Check out The Concert by Visa and see if you have what it takes to guard your card and prevent fraud.
Fraud Prevention Month survey finds young people oversharing, putting
themselves at risk of payment card fraud
TORONTO, Feb. 26, 2013 /CNW/ - A new survey released today by Visa
Canada to mark the start of Fraud Prevention Month has uncovered a
concerning trend among young people. A significant number of young
Canadians who regularly post personal information on social network
sites are putting themselves at unnecessary risk by mirroring similar
oversharing behaviour offline with their payment card information.
Survey results found that almost half (45 per cent) of 18-34 year olds
reported taking risks with their payment card information, such as
loaning their card to someone or sharing their payment card information
over email, phone or text. Individuals in this age group also reported
the highest level of online sharing activities, including keeping an
open profile on a social network site, posting to a social media site
at least once a day, publically sharing photos, and posting their
employment history online.
Among those aged 35 and older, a significantly lower number of
respondents (32 per cent) reported taking risks with their payment card
information. This group also reported less sharing of personal
'While Canadians as a whole are becoming more aware of fraud risks, many
are still engaging in risky behaviours when it comes to payment cards -
and young Canadians are especially vulnerable because they are so used
to sharing personal information online," said Gord Jamieson, Head of
Payment System Risk. "But many young people don't realize they are
putting themselves at risk for fraud when they share their personal
payment card information, both online and offline."
Survey results show that oversharing financial information can indeed
leave individuals vulnerable to fraud. Among respondents who reported
engaging in risky behavior, 43 per cent had experienced some form of
payment card fraud. Conversely, among those who had not engaged in
risky behaviour, only 19 per cent had been victims.
The survey also showed that few Canadians are taking simple steps to
stay ahead of fraudsters. Just 10 per cent check their credit report
on an annual basis, only 17 per cent have set up alerts to monitor card
activity, and most surprisingly, less than half (41 per cent) report
checking their payment card statement more than once a month.
"Fraud Prevention Month provides a good opportunity to remind
cardholders that simple actions can help prevent fraud and catch
criminals in the act," noted Jamieson. "One easy step is to set up
alerts that let you know via text or email every time your payment card
is used. Check to see if your Visa issuer offers alerts, or set them up
through our new digital wallet, V.me by Visa to stay on top of what's
being charged to your Visa card, in near real time."
To counter the culture of oversharing and help cardholders understand
their role in preventing fraud, Visa Canada created an interactive
'choose your own adventure' video, designed to entertain and educate
cardholders about the choices they make with their payment cards.
"Everyday, often without realizing it, people make decisions that can
either put them at risk of fraud or help keep them safe," said
Jamieson. "What we've done with this video is create a fun,
entertaining way to remind Canadians of the potential consequences of
sharing your payment card information with a friend or posting too much
The video, "The Concert", challenges participants to think about the
choices they make around everyday behaviours with their payment card,
and potential consequences. Available online at www.theconcertbyvisa.ca as well as Visa Security Sense www.visasecuritysense.ca and on Visa Canada's Facebook page, the video reminds cardholders that they, too, have a role to play
in protecting their payment cards. To follow the conversation on
Twitter use the hashtag #GuardYourCard.
Visa's approach to fraud prevention is based on the belief that the best
way to fight fraud is to employ multiple layers of security. Visa
continually develops new technologies and solutions to help combat
fraud, including Chip and PIN, Zero Liability and Verified by Visa.
More information about these fraud prevention measures can be found at www.visasecuritysense.ca.
Payment Card Fraud a Growing Concern - Additional Survey Findings
56% say they are more concerned about identity theft today than they
were five years; only 6% are less concerned.
50% say they are more concerned about payment card fraud today than they
were five years ago; only 10% are less concerned
50% say they are more concerned about consumer privacy today than they
were five years ago; only 7% are less concerned
About the Survey
Fabrizio Ward on behalf of Visa Canada conducted an online survey of
major debit and credit cardholders. Interviews were stratified
proportionately by geographic units to represent the national
population of online cardholders. A total of 1,000 interviews were
conducted from December 26, 2012 - January 2, 2013. The margin of error
for this sample is plus or minus 3.1% at the 95% confidence interval.
Visa is a global payments technology company that connects consumers,
businesses, financial institutions and governments in more than 200
countries and territories to fast, secure and reliable electronic
payments. We operate one of the world's most advanced processing
networks—VisaNet—that is capable of handling more than 24,000
transaction messages a second, with fraud protection for consumers and
assured payment for merchants. Visa is not a bank and does not issue
cards, extend credit or set rates and fees for consumers. Visa's
innovations, however, enable its financial institution customers to
offer consumers more choices: pay now with debit, ahead of time with
prepaid or later with credit products. For more information, visit www.corporate.visa.com.
Video with caption: "Check out The Concert by Visa and see if you have what it takes to guard your card and prevent fraud.". Video available at: http://www.youtube.com/v/VUqS50IUGLU?hl=en_US&version=3
Image with caption: "A Visa Canada survey finds a significant number of young Canadians who regularly post personal information on social network sites are putting themselves at unnecessary risk of payment card fraud. (CNW Group/VISA Canada Corporation)". Image available at: http://photos.newswire.ca/images/download/20130226_C8290_PHOTO_EN_24052.jpg
Image with caption: "This Fraud Prevention Month, check out www.theconcertbyvisa.ca and learn how to guard your card. (CNW Group/VISA Canada Corporation)". Image available at: http://photos.newswire.ca/images/download/20130226_C8290_PHOTO_EN_24046.jpg
SOURCE: VISA Canada Corporation
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