Have you unknowingly exposed yourself to fraud?
A recent study from Leger, commissioned by Moneris Solutions Corporation—Canada’s largest processor of debit and credit card payments—found that more than one-third of Canadians may have inadvertently put themselves at risk of becoming a victim of fraud.
According to the findings, 38 per cent of respondents said they have experienced potential fraud or engaged in behaviour that could expose them to fraud, while 23 per cent admitted to high-risk behaviour, such as providing their credit card number over the phone—which can be risky for both consumers and businesses.
“Canadians are eager to support local businesses impacted by pandemic restrictions, but often unknowingly put themselves and the business at greater risk for fraud by paying over the phone,” Brian Prentice, chief risk officer for Moneris, said in a news release.
“When a business can’t prove it is transacting with the actual cardholder, there is no chargeback protection for the business and the transaction is subject to higher processing fees to offset the risk. Fortunately, there are more secure alternatives,” he continued.
Additionally, based on the results, 69 per cent of respondents said they believe shopping online leads to more fraudulent activity, while 60 per cent feel safer shopping in physical stores.