Sharing your #PIN could cost you big bucks #FPM2016 #ItPaysToKnow
Your financial institution protects you from #fraud, but you must never share your #PIN, not even with your loved ones
The Financial Consumer Agency of Canada (FCAC) is reminding consumers to protect themselves from debit and credit card fraud. Canadians must keep their cards and personal identification numbers (PINs) safe because it’s only under certain circumstances that financial institutions cover losses in case of fraud.
The Agency urges shoppers to make their PIN hard-to-guess, to cover the keypad when entering their PIN and to never share their debit or credit card or PIN with anyone, not even with their spouse. If cardholders use their name, address, telephone number, date of birth or social insurance number for their PIN, or if they share it with anyone, they might be held responsible for any loss resulting from unauthorized use.
FCAC recently launched an awareness campaign titled No $urprises which emphasizes that the more consumers know and understand about their financial rights and responsibilities, the easier it is for them to avoid costly surprises. Understanding PIN protection is one of three videos that underscore the theme of rights and responsibilities.
- When your debit or credit card information or your PIN is stolen and used to make unauthorized purchases or transactions, you become a victim of fraud.
- If you think this is the case, contact your financial institution.
- FCAC’s No $urprises rights and responsibilities campaign helps consumers learn about mortgage prepayments, credit card cash advances and the importance of protecting your PIN.
- Fraud Prevention Month, which is led by the Competition Bureau, is supported by a number of activities to prevent Canadians from becoming victims of fraud by helping them recognize, reject and report it.
- Visit the FCAC website to learn tips to prevent debit card fraud and credit card fraud.
“Consumers have rights when it comes to using financial products and services. They also have responsibilities. When it comes to protecting themselves from financial fraud, consumers need to be aware of the warning signs and if they are a victim, report the crime to the appropriate authorities.”
Lucie Tedesco, Commissioner, Financial Consumer Agency of Canada
“Fraud can take many forms such as phone scams, fake emails and websites that trick you into providing your personal financial information and more. Anyone can be a victim of fraud. The key is to protect yourself and your financial information as best as you can by visiting FCAC’s website to learn the tips on how to avoid becoming a victim.”
Jane Rooney, Financial Literacy Leader, Financial Consumer Agency of Canada