Debit Card Fraud
Debit Card Fraud occurs when the information contained on your debit card is stolen and used to obtain funds from your account without your authorization. Card reading devices are used to obtain the electronic data from the magnetic stripe on your card, and hidden cameras or false Personal Identification Number (PIN) pads are used to obtain your personal access code. That's why it is imperative that you protect your PIN.
The difference with chip technology
Cards with chip technology use an embedded microchip to encrypt information, making it more difficult for unauthorized users to copy or access the data on the card. The move to chip-enabled card technology is the latest innovation in an evolving debit and credit card payment environment. Chip technology is already tested, proven and in wide use around the world, and chip-enabled cards are quickly becoming the new global standard for enhanced safety and security.
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, the 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 CIBC is 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.
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 debit card usage. In fact, in many cases, CIBC is able to deactivate debit 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.
Your liability if your debit 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.
Credit Card Fraud
Information about credit card fraud and security
CIBC helps to protect you from unauthorized use of your credit card. We communicate and work with law enforcement agencies, VISA, INTERAC, the Canadian Bankers Association, Credit Reporting Agencies and other financial institutions on an ongoing basis to protect you from credit card fraud. Despite our best efforts, you still need to take precautions to reduce your risk of becoming a fraud victim.
Common types of credit card fraud
- Counterfeit: duplicating legitimate credit cards which are then used for fraudulent activities
- Card Not Present: unauthorized usage of credit card information for fraudulent activities over the internet, phone or mail
- Lost/Stolen: unauthorized usage of a credit card as a result of it being lost or stolen
- Identity Theft: obtaining personal or financial information of another person for the purpose of assuming that person's name to engage in fraudulent activities
What CIBC is doing to combat credit card fraud
While a CIBC credit card is generally a secure payment method, credit card fraud can still occur. As a VISA member, CIBC is committed to helping protect our clients from credit card fraud.
We continue to make a significant investment in security networks and in training experts who are constantly monitoring and investigating suspicious incidents as they relate to credit card usage. In many cases, CIBC is able to proactively identify unusual transactions that could indicate fraudulent activities on a credit card. For instance, CIBC may request a merchant to call us for verification that it is you, the legitimate cardholder, conducting the transaction.
Liability if your credit card is used fraudulently
If you are a confirmed victim of fraud and you have met your obligations under CIBC's VISA Cardholder Agreement, you will not be held liable for the associated losses. Review your CIBC VISA Cardholder Agreement for additional details.
How you can protect yourself from financial fraud
Below are some precautions you can take to safeguard yourself and avoid becoming a victim of debit or credit card 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 debit or credit card out of your sight when conducting a transaction at the point-of-sale
- Always remember to take your card and transaction record with you once your transaction is completed
- Regularly check your billing 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 1-800-663-4575 immediately
- If your debit card is lost, stolen or retained by a bank machine, notify a CIBC branch or CIBC Telephone Banking at 1-800-663-4575 immediately
- Your debit 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 1-800-663-4575
- 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
- Sign your credit or debit card on the signature panel as soon you receive it
- Never give credit card or personal information over the phone, unless you have initiated the call and you have verified you are dealing with a reputable merchant
- Report lost or stolen credit cards to CIBC immediately at 1-800-663-4575
- If you receive a message from CIBC regarding a potential fraud situation, contact us immediately