Tag: Fraud

Did you get a text with your SIN that claims to be from Canada Revenue Agency? It’s a scam | CBC News

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Tax season is here and with it, a new scam. The Canadian Anti-Fraud Centre says the scam involves a text message, containing a person’s name and personal information, that appears to come from the Canada Revenue Agency (CRA). “We received reports of a text message claiming to be from the CRA which actually included the target or the victim’s social insurance number, advising that there is a payment due and requesting payment be sent to a provided phone number in the text message,” Jeff Horncastle, planning communications outreach officer at…

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Fraudsters are getting better at what they do, and it’s costing Canadians billions | CTV News

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In the past decade, incidents of fraud have risen sharply across Canada, but in that same time, the proportion of cases solved by law enforcement has reached a 20-year low, leaving tens of thousands of victims and millions of dollars in losses unresolved. Statistics Canada data show that 150,000 cases of fraud were reported to police in 2022, the highest-ever in the available data and nearly double the 79,000 cases reported in 2012. Read full story here: Fraudsters are getting better at what they do, and it’s costing Canadians billions…

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Pilot Project Demos Credit Cards With Shifting CVV Codes To Stop Fraud | Ars Technica

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US-based PNC Bank is in the middle of a pilot project that aims to test out credit cards with constantly changing card verification values (or CVVs) to reduce online credit card fraud. The dynamic CVV is displayed on the back of such a card in e-ink, and changes according to an algorithm supplied by Visa. Read full story here: Pilot Project Demos Credit Cards With Shifting CVV Codes To Stop Fraud | Ars Technica

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Why Aren’t Chip Credit Cards Stopping “Card Present” Fraud In The US? | Ars Technica

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A security analysis firm called Gemini Advisory recently posted a report saying that credit card fraud is actually on the rise in the US. That’s surprising, because the US is three years out from a big chip-based card rollout. Chip-based cards were supposed to limit card fraud in the US, which was out of control compared to similar fraud in countries that already used EMV (the name of the chip card standard). Gemini Advisory now says that 60 million credit and debit card numbers were stolen in the US in…

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What Happened After The US Moved To Chip-Embedded Payment Cards? | Ars Technica

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The US began its transition to chip-based credit cards in earnest in October 2015, after high-profile credit card hacks in the previous years at Target, Home Depot, Michaels, and other big-box retailers. Today, although only 59 percent of US storefronts have terminals that accept chip cards, fraud has dropped 70 percent from September 2015 to December 2017 for those retailers that have completed the chip upgrade, according to Visa. On the other hand, fraud dropping 70 percent for retailers who install chip cards seems great. Chip-embedded cards aren’t un-hackable, but they…

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