Interac says fraud in Canada with Interac debit cards dropped 62% in 2013

MONTREAL – The Interac Association says Interac debit card fraud losses caused by so-called skimming, or the stealing of information, are at a record low in Canada, helped by improved technology.

Interac says fraud involving Interac debit cards in Canada dropped 62 per cent in 2013 to $7.3 million from $18.2 million in 2012.

Overall fraud losses on Interac purchases, including those made outside Canada, decreased to $29.5 million in 2013 from a high of $142 million in 2009.

As a result in the decline in fraud, the number of Interac cardholders reimbursed by financial institutions fell to 72,200 in 2013 from 238,000 in 2009.

Interac says chip and PIN technology are helping to decrease fraud, but noted the United States is behind Canada in their use.

Interac is responsible for the operations of the Interac network, which allows Canadians to access their money at automated banking machines and 766,000 point-of-sale terminals across Canada.