According to a recent Leger survey conducted on behalf of Moneris Solutions Corporation, Canada’s largest payments processor, many Canadians are unwittingly exposing themselves to payments fraud during the pandemic.
Almost 40% of survey respondents report experiencing payments fraud or engaging in behaviour that could expose themselves to fraud since March 2020.
In the same period, 14% of Canadians purchased items from an online retailer that were never received.
Sixty-nine percent of respondents feel that online shopping leads to more fraudulent activity and 73% say shopping digitally increases their exposure to fraud.
Further results show more than 80% of survey respondents report at least one factor that influences their online shopping comfort level:
Although Canadians have varying comfort levels when shopping online, 79% feel comfortable shopping on their computer compared to just 57% who feel comfortable shopping on a mobile device.
Take the RATESDOTCA quiz to learn how you may be exposing yourself to fraud.
Most credit cards offer protection against unauthorized transactions and fraud. However, many also provide additional coverage for lost, stolen, or damaged items. Other payment preferences like debit cards and cash do not offer these services — making credit cards one of the most secure ways to pay for purchases.
Many credit cards offer shopping coverage when the full price of an item is charged to the card:
Be sure to read your credit card’s insurance certificate for the specific details relating to your card.
Most credit cards come equipped with several safety features, including chip technology, a credit card verification value (CVV) and a signature panel. But they may also provide real-time fraud alerts and other services.
Be vigilant when using your credit card by actively protecting your PIN, shopping only on trusted websites and reporting any suspicious transactions you discover. If you take reasonable precautions in the store and online, Zero Liability coverage should protect you from unauthorized transactions and fraud.