Debit card fraud is becoming increasingly rare, with associated losses dropping 55 per cent last year alone, according to Interac.

According to Interac Association, the primary Canadian debit card system, debit fraud losses dropped from $29.5M in 2013 to $16.2M in 2014. In 2010, fraud-related losses were pegged at more than $100M.

Mark Sullivan, head of Interac's fraud risk program, told CTV's Canada AM that, since its introduction in 2009, chip and PIN technology has significantly increased card security, increasing consumer protection.

Sullivan noted, however, that parts of the U.S. have not been as quick to adopt chip and PIN debit card systems, due to the size of the market and the cost. This means that criminals may look to commit fraud in vulnerable areas of the U.S.

"Any criminal is looking for a place to go where there is the path of least resistance," he said. "And quite frankly, we're not far from the U.S. as a place to go."

He added that, because the new debit card technology is making it harder to commit fraud, scammers are instead setting their sights on non-chip cards and payment environments, such as credit cards and online payment sites.

He said that despite record lows in debit card fraud, it's still very important to continue engaging and educating card users on how they can protect themselves.

"Any fraud is unacceptable," Sullivan said. "We're just trying to make it as hard as we can for the criminals to come across our products and enter into the market."

Here are some of his tips:

  • Always keep your personal information safe;
  • Never share your PIN number;
  • Never write down your PIN number;
  • If you lose your debit card notify your financial institution as soon as possible;
  • Cover your hand when you're entering your PIN number at a debit card terminal;
  • Check your bank accounts regularly for any unusual transactions and if you notice anything strange, contact your bank as soon as possible.

Interac has a zero-liability policy, meaning there's no cost to a consumer if their card is compromised and they are a victim of fraud.