CREDIT CARD FRAUD

Recently, Campus Security hosted a seminar on Credit Card fraud which was hosted by Sgt. Mary Kostashuk of the Surrey RCMP.  The sessions were well attended, but for those who did not have the opportunity to attend, I thought it would be valuable to share some information with the SFU community at large to protect all from this type of crime.

Credit card fraud has seen a 535% increase over the past decade and specifically has increased by $1 billion in the past five years.  Each weekend, up to $700,000 is spent in fraudulent purchases.  While this type of crime is thought to focus only on credit cards, debit cards are also vulnerable to criminals.

Identity theft for the purpose of credit card fraud is commonly committed through the following methods:

1. Dumpster Diving - Thieves rummage through trash cans or garbage dumpsters searching for pieces of unshredded personal information they can use to assume your identity or sell it to others.
2. Mail Theft - Fraudsters seek out unattended or unlocked mail boxes to steal newly issued credit cards, bank statements and tax forms.
3. Inside Sources - A dishonest employee with access to personal records, payroll information, insurance files, account numbers and/or sales records can cause a great deal of damage to your personal finances.
4. Imposters - Many identity theft victims have been taken by a person who fraudulently posed as someone who had a legitimate reason to access the victim's personal information.
5. Online data - On the simplest level, thieves access public databases that consumers share through phone listings, directories, memberships, etc.
6. Phishing - More sophisticated criminals, who want to get data from people online, use a technique known as phishing.  This involves creating e-mails and websites that appear to belong to legitimate businesses, such as finance institutions and auction sites.  Consumers who receive e-mails claiming to be from a legitimate business are often re-directed to a website, appearing to be from that business.
7. Direct Access to Personal Documents in the Home - Unfortunately, there are identity thieves who can gain legitimate access into someone's home and personal information through household work, babysitting, healthcare, friends or roommates.
8. Purse/Wallet Theft - Stolen purses and wallets usually contain bank cards and personal identification.  A thief can use this information to obtain credit under the victim's name or sell the information to criminal groups.
9. Hacking - Some criminals have the ability to break into computer databases at e-commerce merchants, credit card processors, or payment gateway service providers to gather personal information which they can then use to assume someone's identity.

What can I do to Guard Against Identity Theft?
The following fraud prevention/personal finance protection tips were provided in a brochure supplied by Sgt. Kostashuk and featured the following valuable tips:

1. Review your credit bureau report annually, and immediately question any unknown credit inquiries or unauthorized accounts.
2. Carefully check each of your monthly credit card and bank statements, and look for any unauthorized transactions.  Report these transactions to your financial institution.
3. Never send payment information via e-mail.  Information that travels over the Internet through e-mail is not fully protected from being read by outside parties.  Most reputable merchant sites use encryption technologies that protect your private data from being intercepted by criminals.
4. When providing payment information online, look for the 'padlock' icon on your browser's status bar - this signals that your information is kept secure during transactions.
5. Protect information on your computer.  Use tools such as anti-virus software, spyware filters, e-mail filters and firewall programs to help ensure the safety of information on your computer.
6. Do not reply to unsolicited e-mails or telephone calls that request your personal information such as your SIN, password or bank account number.
7. Never disclose your PIN to anyone.  No one from a financial institution, the police, or a merchant should ask for your PIN.
8. When possible, keep an eye on your card when it is processed to ensure information on the magnetic stripe is not copied through a skimming device.
9. Report lost or stolen cards immediately.  If your card is lost or stolen, report it immediately.
10. Never leave your cards unattended at work. There are more credit card thefts in the workplace than in any other single location.
11. Always check your card when it is returned to you.  Make sure it is your card.
12. Don't leave your credit cards in the glove compartment of your car.  An alarmingly high proportion of all credit card thefts occur in glove compartments.
13. Sign the back of your new card as soon as you get it.  Destroy unwanted cards so no one else can use them and never lend your card to anyone.
14. Make a list of all your cards and their numbers, and keep this in a safe place.  This key information is helpful when reporting lost or stolen cards.
15. Shred all personal and financial information such as credit card offers, credit card/ ATM receipts, and bank statements, before you dispose of them.
16. Fraudsters looking to commit identity theft often use 'phishing' e-mails as a means to get your information.  Phishing is the creation of e-mail messages and Web pages that are replicas of existing, legitimate sites and businesses.  For more information on how to recognize, report and stop phishing attacks, visit www.visa.ca/phishing.
17. Minimize the number of identification and credit cards you carry in your wallet or purse.
18. Pay attention to billing cycles, or to a lack of mail being delivered to your address.  It is possible the mail is being illicitly intercepted by a fraudster.
19. Be aware of others when entering your PIN at an ATM, and shield the PIN entry with your body or your free hand.

A limited quantity of brochures with consumer information related to protection of personal information and phishing scams are available through Campus Security.