Interac Association reports that losses due to skimming of Interac debit cards fell to the lowest rate ever recorded, from a record-high $142 million in 2009 to $29.5 million in 2013. Only 25% of this amount is a result of fraud exploitation in Canada.

This decrease is mainly due to the deployment of chip technology. At the end of January 2014, 95% of the 766,000 point-of-sale (POS) terminals had been converted to EMV. The migration should be completed by the end of 2015.

Source: Interac Association
Date: March 26, 2014
Read the news»