What you should know about credit card fraud

While using your credit card is one of the most secure payment methods, credit card fraud is something that we should all be aware of. Below you'll find some relevant information that can help you stay protected.

What you can do to protect yourself from credit card fraud
What is my liability if my credit card is used fraudulently?
What are the common types of credit card fraud?

What you can do to protect yourself from credit card fraud
Here are some quick and easy precautions you can take to protect yourself from credit card fraud:

Treat all your cards as if they were cash
Contact your card issuer immediately if your card is not functioning properly while trying to make a purchase
Report lost or stolen cards immediately

Smart Tip
In the case where your CIBC VISA Card may not be functioning properly or you need to report a lost/stolen card, call CIBC Credit Card Services immediately at 1-800-465-4653 (514-861-4653 outside of Canada or the United States).

Never write down or disclose your Personal Identification Number (PIN)
Use your hand or body to shield your PIN from onlookers when conducting transactions at a bank machine
Ensure you sign your card on the signature panel as soon as you receive it
Never give credit card or personal information over the phone, unless you have initiated the call and you have verified you are dealing with a reputable merchant
Check billing statements and purchase amounts against receipts, and immediately report any unauthorized transactions
Know who has access to your cards; if a family member borrows a credit card without your knowledge, you will be responsible for their purchases or cash withdrawals

What is my liability if my credit card is used fraudulently?
If you are a confirmed victim of fraud and you have met your obligations under your Cardholder Agreement, you will not be held liable for the associated losses. Review your Cardholder Agreement for additional details.

What are the common types of credit card fraud?

Counterfeit: Duplicating legitimate credit cards that are then used for fraudulent activities
Card Not Present: Unauthorized usage of credit card information for fraudulent activities over the internet, phone or mail
Lost/Stolen: Unauthorized usage of a credit card as a result of it being lost or stolen
Identity Theft: Occurs when an individual obtains personal or financial information of another person for the purpose of assuming that person's identity to engage in fraudulent activities

Smart Tip
Because it's important for you to be notified as soon as possible when there is fraudulent activity on your credit card, CIBC now offers different ways for you to get fraud alerts. So, in addition to receiving a phone call at your home when we detect any unusual activity on your card, you can now choose to be notified by a CIBC CreditSmart fraud alert through e-mail or a message posted to your Online Banking Message Centre. These new notification channels will enable us to reach you as quickly as possible - so immediate action can be taken.

For additional information

VISA Canada

Canadian Bankers Association

INTERAC Association