Are Debit Cards Safe?
IT security consultant and attorney Mary Kirwan writes in Canada's Globe and Mail about the potential tradeoff between convenience and security.
Debit card crime in Canada is very much on the rise. It is estimated to cost $150-million annually. There are concerns that these numbers are grossly inaccurate as financial institutions are loath to report incidents for fear of negative publicity. ATM fraud in the U.S. is believed to have totalled $2-billion (U.S.) in 2002, and in the U.K. to have risen 37 per cent to 29.1-million pounds, up from 21.2-million pounds.
She goes on to point out something Canadian cardholders may not know:
Under the Canadian Code of Practice for Consumer Debit Card Services, a cardholder is considered to have voluntarily disclosed his/her PIN if he uses a PIN combination selected from his name, telephone number, date of birth, address or social insurance number.
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