from financial fraud in other areas of their lives. Canadians are becoming more and more aware that with so many fraudsters out there, it is important to take measures to protect their finances against them. Today, QMI Agency released a report indicating that the nation is doing a good job of preventing fraud.

According to two different polls – one by TD Canada Trust and one by Visa Canada – approximately 82 per cent of Canadians take such preventative measures as shielding their PINs when they are using their credit or debit cards. Last year, only 62 per cent of the poll’s respondents indicated that they took this safety measure.

In addition, 58 per cent of Canadians surveyed by TD say that they stay away from unfamiliar ATMs. The Visa survey also discovered that only 14 per cent of Canadians admit to sharing their PINs and just 11 per cent say that they send out their credit card information details by e-mail.

The QMI report goes on to note that the Royal Canadian Mounted Police has said that the losses from fraudulent credit card applications fell by more than 57 per cent in 2009. The number of counterfeit credit cards in circulation decreased by about 20 per cent. E-commerce, telephone and mail fraud, on the other hand, rose by more than 9 per cent.

Evidently, Canadians are wising up to the fraudsters out there. They are also becoming more aware of the various ways that they can protect themselves. Said Gord Jamieson, who is the head of payment system risk with Visa Canada: “Canadians are becoming quite savvy with their payment cards and it’s paying off – credit card fraud rates are at historic lows.”

Added Justin Hwang, the associate vice-president of fraud management for TD Canada Trust: “There are tools and information available to help protect Canadians and combat fraud, but the vast majority of fraud can be avoided if people are proactive and follow some simple tips, such as shielding their PIN and being careful with their personal information.”