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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Fraud still a problem for payment processing in Canada
July 16, 2012 - 11:13am
Credit card fraud affects thousands of Canadians each year, costs the country's major banks millions of dollars and casts a pall over many of the transactions carried out every day. The convenience and rewards associated with credit cards and debit cards keep them popular, but measures are being taken all the time to increase the security of plastic.
"Credit card fraud is a serious problem, which affects many Canadians. Not many people know this, but the Canadian banking industry loses hundreds of millions of dollars to credit card fraud each year," said Peter Todorov, President of Art Branch, Inc. who worked with CreditCardReview.ca to compile information about credit card security.
According to the source, loss attributed to credit card fraud amounted to $366 million in 2010. These losses are the result of many different methods employed by thieves, including e-commerce piracy, ATM skimming and many others. Although the routine emergence of new tactics makes fighting this battle difficult, Canadian industries and merchants are always on the lookout for ways to stem the tide.
Recent research shows that credit card fraud isn't a scourge on a specific segment or sector of Canadian commerce. According to CreditCardReview.ca, it affects merchants, processors, hotels, restaurants and individual cardholders. Fighting credit card theft requires vigilance from people on all these fronts. As security methods improve, point of sale systems will become more effective at combating fraud, another reason for Canadian businesses to stay abreast of the latest news in transaction processing security.
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.