#CyberFLASH: Canadian debit card fraud hits record low as criminals go ‘where it’s easier to do the job’

NYBZ120-15_2013_124926_highHad your debit card skimmed lately? Chances are the problem didn’t happen in Canada where technological updates and beefed-up online security have made it harder than ever for cyber thieves to operate in the Great White North. 

That’s the big take-away from a new report from Interac Association, the company behind much of the world’s debit-card operations.

The report, released this week, found debit-card fraud losses overall reached a record low in 2014 of $16.2 million in 2014.

That’s down 45 per cent from a year earlier when total losses due to fraud cost financial institutions a total of $29.5 million, according to the report.

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11 year old Canadian writes Runescape Malware

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When you were eleven years old, you probably – like this writer – concerned yourself with some of life’s more mundane joys. Bike rides with your friends. Perhaps a spin on the ol’ Nintendo (or Super Nintendo). Homework. Stuff like that.

Oh, how times have changed.

According to a new report from AVG, kids as young as eleven are apparently brushing up on their coding skills and using a bit of ingenuity to trick fellow gamers – young and old – into giving up sensitive information.

…the malware in question was actually designed to send one’s account information on over to a specific email address. That email address, said AVG representatives in an interview with BBC News, was registered to an eleven-year-old in Canada.

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Credit card fraud soars

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Cyber crooks are pushing credit card fraud to record highs and costing Canadian businesses hundreds of millions of dollars annually.

According to statistics released by the Canadian Bankers Association, credit card fraud hit $436.6 million in 2011, the latest year for which statistics are available. Of that, “card-not-present” fraud, where a crook uses a stolen card number to make purchases over the Internet or by phone, was the biggest and fastest growing type of credit card fraud in Canada.

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