August 24, 2016
Canada Turns Attention to Fraud in March
March 3, 2016
March is Fraud Prevention Month in Canada and, while the bulk of the attention of the joint effort organized by the Royal Canadian Mounted Police and the Canadian Anti-Fraud Centre (CAFC) are aimed at consumers and how they can avoid fraud , the government agencies also are working with merchants and the payments industry to help educate them regarding fraud and ways to mitigate it. Last year, according to Visa Canada, 80 percent of total fraud in Canada was perpetrated through card-not-present channels. Participating merchants flagged 14,498 suspicious CNP transactions to the CAFC for investigation in 2015. In 86 percent of those transactions, CAFC and the RCMP found the cards used were fraudulent and nearly $12 million in attempted card-not-present fraud was diverted.
“As e-commerce continues to grow to record levels, we want to help online retailers in Canada implement tools that mitigate the risk of card-not-present fraud,” said Gord Jamieson, head of Visa Canada Risk Services. “While no single fraud tool is the answer; Visa promotes adopting a multi-layered approach to help protect all the players in the payments system, whether they are shopping online in a store, from their computer or phone.”
Visa Canada will conduct a webinar on March 4 that will examine tools available that can identify and reduce card-not-present fraud aimed at Canadian e-commerce businesses.
“We are pleased to team up with Visa to help educate retailers about ways to prevent card-not-present fraud,” said Sgt. Al Boulianne, manager of the CAFC. “It’s important for both consumers and retailers to educate themselves and take steps to protect information and help prevent fraud.”