When your debit card, debit card information or your personal identification number (PIN) is stolen and used to make unauthorized purchases or transactions, you become a victim of debit card fraud.
In order for debit card fraud to occur, a thief needs both your PIN and the debit card itself or the information stored on it. If your card is stolen or duplicated, the thief has to find some way to get your PIN in order to use it for unauthorized purchases or transactions.
Many financial institutions are now issuing client cards with chip technology. New cards with chip technology are virtually impossible to duplicate and are considered more secure than the older cards that store your information on a magnetic stripe.
If you think you are a victim of fraud, take the following steps:
The Canadian Code of Practice for Consumer Debit Card Services outlines financial institutions practices and consumers' and financial institutions' responsibilities related to debit cards.
To learn more about how debit card fraud happens, how to protect yourself and what to do if you become a victim, read the tip sheet "Protecting Yourself from Debit Card Fraud."
Learn how to prevent different types of fraud, and what to do if you become a victim.