Sunday, October 5, 2008

Smart Shopping

As we fast approach the holiday shopping season, millions of transactions will be processed using debit. It's important to remember that while buying all your goodies, when paying by debit, to protect your PIN (personal identification number).

As a frequent debit card user, I've always thought I looked kind of weird when shielding the screen as I am paying for a purchase, however, I cannot begin to tell you the amount of debit card fraud stories I have heard. Although in most of the cases the victims were re-compensated by their financial institutions, the process they had to go through before getting their money back was very time consuming. Shielding your PIN not only applies to debit purchases, but also to withdrawing funds at an ABM (automated banking machine.) It's also extremely important to check your financial statements on a regular basis and to notify your financial institution immediately if you find any discrepancies.

If you become a victim of debit card fraud, you are protected by the Canadian Code of Practice for Consumer Debit Card Services. Under this Code, victims of debit card fraud will not suffer any financial losses.

For more information about debit card safety, please visit
(courtesy of 2008 Smart Consumer Calendar)


Happy Shopping!!

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