Protecting Your Debit Card

Ontario consumers use debit cards so widely now that most couldn’t imagine life without them. Millions of times a day, consumers use their cards to access their financial accounts or to buy goods and services.

But as the use of debit cards has risen, so has the number of scam and fraud artists targeting consumers’ hard-earned cash. The main reason is the large return that the scam artist can receive with little effort. Even though financial institutions cover consumer losses in cases of fraud, it’s important to understand when you could be liable for losses.

Quick Tips

While the federal government regulates financial institutions, the Ministry of Government Services has a number of tips and advice for credit and debit card use.

Keep photocopies of all cards and identification in a safe place.
Choose a PIN that will be very hard to "crack" - avoid using a birthday, an address, or telephone number.
Securely store and then destroy bank statements and ATM transaction records after you are finished with them.
Check monthly bank and credit card statements thoroughly.
Remember to take your card and transaction record after every use.
Don’t write down your PIN.
Don’t reveal your PIN to anyone, including friends and family. If you do, most card agreements say that you are liable for any loss you suffer.
Don’t provide credit card information unless you know the merchant.

Credit and Debit Card Fraud

For information on credit or debit card fraud, or to report a suspicious situation related to your credit card, contact your credit card issuer at the telephone number on the back of your credit card.

To arrange for a free presentation about online and other fraud and scams, contact Volunteer Toronto ABCs of Fraud Program at 416-961-6888.

Consumers who want to learn more about how to protect themselves from debit card scams and fraud should consult the Consumer Use of Debit Cards and PINs, a special information package developed by a partnership of representatives of provincial and federal governments, who are working with companies and organizations that have an interest in debit card services and consumer protection. For further information, view the Canadian Code of Practice for Consumer Debit Card Services, a voluntary code of practice followed by many financial institutions and retailers across the country.