Announcing The Winner of Our Financial Literacy Scholarship (Spring 2022)
We are awarding $750 to a student every semester. All you have to do is show us how financial literacy has made a difference in your life.
Convenience, this is probably the number one thing most Canadians associate with their debit cards. In our day to day lives the convenience of not having to have cash on us all the time is priceless, this is why in Canada debt cards are used millions of times every single day. Whether it’s to purchase your morning coffee, lunch out or groceries on your way home, you know that you’ll never have to worry about how you’re to pay for something. That being said, the same reasons why your debit card is so great are the same reasons why debit card fraud has become so common place.
The good thing is there are a few steps you can take to help protect yourself from being the victim of debit card fraud. The following tips and tricks aren’t a guarantee but understanding your rights and responsibilities as a debit card holder is invaluable information.
Debit card fraud happens when the information contained on your debit card is compromised and used to illegally obtain funds from your account. The fraudster can use your debit card to make unauthorized payments and withdrawals. Simply put, you’re hard earned money is being stolen from right under your nose.
Being safe from debit card fraud scams is a personal initiative; it has to begin with you taking responsibility of your card and protecting your PIN number.
Account management is important in reducing your vulnerability to fraud. Follow these precautions in managing your accounts.
Fraud occurs when a fraudster gets access to the information on your magnetic strip and your PIN number. The PIN is not stored in the magnetic strip, so the fraudster has to use certain methods to generate it. These methods include:
Debit card scams are covered by your financial institutions in cases where the loss was a result of technical hitches, trickery, and theft or card expiration. However, in certain situations you are held entirely responsible for any losses on your debit card, for example:
Debit card fraud scams are becoming increasingly common in the Canadian financial industry. And while falling victim to a debit card scam could happen to anyone there are steps you can take to protecting yourself and your accounts from these scams. Learn to be more careful and diligent when using your debit and follow the above steps, you’ll lower your risk of being caught is a debit card scam.
Rating of 5/5 based on 2 votes.
Save time and money with Loans Canada. Research and compare lenders before you apply. Share your experiences with Canada's top lenders.
Whether you have good credit or poor credit, building financial awareness is the best way to save. Find tips, guides and tools to make better financial decisions.
We are awarding $750 to a student every semester. All you have to do is show us how financial literacy has made a difference in your life.
Almost $500 in commission-free trades. Code “50TRADESFREE”. Conditions apply.
Borrow $500-$50,000 from Fairstone by May 31 and don’t pay until July.
Build credit while spending money with the Refresh Financial VISA card.
With KOHO’s prepaid card you can build a better credit score for just $7/month.
Check out our interview with addy; a platform that allows Canadians to invest in different properties across Canada with as little as $1.
All consultations and conversations with Loans Canada and its partners are confidential and risk-free. Speak with a trusted specialist today and see how we can help you achieve your financial goals faster. Loans Canada and its partners will never ask you for an upfront fee, deposit or insurance payments on a loan. Loans Canada is not a mortgage broker and does not arrange mortgage loans or any other type of financial service.
When you apply for a Loans Canada service, our website simply refers your request to qualified third party providers who can assist you with your search. Loans Canada may receive compensation from the offers shown on its website.
Only provide your information to trusted sources and be aware of online phishing scams and the risks associated with them, including identity theft and financial loss. Nothing on this website constitutes professional and/or financial advice.