Quote:
Originally Posted by asianthree
We are using cash only when we go out but if I have to use a credit card American Express will fix anything with no worries
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I avoid usage of credit cards as much as possible. However a couple of things
stand out for me when using credit cards in Canada vs US.
Our VISA card ussued by Royal Bank of Canada, here in Canada has an imbedded chip and we always use it by inserting the chip end of the card instead of swiping the magnetic strip.
The VISA card which was issued by Royal Bank of Canada USA, only has the magnetic strip. I think the chip card provides a better level of security, as it is possible for the magnetic strip information to be downloaded from your card, but apparently not the information on the chip.
I never use my credit card when the store uses the old fashioned manual (impressing/embossing) method of processing.
Three years ago, as the Finance Committe Chair of our local ambulance board, I was made aware of a fraud on one of our vehicle fleet credit cards used for purchase of gas.
From the investigator, I was told the following.
The perpatrators make credit cards which are just like the originals. Then one of two things happen. They either upload the information that was fraulently obtained when you card was used at a store by an individual using a separate card scanner to get this information. It is your name that is on the card.
Another method is to make up a look-alike card where they have not used a card scanner. The thiefs know the main numbers that should be on the card and add sequential numbers to that and input bogus information to the magnetic strip. In this case they add a fictitious name to the card.
In the case of our Board, we were one of many defrauded. What surprised me was when this happened it came to light that the main perpatrator was a man quite well known in Canada for past charitable work. See the link below.
Steve Fonyo charged with fraud related to credit card | CTV News