Over the last number of years, we have seen numerous types of frauds come and go, and they go where the picking is easier for low-hanging fruit. With the advancement in technology when it comes to debit and credit cards, especially cards with the ‘tap’ feature called Flash, there are some prevailing myths about this technology that Interac explains are just that: myths. All Encompass Credit Union debit cards are Interac Flash-enabled.
Myth #1: Fraudsters can use a transmitter to steal my financial information from my wallet
Not true. Interac Flash uses EMV-based secure chip processing, instead of magnetic stripe data processing. This protects Interac Flash against skimming, counterfeiting and transaction replay types of fraud. The information on an Interac Debit Card cannot be unwrapped or duplicated to produce a counterfeit card or transaction. Basically, the information on your card is useless to a criminal.
Myth #2: I might pay for something by standing too close to a merchant terminal with an Interac Flash-enabled debit card in my wallet
Not true. To start, your card needs to be less than 4 centimetres away from the terminal and positioned at a particular angle in order to make a purchase.
Myth #3: If my Interac Flash-enabled debit card is lost or stolen, my bank account could be emptied before I even realize it.
Not true. Spending limits require the cardholder to enter their PIN once set limits are reached. Typical limits are $100 for single transactions and $200 cumulative limits. Consumers using Interac Flash are also covered by the Interac Zero Liability Policy*.
If you’d like more information, check out our Encompass Credit Union website.
*For more information on the Interac Zero Liability Policy, visit their website.