Interac debit card fraud skimming losses have declined from $16.2m in 2014 to a low of $11.8m in 2015, according to a Interac Association report.
Frauds occurring in Canada accounted for $2m, or 17% of total losses – a drop of 40% from the $3.4m of domestic fraud reported previous year.
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The number of cardholders that were repaid has also been slashed to 25,000 Interac Debit cards from 239,000 in 2009.
Interac Association fraud market management head Mark Sullivan said: "With only $2 million of fraud losses occurring within Canada, we are having tremendous success locking down the Canadian payments space and preventing criminals from committing Interac debit card fraud.
"Based on the Interac debit card fraud losses that occurred in 2015, the vast majority – $9.8 million – stemmed from exploitation at magnetic stripe devices outside of Canada on other network systems, not on the Interac Network."
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