Police report, “It would appear that debit card information has been compromised at a location in Thunder Bay and the information utilized to access money in the a number of peoples bank accounts. The withdrawals were made from locations outside of Thunder Bay. The point of compromise has not been confirmed. This aspect is still under investigation”.
The CIBC shares, “Debit Card Fraud occurs when the information contained on your debit card is stolen and used to obtain funds from your account without your authorization. Card reading devices are used to obtain the electronic data from the magnetic stripe on your card, and hidden cameras or false Personal Identification Number (PIN) pads are used to obtain your personal access code. That’s why it is imperative that you protect your PIN.
“The difference with chip technology: Cards with chip technology use an embedded microchip to encrypt information, making it more difficult for unauthorized users to copy or access the data on the card. The move to chip-enabled card technology is the latest innovation in an evolving debit and credit card payment environment. Chip technology is already tested, proven and in wide use around the world, and chip-enabled cards are quickly becoming the new global standard for enhanced safety and security”.
For the customers of most banks and financial institutions in Canada, if you are a victim of this fraud, you will not be held liable for the associated losses.
Police are urging people to review their account statements and report an irregularities to their financial institutions. As a precautionary measure , it is recommended for people to change their PIN numbers in order to enhance security measures.