We recently asked our Facebook friends about the topics they most wanted us to write about on our blog. A popular response was regarding the newly-introduced credit card “tap” technology and its security considerations. We’ve done some research for you on this topic, so here you go!
What is “tap”?
Sometimes known as “contactless payment,” these new credit cards are designed to allow consumers to pay for small purchases by tapping their credit card against the terminal (as opposed to entering in PIN data or signing a receipt). As Consumer Protection BC is not responsible for regulating the banking or credit card industries, we turned to information from the Canadian Bankers Association to share information about this technology and security tips with our readers.
According to the Canadian Bankers Association (CBA), “Visa MasterCard and Interac all have zero liability policies for credit and debit card holders. In cases of fraud, you won’t be held responsible and will get your money back.”
How do you prevent fraud?
Here are three things to know about this tap technology and preventing fraud (info via CBA):
- Report lost or stolen cards. As soon as you notice your card is gone, make a report to your credit card provider. They will cancel your card and issue you a new one. (Take a read of this blog post we wrote with more information about what to do if your credit card is stolen.)
- Check your transaction report regularly. If you notice any charges that you didn’t make, report them to your credit card issuer right away.
- Protect your credit card information. Consider your credit card like cash – never leave your credit card out in the open, such as in your car or at work. Be cautious if you get a call from someone who identifies themselves as working in the security department at your credit card company – this could be a scam (here’s a blog post we wrote on this).
For more information about this technology and security precautions, we recommend that you visit your credit card provider’s website.