Canadians use debit cards millions of times a day at banking machines and point of sale terminals to access their accounts and make purchases. While the vast majority of transactions, using a card and "personal identification number" (PIN), are completed without any problems, there have been a growing number of cases of debit card fraud in recent years. Taking steps to protect your debit card and PIN will help reduce your risk of being a victim of fraud.

Financial institutions cover losses in cases of fraud^*. It is important to understand that you may be held liable for losses if you are negligent with your PIN and card. In some cases, your losses may be more than the balance in your account if the thief keys in an amount to increase your balance and inserts an empty deposit envelope.

There are concrete steps you can take to protect yourself against debit card fraud. The following provides you with tips on protecting yourself, along with information about how debit card fraud can occur, what to do if you are the victim of fraud, situations in which you may be held liable, and your potential liability.

It is important to remember that the responsibilities and liabilities for debit cards are different than for credit cards.

1. How can you protect yourself against debit card fraud?
2. How does fraud occur?
3. What should you do if you are a victim of debit card fraud?
4. When would you be liable for losses?
5. How much could you lose?

* N.B. does not include signature based debit cards or on-line or telephone banking transactions.