Over 10 Years in Business Since 2001, Collective Point of Sale Solutions has been Canada’s Choice for payment processing services and secure point of sale solutions. We have served more than 11,000 businesses across Canada and processed more than $1 billion in debit and credit card transactions.
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Debit security risks
June 8, 2012 - 10:00am
Debit card fraud may be on the rise, according to Loan Safe. Over the last month, several financial institutions have bolstered security in response to a rash of fraudulent charges. With an ever-increasing number of consumers relying on debit cards, this is an important issue whether you are a shopper or a merchant.
Because payment processing is such an important part of many businesses, combating these threats has become a top priority.
"Debit's definitely the hot topic right now," Tim Boellner, a credit union president, told the news source.
To ensure that merchant accounts remain as secure as possible, there are several things that a business owner can do.
Making the pos system as private as possible will help customers protect their pin numbers from prying eyes. Stolen passwords account for a large amount of fraud instances each year.
Keeping an eye on your transactions will also help limit fraud and detect it early if it does occur. Check to make sure your merchant account provides a service for you to keep tabs on your payments online.
Adopting chip technology to prevent fraud is a major step toward reducing its effects. In Canada, Interac has been seeing benefits from adopting this defensive measure. Debit card fraud losses dropped to $70 million in 2011 from $119 million in 2010.
"Our collective efforts and significant investments in the fight against debit card fraud, particularly the transition to chip technology, are producing tangible benefits," said Caroline Hubberstey, Head of External Affairs for Interac.
To ensure that your debit card security is as strong as possible, talking to your merchant services provider about specific measures and technology is always a good idea. Having a good relationship can help you keep your customers' finances safe, and have them excited about shopping with you.
As more Canadians use their debit cards and credit cards to shop online, it has become more important than ever for consumers, merchants and public officials to make sure that the internet commerce sector is as secure as possible.