Credit Card Security
It seems that BMO and CIBC are both sending out new credit cards to their customers, even before they are expired. These are not renewals either, these are NEW credit cards and the customers are being told their cards may have been used or will be used fraudulently (good word).
Pardon?
I haven’t got such an e-mail yet (although I don’t think I ever activated my CIBC card the last time it renewed, so who knows). This really worries the crap out of me.
What can you as a consumer do about this?
- Check your account balance regularly either on line or by phone. This is really important, since I have caught a couple of “odd” charges this way, and the bank appreciates you being pro active in this area.
- Cancel old credit cards (remember I have said this one before), if you must have a credit card, only have 1, don’t have 7 of them (more chance of fraud there).
- Never let your credit card wander away for extended periods of time at Restaurants or places of business, also don’t allow sales folks to “swipe” it many times, that is a dead giveaway that something is not right with things, if you see that.
Not having a credit card is the only way to stop this fraud (much like the only fool proof method of birth control is abstinence (don’t make me tell you my vasectomy story)).
Protect yourself from fraud NOW folks, it’s important.
A friend of mine had such problem couple years ago. He solved that problem the way you said.
Well I will disagree with you on the “only have 1 card” idea. Sounds good but what happens when your one card gets “stopped” by the card company because of unusual spending pattern but it was you that caused the unusual spending?
Last year I went to buy a treadmill and after that I went to pay for a sofa I had ordered and arrange delivery. By the time I got to the sofa place my main card was “stopped”. Not a big deal, I could have waited until I got home and phoned VISA but what if this type of thing had happened on vacation?
My sister once had her card “stopped” while she was driving to Calgary to fly to the UK. Once on the plane it would have been difficult for her to contact MC. They phoned but of course they would not talk to anyone but the cardholder. I told them her route and that she was going to the UK and if the “unusual use” were purchases at gas stations along her route they were legit. They grudgingly accepted this explanation.
I would rather use a CC than use Interac. It’s too easy for someone to see you entering your PIN.
So I have multiple cards, some for specific purposes.
CIBC dividend for general use.
CT mastercard for gas and that grocery store that (used to) not accept VISA.
RBC visa gold-no fee, for renting cars. Kept locked up.
Thanks to online banking I can watch my cards like a hawk. And I do.
S