Debit Card Skimming

Information About Fraud and Debit Card Safety

Protecting our clients from potential losses as a result of financial crime is very important to CIBC. We communicate and work with law enforcement agencies, INTERAC Association, the Canadian Bankers Association, and other financial institutions on an ongoing basis to protect our clients from financial fraud. But, despite our best efforts to prevent fraud, it does occur.

What is CIBC doing to combat debit card fraud?

While INTERAC shared services are among the most secure in the world, debit card fraud can still occur. As a member of the INTERAC Association, CIBC is committed to helping protect our clients from debit card fraud.

In October 2006 we began a phased installation of a new card reader on CIBC bank machines. This device, which is an illuminated green cover, will prevent anyone from obtaining information from our clients' Convenience and/or VISA Cards through illegal devices or practices. The CIBC verification sticker found on the bank machine confirms the device’s authenticity. While providing enhanced privacy protection, the new card reader does not affect the way our clients do their banking.

As well, we continue to make a significant investment in security networks, and training experts who are constantly monitoring and investigating suspicious incidents as they relate to Convenience Card usage. In fact, in many cases, CIBC is able to deactivate Convenience Cards before they can be used fraudulently. We have also streamlined our fraud claim process, as well as simplifying and expediting the reimbursement process for confirmed victims of fraud.

We are also investing in long term solutions to make bank machines and Convenience Cards more secure. We continue to work with INTERAC Association and other Canadian Financial Institutions to establish and evaluate standards that will allow the banks to move to a more secure computer chip technology for debit card transactions (replacing the current magnetic stripe technology). Also, we are continuing to invest in more advanced detection systems for our bank machines.

What can I do to protect myself from financial fraud?

Below are some precautions you can take to safeguard yourself and avoid becoming a victim of financial fraud:

Use your hand or body to shield your PIN from onlookers when you are conducting transactions at a bank machine or at the point-of-sale
Never let your Convenience Card out of your sight when conducting a debit transaction at the point-of-sale. Always remember to take your Convenience Card and transaction record with you once your transaction is completed
Regularly check your statements or passbook to verify all transactions have been properly documented. If entries do not accurately reflect transaction activities (e.g. if there are missing or additional transactions), you should contact your CIBC branch or CIBC Telephone Banking at 1-800-465-2422 immediately
If your Convenience Card is lost, stolen or retained by a bank machine, notify a CIBC branch or CIBC Telephone Banking at 1-800-465-2422 immediately upon becoming aware of the problem
Your Convenience Card and PIN are the keys to your account(s). Never disclose your PIN to anyone or you could be liable for losses. You are the only person who should know it
Memorize your PIN. If you suspect that someone knows your PIN, change it immediately or notify a CIBC branch or CIBC Telephone Banking at 1-800-465-2422
When selecting your PIN, never use obvious information. You could be liable for losses if you create your PIN or Password by using easily guessed numbers such as your telephone number, date of birth, address or social insurance number

What is my liability if my Convenience Card is used fraudulently?

If you are a confirmed victim of fraud and you have met your obligations under CIBC's Convenience Banking Service Agreement, you will not be held liable for the associated losses. Review your Convenience Banking Service Agreement for additional details.

If I suspect I have been a victim of financial fraud, what should I do?

Call us at 1-800-465-2422 or contact your branch.

For additional information, visit:
Canadian Bankers Association
INTERAC Association