debit card fraud (or is it FUD)

Toronto, 2014.01.20

Today I attended a seminar on securing personal data, presented by someone with experience in the credit card world at the highest levels. The conversation veered away from IT security standards into consumer issues, and I learned some things that are important for anyone who uses debit to make purchases in this country.

The suggestion is to STOP using a debit card to make purchases if the debit card is connected to any bank account with significant funds.

1. The risk is the card being compromised and the accounts attached cleaned out.

2. Getting your money back once it’s been cleaned out due to debit card fraud can be difficult and slow.

3. Debit card fraud is now more substantial than credit card fraud in Canada; this is an everyday risk.

The strong suggestion from the seminar (and again, someone in the credit card business, so caveat emptor) was to use a credit card, check, or cash instead.

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