Debit Card Fraud

If you are, or think you are a victim of fraud, it is important to deal with the incident as soon as possible. When you report the incident, your financial institution will probably want to ask you questions about the circumstances of the loss to ensure that you did not authorize the transaction or that you did not contribute to the loss. As well, you should keep a written record outlining the circumstances of the incident, all correspondence and notes on who you spoke to, when, and issues covered.

1. Notify your financial institution immediately.
   
   
2. Call the police to make a report.
   
   
3. Research your rights.
   
   
4. If you are informed that the financial institution is not prepared to cover the losses, speak with your branch manager.
   
   
5. If the matter cannot be settled at the branch level, the financial institution must provide information on how their dispute resolution process works, who to contact next and how long each step should take.
   
   
6. If you have contacted your bank or trust and loan company’s Ombudsman (Note: An Ombudsman is an impartial body that investigates complaints from individuals and small businesses about financial institution services) and the problem still can’t be settled, contact the Ombudsman for Banking Services and Investments (OBSI), formerly the Canadian Banking Ombudsman (CBO).
   
   
7. If you have an account with a credit union or a caisse populaire, and your problem has not been resolved at the branch level contact your provincial or territorial regulator.
   
   
8. You can also contact the Financial Consumer Agency of Canada if you believe your financial institution has not lived up to the Code or to find out about your financial institution’s complaint resolution process ( http://www.fcac-acfc.gc.ca/eng/contactus.asp). The FCAC is the federal government agency that monitors banks and trust and loan companies’ adherence to the Canadian Code of Practice for Consumer Debit Card Services.

Reminder: During the dispute resolution process, financial institutions have agreed that cardholders should not be unreasonably restricted from the use of funds that are the subject of the dispute.