Credit card fraud is increasing —what to do if you’re scammed

Credit card with fish hook through it

With new technologies making our personal and financial information more accessible to fraudsters, Canadians are increasingly worried about fraud and identity theft.

According to a new survey conducted for Chartered Professional Accountants of Canada (CPA Canada), 70 percent of us are more concerned about fraud today than we were five years ago. Meanwhile, almost one in five are aware of having been the victims of credit card fraud – the most common type of fraud experienced.

To keep you and your finances safe, it’s important to follow some essential safety tips:

  • Review your bank statements each month to check for discrepancies. Thieves don’t necessarily make large purchases with stolen information – they may make smaller purchases that are harder to spot, so make sure you monitor your accounts on a regular basis.
  • Shred personal documents before disposing of them.
  • Cover the pin pad when at the ATM or cash register.
  • Avoid using public Wi-Fi to buy anything from retail websites or conduct online banking. Wait until you get home or use your cellphone’s data plan instead.
  • Set up electronic alerts to notify you of banking activity. Your financial institution can automatically notify you of purchases, payment deadlines, and payment posts, enabling you to keep track of all your transactions. These alerts can also tip you off to fraudulent activities like unauthorized payments.

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