Cashless Canada Coming Soon!

Retailers and other experts believe that the time when cash will no longer be made used of is at hand as most people are now accustomed to using credit cards to purchase everything. From supermarkets to making business transactions, credit cards have become the order of the day.

Years back when Ms. Fiddian-Green a forensic accountant at Grant Thornton LLP became a victim of an identity theft that was in regards to mortgage fraud, she decided to find a best way possible to avoid being a victim for a second time. She concluded that making use of a credit card will be her best option. To be precise she stated that “I am more comfortable with my credit cards being compromised because it is much secured.”

And with the Christmas season drawing near, a lot of shopping is expected and a lot of people will be considering the best way to make their purchase. Although having cash puts one in less risk to fraud, it is however not advisable to walk around with hugs sums of money to do shopping and bring it out to make payments.

This brings to light the advantages of using a credit card and also the easy access of using debit card. Both cards are efficient and prevent shoppers from spending long periods in stores or in queues.

Although credit cards are most prone to fraudulence activities, the federal Financial Consumer Agency of Canada explains that Visa and MasterCard have no liability policies in case of illegal transaction; however American Express has a fraud protection guarantee.

Hence credit card owners are advised not to share their login and personal details or number with people as it will put them at risk of fraud. Even to some extent, credit card details should not be shared with spouses or partners as a break up or divorce will leave you at risk.

Many people ask the same question, how can fraud individuals access a card if one is careful? The Bankers Association explained that it quite possible as thieves ‘skim” the data from the card and the PIN by using a camera that captures the number you input.

Notwithstanding, Interac has in the past encouraged people to make use of debit cards as it promotes immediate transaction with no credit card bill to pay later.

But for Ms. Fiddian-Green she prefers sing a credit card to secure from fraud.