Interac, the Canadian debit card association and network, has released statistics for 2011 demonstrating the effectiveness of EMV Chip and PIN in combating debit card fraud. While the number of cardholders reimbursed for their fraud losses by financial institutions declined 33%, total dollars lost to fraud dropped a whopping 41%.
Today, Interac Association announced that Interac debit card fraud losses to financial institutions resulting from skimming declined to $70 million in 2011 from $119 million in 2010 and a high of $142 million in 2009. The number of cardholders reimbursed fell to 154,170 from 205,200 in 2010 and 238,000 in 2009. This represents 0.0229 per cent of domestic debit card volume and the lowest volume of fraud losses since data were recorded in 2003. Cardholders are protected from losses under the Interac Zero Liability Policy.
“Our collective efforts and significant investments in the fight against debit card fraud, particularly the transition to chip technology, are producing tangible benefits,” said Caroline Hubberstey, Head of External Affairs, Interac Association. “The transition to chip technology is all about making a safe system even more secure and that is what’s happening. While significant progress is being made, the fight continues and no one is resting on their laurels.”
Click here to read more.