FICO Offers Canadians Tips to Avoid Holiday Fraud

Date:

Share post:

The more Canadians buy online, the higher the risk of falling victim to online scams, especially around the holidays.

With new scams on the rise, leading global analytics company FICO is offering Canadians tips on how to protect themselves this shopping season.

STOCK IMAGE

FICO’s top four tips include: 

  • Take Care at ATMs

Never approach an ATM if anyone is lingering nearby. This is rule number one for holiday shoppers. 

It’s also important to not engage in conversations with others around an ATM. Remain in your automobile until other ATM users have left the ATM.

“If an ATM looks odd, or your card doesn’t enter the machine smoothly, consider going somewhere else for your cash,” said TJ Horan, vice president of Product Management, leading the fraud solutions business unit at FICO. “If your plastic card is captured inside of an ATM, call your card issuer immediately to report it. Sometimes you may think that your card was captured by the ATM, but it was later retrieved by a criminal who staged its capture.”

Either way, FICO encourages holiday shoppers to arrange for a replacement card as soon as possible.

  • Be Safe Online

Watch out for emails promising amazing bargains. If it sounds too good to be true, it probably is.

“Rather than click on a link in an email or SMS, go to the site itself. Hackers can even spoof websites, so all holiday shoppers should make sure to shop on the actual site. If you experience anything odd on a website, look for another place to shop. If you’ve already paid and later become suspicious that you may have been tricked, let your bank know,” says Horan. 

Additionally, if an online merchant offers enhanced security features such as step-up-authentication or soft token, FICO encourages shoppers to opt in. 

“If you’re setting up a new account with a website, use a strong password you haven’t used before. If your online merchant offers enhanced security features such as step-up-authentication or soft token, please be sure to opt in,” Horan explains.

STOCK IMAGE
  • Check Your Purchases and Bulk Up on Security Features

Holiday shoppers should check their credit card transactions frequently, using online banking and their monthly statement.

 “Update your address and cell phone information for every card you have, so that you can be reached if there is ever a critical situation that requires your immediate attention,” says Horan.

FICO also encourages all holiday shoppers to ask their card provider if they offer account alert technology. These technologies will deliver SMS text communications or emails to the consumer if fraudulent activity is suspected on your payment card, which can limit the damage if your information is stolen.

  • Watch Out for Social Engineering

FICO also warns all holiday shoppers to watch out for social engineering.

“If you get a call from someone who says they’re from your bank, and you feel suspicious, hang up and call your bank directly. Your bank will never ask you for your password. Criminals know people are worried about fraud in the holidays and may take this opportunity to try to get you to divulge information,” explained Horan. “The same principle applies to online payment requests. If you get a request to pay someone from your bank account, make sure that you know who you are paying and that their request is legitimate.”

Additionally, all Canadians should be wary of emails or texts that tell you that there has been a change of bank account number— if in doubt, pick up the phone and confirm that they have changed their bank account details. 

Criminals are exploiting direct payments and Faster Payments by masquerading as people that holiday shoppers interact with, and if you make the payment you may be liable, according to Horan. 

Getting Smarter in the Fight Against Fraud

The good news is that financial institutions are doing more than ever to prevent fraud, according to FICO. 

“When a consumer is using your credit or debit card to pay online, they may be sent a one-time passcode to their mobile phone that they will need to enter into the browser window,” said Matt Cox, vice president of fraud solutions for Europe, the Middle East and Africa. “This extra security is a fraud prevention method intended to make sure that it’s really the consumer making the payment. While it may seem inconvenient, the consumer will be better protected if their card does fall into the hands of criminals.”

“FICO too is doing more than ever to help banks, card issuers, fintechs, merchants and others protect customers from fraud and financial crime,” notes Jason Keegan, vice president and general manager of the Fraud and Protection business at FICO. 

“We have made continual AI and machine learning innovations available, which protect more than 2.6 billion accounts worldwide. Last Black Friday we sent 2.3 million fraud alerts to banking customers using our FICO® Customer Communication Services. And we recently announced new FICO® Authentication Suite and FICO® Identity Proofing solutions to better validate customer identities.” 

If you are interested in learning more about FICO fraud solutions, more information is available here: https://www.fico.com/en/solutions/fraud-compliance-and-cybersecurity

*Partner content. To work with Retail Insider, email: craig@retail-insider.com

LEAVE A REPLY

Please enter your comment!
Please enter your name here

More From Retail Insider

Food Preferences in Canada Changing as Millennial and Gen Z Demographics Shift [Op-Ed]

Sylvain Charlebois discusses Canada's aging population and how younger consumers are shifting the grocery food landscape.

Henry Singer Unveils Downtown Edmonton Flagship Store at the ICE District, Featuring a Bar, Barber and Shoe Shine [Photos/Interview]

Jordan Singer discusses how the upscale menswear retailer recently relocated its Edmonton flagship store from Manulife Place into a 10,000 square foot space at the base of Western Canada's tallest building.

Canadian Retail Sales Dip: Year-End Drop in Discretionary Spending [J.C. Williams Group Analysis]

2023 Canadian retail sales ended in a lacklustre way, with controlled consumer spending amid a tumultuous year.

Landlord QuadReal Launches Pickleball Courts in Commercial Properties to Create Consumer Experience [Interview/Photos]

The initiative helps revitalize and re-imagine spaces using sustainable development practices, while incorporating the latest technology to enhance the visitor experience, blending physical and digital elements.

Canadian Consumers Willing to Switch Grocery Stores while Seeking Bargains: Study [Op-Ed]

Sylvain Charlebois says that a new survey offers a rigorous look into the preferences and behaviours shaping the future of grocery shopping in Canada.

Iconic Flo’s Diner in Toronto’s Yorkville Forced to Close After 33 Years Amid Landlord Dispute 

Retail Insider interviewed Flo’s co-owner who discusses the “heart wrenching” situation where he is being forced to close his business that began on Bellair Street in 1991.

Anatomy of a Leader: Teresa Spinelli, Owner of Alberta-Based Italian Centre Shop Ltd.

Spinelli discusses her leadership of the popular retailer which has expanded over the years, describing how she struggled to run the company at first and grew to love it.

Upscale Canadian Fashion Brand SMYTHE Expands with New Standalone Calgary Store [Interview/Photos]

It's the second store location for the Toronto-based brand, which is seeing success with its exclusive womenswear collections.

Toronto’s CF Sherway Gardens Hits Sales Milestone with Exciting Retail Growth and Future Plans [Interview]

The shopping centre is adding new retailers as sales per square foot hit an all-time high, with plans to re-tenant Nordstorm as foot traffic grows following Eataly's opening in the mall a few months ago.

ECS Coffee Opens Canada’s Largest Coffee and Espresso Equipment Gear Showroom and Retail Space in Toronto [Interview]

The new Etobicoke location is unique to Canada if not North America, according to its founder, with coffee roasting, equipment showroom, over 500 varieties of coffee, Youtube studio and various in-store experiences. He has plans to expand the concept nationally.

New Loblaws City Market Opens in Vancouver’s ‘The Post’ Building, Adding Grocery Competition to the Downtown Core [Podcast]

Craig and Lee discuss the opening of a new Loblaws City Market in downtown Vancouver's renovated Post building, and they explore its potential impact on local grocery shopping.

Loblaw Announces $2 Billion Investment in Canada for 2024 with Dozens of New Stores and 7,500 New Jobs [Expert Comment]

The retail behemoth will be growing substantially this year, following backlash over profits as inflation continues to impact Canadians.

Dubai-Based Asian Street Food Concept ‘Wok Boyz’ Expands into Canada with Plans for Multiple Locations [Interview]

The company's founder says the popular concept, with personalized meals, has an opportunity to grow substantially with its high-quality ingredients and theatrical flare, complete with fiery customer-facing woks.

Calgary Surge Basketball Team Launches Innovative Pop-Up at CF Chinook Centre to Boost Community Engagement [Interview]

The retail activation, which opened this month, is resulting in heavier foot traffic in a quieter part of the mall.

Upscale Pusateri’s Fine Foods to Close Yorkville Grocery Store in Toronto After 20 Years

The 5,500 square foot store opened to much fanfare in 2003, with valet parking, private chefs and pricey goods. 

Loblaw and Walmart Could be Forced to Adhere to Grocery Code of Conduct with Legislation [Op-Ed]

Sylvain Charlebois says that it's rare for all of Canada's political parties to agree, signalling a shift that could force grocers to comply amid record inflation.

Factory Direct to Shut All 14 Stores Amid Bankruptcy, Liquidation to Begin Saturday

The company, founded in 1995, is one of Canada’s largest privately owned discount retailers which struggled with declining sales and increasing costs following the pandemic.

What to Expect for the Canadian Retail and Hospitality Sectors in 2024 [Video Interview]

Michael Kehoe provides an expansive overview of what's expected for Canada's retail industry in 2024, and how the commercial real estate industry is becoming more dynamic than ever.

Anatomy of a Leader: David Lui, CEO of Kit and Ace and Co-Founder of Unity Brands

Lui has an extensive background in retail with over 30 years of experience and is known for his award-winning brand transformations, e-commerce and digital knowledge along with his passion for scaling businesses.

Robotic Retail Gaining Traction in Canada, But Some Consumers are Being Left Behind [Op-Ed]

Automated retailers without in-store staff are opening across Canada, such as Aisle 24, RC Coffee and PizzaForno -- but consumers without smart phones, credit cards, or with vision issues may not be able to access these retailers says a researcher.

RECENT RETAIL INSIDER VIDEOS

Advertisment

Subscribe to the Newsletter

Subscribe

* indicates required

RECENT articles

Food Preferences in Canada Changing as Millennial and Gen Z Demographics Shift [Op-Ed]

Sylvain Charlebois discusses Canada's aging population and how younger consumers are shifting the grocery food landscape.

Henry Singer Unveils Downtown Edmonton Flagship Store at the ICE District, Featuring a Bar, Barber and Shoe Shine [Photos/Interview]

Jordan Singer discusses how the upscale menswear retailer recently relocated its Edmonton flagship store from Manulife Place into a 10,000 square foot space at the base of Western Canada's tallest building.

Canadian Retail Sales Dip: Year-End Drop in Discretionary Spending [J.C. Williams Group Analysis]

2023 Canadian retail sales ended in a lacklustre way, with controlled consumer spending amid a tumultuous year.

Landlord QuadReal Launches Pickleball Courts in Commercial Properties to Create Consumer Experience [Interview/Photos]

The initiative helps revitalize and re-imagine spaces using sustainable development practices, while incorporating the latest technology to enhance the visitor experience, blending physical and digital elements.

Canadian Consumers Willing to Switch Grocery Stores while Seeking Bargains: Study [Op-Ed]

Sylvain Charlebois says that a new survey offers a rigorous look into the preferences and behaviours shaping the future of grocery shopping in Canada.

Iconic Flo’s Diner in Toronto’s Yorkville Forced to Close After 33 Years Amid Landlord Dispute 

Retail Insider interviewed Flo’s co-owner who discusses the “heart wrenching” situation where he is being forced to close his business that began on Bellair Street in 1991.

Anatomy of a Leader: Teresa Spinelli, Owner of Alberta-Based Italian Centre Shop Ltd.

Spinelli discusses her leadership of the popular retailer which has expanded over the years, describing how she struggled to run the company at first and grew to love it.

Upscale Canadian Fashion Brand SMYTHE Expands with New Standalone Calgary Store [Interview/Photos]

It's the second store location for the Toronto-based brand, which is seeing success with its exclusive womenswear collections.

Toronto’s CF Sherway Gardens Hits Sales Milestone with Exciting Retail Growth and Future Plans [Interview]

The shopping centre is adding new retailers as sales per square foot hit an all-time high, with plans to re-tenant Nordstorm as foot traffic grows following Eataly's opening in the mall a few months ago.

ECS Coffee Opens Canada’s Largest Coffee and Espresso Equipment Gear Showroom and Retail Space in Toronto [Interview]

The new Etobicoke location is unique to Canada if not North America, according to its founder, with coffee roasting, equipment showroom, over 500 varieties of coffee, Youtube studio and various in-store experiences. He has plans to expand the concept nationally.

New Loblaws City Market Opens in Vancouver’s ‘The Post’ Building, Adding Grocery Competition to the Downtown Core [Podcast]

Craig and Lee discuss the opening of a new Loblaws City Market in downtown Vancouver's renovated Post building, and they explore its potential impact on local grocery shopping.

Loblaw Announces $2 Billion Investment in Canada for 2024 with Dozens of New Stores and 7,500 New Jobs [Expert Comment]

The retail behemoth will be growing substantially this year, following backlash over profits as inflation continues to impact Canadians.

Dubai-Based Asian Street Food Concept ‘Wok Boyz’ Expands into Canada with Plans for Multiple Locations [Interview]

The company's founder says the popular concept, with personalized meals, has an opportunity to grow substantially with its high-quality ingredients and theatrical flare, complete with fiery customer-facing woks.

Calgary Surge Basketball Team Launches Innovative Pop-Up at CF Chinook Centre to Boost Community Engagement [Interview]

The retail activation, which opened this month, is resulting in heavier foot traffic in a quieter part of the mall.

Upscale Pusateri’s Fine Foods to Close Yorkville Grocery Store in Toronto After 20 Years

The 5,500 square foot store opened to much fanfare in 2003, with valet parking, private chefs and pricey goods. 

Loblaw and Walmart Could be Forced to Adhere to Grocery Code of Conduct with Legislation [Op-Ed]

Sylvain Charlebois says that it's rare for all of Canada's political parties to agree, signalling a shift that could force grocers to comply amid record inflation.

Factory Direct to Shut All 14 Stores Amid Bankruptcy, Liquidation to Begin Saturday

The company, founded in 1995, is one of Canada’s largest privately owned discount retailers which struggled with declining sales and increasing costs following the pandemic.

What to Expect for the Canadian Retail and Hospitality Sectors in 2024 [Video Interview]

Michael Kehoe provides an expansive overview of what's expected for Canada's retail industry in 2024, and how the commercial real estate industry is becoming more dynamic than ever.

Anatomy of a Leader: David Lui, CEO of Kit and Ace and Co-Founder of Unity Brands

Lui has an extensive background in retail with over 30 years of experience and is known for his award-winning brand transformations, e-commerce and digital knowledge along with his passion for scaling businesses.

Robotic Retail Gaining Traction in Canada, But Some Consumers are Being Left Behind [Op-Ed]

Automated retailers without in-store staff are opening across Canada, such as Aisle 24, RC Coffee and PizzaForno -- but consumers without smart phones, credit cards, or with vision issues may not be able to access these retailers says a researcher.