New credit card technology may not totally protect you from fraud

Supported By:

Net Patrol International Inc.  Data Investigation and Forensic Services
Bankruptcy and Insolvency Trustees

A Vancouver man thought he was protected by his credit card’s PIN technology after his Scotiabank Amex gold card was stolen, but he soon learned the hard way that wasn’t the case.

Mastercard, Visa and American Express all tout that customers are protected with zero liability for unauthorized transactions, unless the PIN was used.

Scotiabank’s revolving credit agreement for lost or stolen credit cards states, “if your password or PIN is used in such a transaction, you will be liable for the full debt.” Meaning that if thieves get a hold of your PIN number, it will be far more difficult to prove the fraudulent transaction to your credit card provider and bank.

Read more at CTV News

This article is summarized by Canadian Fraud News Inc.