Interac debit card fraud skimming losses has decreased from $142m in 2009 to $29.5m in 2013, according to Interac Association report.
In Canada, $7.3m was lost due to fraud exploitation in 2013, which accounted for just 25% of total fraud loss.
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Total losses in 2013 represented 0.0093% of domestic Interac debit card volume and the lowest volume of recorded fraud losses.
This resulted in significant decline in fraud exploitation, with the number of cardholders reimbursed by financial institutions fell from 238,000 in 2009 to 72,200 in 2013.
Interac Association and Acxsys external affairs head, Caroline Hubberstey, said the combination of sound policies, investments in technology, such as chip and fraud detection, and outstanding collaboration with financial institutions, acquirers, merchants and law enforcement makes the Interac system a world-class payment network.
"Debit products are about accessing people’s money in their bank accounts and need to offer stronger protections. Debit is our expertise, and when we have control over the payments environment, our leadership in fraud prevention is evident.
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By GlobalData"The statistics clearly show that we are having solid success locking down the Canadian payments space to stop criminals committing Interac debit card fraud," Hubberstey added.
