The value of Interac debit card losses relating to fraud has fallen dramatically since 2009 and is now at the lowest level since 2003, Interac announced this morning.
Fraud loss was $38.5 million in 2012 – a decrease of $103.5 million, or 73%, from the high of $142 million in 2009.
“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,” said Caroline Hubberstey, head of external communications for Interac Association and Acxsys Corporation.
Hubberstey said other factors in successful fraud prevention have been partnerships with law enforcement, financial institutions, acquirers and merchants and educational outreach to consumers.
The number of cardholders affected by fraud decreased by 62% to 93,800 in 2012 from 238,000 in 2009.
