The RCMP is warning merchants to be aware of increased counterfeit and fraudulent activity this holiday season.
It is launching a fraud prevention program in partnership with the Bank of Canada, Interac, various members of the Canadian Bankers Association and other law enforcement agencies aimed at helping merchants stay aware of the latest trends in fraudulent activity.
Losses from fraudulent debit and credit card transactions has continued to increase over the years. Interac reported in 2008 that 148,000 debit card holders were the victim of fraud, losing a total of $104 million. That is a 73% increase from the $60 million in total losses in 2004 impacting 49,000 victims.
Credit card fraud has also increased 33% between 2007 and 2008, rising to $407 million from $306 million.
The RCMP also warned of the increasing amount of American counterfeit banknotes being passed throughout the Lower Mainland. It reported a 22% increase in fake U.S. dollar bills circulating in the region in September to $22,000 from $18,000 in September.
Tips against merchant fraud can be found at the B.C. RCMP website: http://bit.ly/2Dpl4E