Fraud artists, security experts fight sophisticated battle

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[b]"A decade ago, protecting yourself against credit card fraud consisted of simple measures, such as refusing to give your card number out over the phone or making sure you did not leave your computer password on a sticky on your desk. These days, as internet usage proliferates, so have the number of ways con artists can get their hands on credit card numbers, debit PINs (personal information numbers) and other private information. That makes the struggle between thieves trying to steal information — and ultimately money — and companies trying to stop them increasingly complex."Every day is a different day. You try to stay two days ahead of the criminals in your thinking and one day ahead of them in your action," said Dion Yungblut, senior director of risk operations at Capital One Canada, the credit card company. Online fraud is rising in Canada, security experts say.Online fraud is rising in Canada, security experts say. (CBC) Rising crime tide At present, it appears the country's ne'er-do-wells might have a marginal lead in this never-ending race. The Interac Association, an organization whose members specialize in debit card transactions, estimates that, in 2004, there was approximately $60 million in "like-cash" card fraud, and that 49,000 customers were reimbursed for fraudulent transactions. By 2008, the fraud dollar amount had jumped to $104.5 million, with 148,000 card holders getting cash back that had been taken by con artists. Maybe the card equivalent of the "smash-and-grab" — rooting through garbage bins for carbon copies of credit transactions — is no longer workable. But crooks have moved on. They now use fake transaction terminals — such as the one discovered in January in Nanaimo — mathematical analysis to figure out the best times to blitz ATM terminals with stolen card numbers, and clever false internet pages on the World Wide Web that ask for all kinds of personal information. The wrong hand in your wallet That means consumers have to be even more vigilant in protecting their information to ensure they are not the victims of fraud, Yungblut and other financial experts said as "fraud prevention" month begins across Canada. "[/b] You can read more here http://www.cbc.ca/technology/story/2009/03/03/fraud-debt-credit-card.html I found this a very interesting read and something people should know. What have you done to reduce your risk?