Interac skimming losses drop to record low

 
March 11, 2013

Canadian debit card service Interac has reported that its fraud losses attributable to ATM skimming are at their lowest point since 2003. Losses have plummeted over the past three years, dropping from an all-time high of $142 million in 2009 to just under $39 million (0.012 percent of domestic Interac debit card volume) in 2012.

Caroline Hubberstey, head of external communications for Interac Association and Acxsys Corp. attributed the decline to the implementation of EMV technology in recent years.

"The ongoing conversion to chip technology is a vital tactic in our fraud prevention strategy, which is supported by other core elements that are critical to our continued success," she said. "These include valuable partnerships with law enforcement, financial institutions, acquirers, merchants and educational outreach to consumers."

As of the end of January, almost all active Interac debit cards (99 percent) and ATMs (99.6 percent) have been converted to EMV technology. Nearly 90 percent of point-of-sale terminals have been converted. All POS devices are to be converted by the end of 2015. Interac Flash, a contactless technology, is now being rolled out across Canada.

Read more about EMV.

 


Topics: EMV , Security , Skimming / Fraud


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