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Interac

Welcome to the News View for "Interac".

Here, on these archive pages, you'll find all of the articles on Payments News for Interac listed in date sequence beginning with the most recent article at the top of the page.

Click here for a complete listing of what's available in the Payments News Archive - organized by both posting date and subject category.

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May 10, 2013

Chart of the Week - Canadian Interac Debit Card Fraud Losses (2006-2012)

Last week, we looked at the history of card fraud losses in the UK from 2001 through 2011. This week, we're taking a look at the history of counterfeit card fraud in Canada on Interac cards - Canada's national debit card scheme - based on skimming.

Interac reports that these losses decreased to $38.5 million in 2012 - representing just 0.012 percent of domestic Interac card volume) from a high of $142 million in 2009. Interac also reports that the number of cardholders affected by this form of card fraud fell to 93,800 in 2012 from 238,000 in 2009.

Over the last few years, Canada completed a migration chip card technology - with essentially all cards now equipped with chip and nearly 90 percent of POS terminals upgraded to support chip.

Canada Interac Debit Card Fraud 2006 2012

August 15, 2012

June 17, 2010

Interac Launches Flash - Adding Contactless to Canadian Debit Cards

InteracInterac Association has announced it has "successfully carried out a series of contactless debit transactions using Scotiabank debit cards and TD Merchant Services’ point-of-sale terminals. The new contactless enhancement of Interac® Direct Payment, called Interac Flash, increases the functionality of Interac branded debit cards by leveraging dual interface chips that give cardholders the ability to carry out a point-of-sale debit transaction using the contact or contactless feature of the card." READ MORE »

April 16, 2010

Canada: Interac Welcomes New Code of Conduct

In a press release, the Interac Association says it "welcomes the final Code of Conduct for Debit and Credit Payments in Canada released today by federal Finance Minister Jim Flaherty. After a comprehensive consultation period with stakeholders, the Minister has developed meaningful and practical solutions that will effectively address significant concerns that have been raised by merchants and consumers about changes taking place in Canada’s debit marketplace." READ MORE »

November 09, 2009

INTERAC Celebrates 25 Years of PIN-Debit in Canada

INTERAC has announced that it is marking "25 years of providing Canadians secure access to their money from coast to coast to coast. On November 9, 1984, a single national PIN-based network was born out of a vision to connect Canadians to their money anywhere, anytime. INTERAC's growth and evolution took off from that point and today, both consumer awareness and usage levels are almost unmatched worldwide." READ MORE »

October 27, 2009

A Look at Canada's Debit Card Market

In an article titled "Credit card giants create debit havoc", Dana Flavelle and Rita Trichur write for the Toronto Star about small merchant reactions to the introduction of Visa and MasterCard debit products into Canada.

September 28, 2009

INTERAC, China Unionpay Collaborate for Canadian ATM Access

INTERAC, Canada’s national debit network, and China Unionpay, China’s national bank card payment network, have announced the launch of a new service that will give China Unionpay cardholders traveling in Canada the ability to withdraw cash from ATMs of participating acquirers in Canada. READ MORE »

July 15, 2009

Canada's INTERAC Partners with INSIDE for Contactless Debit Cards

Interac_logo-140px.jpgCanada's Interac Association has announced a partnership with INSIDE Contactless, the world leader in open-standard contactless chip technologies to develop chips containing the specifications for INTERAC’s contactless payment service. According to the companies, this partnership will enable Interac Association and its members to offer their debit card users a “next generation” retail payments solution. READ MORE »

April 07, 2009

A Glimpse into the Interchange Fee Debate in Canada

In an article titled "Credit card companies should stay out of the debit card market", Craig McInnes writes for the Vancouver Sun about the costs to merchants of payment card acceptance. He discusses both the costs of rewards cards to merchants as well as a concern that replacing Interac debit cards would also increase costs to merchants. According to McInnes, "that would drive up the price of everything we buy."

September 08, 2008

Canada's Interac Exploring Changing to For Profit Company

In an article titled "Interac seeks shift to for-profit status", Tara Perkins reports for the Globe and Mail that the company is in discussions "with the Competition Bureau about a restructuring that would likely allow it to make a profit." Interac, under a 1996 agreement with the Competition Bureau, is currently run as a not-for-profit company.

April 15, 2008

Preliminary Chip and PIN Results from Canada

Members of the payment card industry in Canada - Interac Association, MasterCard Canada, Visa Canada and many of their respective card issuers and payment processors - have reported positive preliminary results from an industry trial of chip technology in Kitchener-Waterloo, Ontario. READ MORE »

March 14, 2008

Debit Card Fraud in Canada and the Migration to Chip Cards

In an article titled 'Soaring rates of debit fraud prompt switch to smart cards' in today's Globe and Mail, Timothy Appleby writes about fraud on Interac debit cards and the planned migration to chip cards in Canada.

September 16, 2007

First Canadian Interac Chip Card Transaction

Last week Canada's Interac Association announced "the completion of Canada's first INTERAC debit card transaction at the point-of-sale terminal using chip technology. The transaction was processed today by TD Merchant Services using a BMO Bank of Montreal chip debit card at Mercato Giovanni's Fresh Food located in downtown Toronto. The chip debit card transaction was conducted in preparation for the Kitchener-Waterloo, Ontario market trial of chip technology which will begin in fall 2007."

READ MORE »

February 12, 2007

Interac, Acxsys Announce Mark P. O'Connell as New President and CEO

The Interac Association and Acxsys Corporation have announced the appointment of Mark P. O'Connell as President and CEO, effective February 7, 2007, saying he will focus on innovation in payment services and advancing Acxsys Corporation's and Interac Association's leadership in the industry. Most recently he was Executive Vice President, Finance Market at Emergis Inc., and for the past two years, he was Emergis Inc.'s appointee to the Interac Association Board of Directors.

READ MORE »

December 14, 2006

Canada: Debit Card Fraud At Gas Stations Declines By 60 Per Cent

The Interac Association has announced that debit card fraud at gas stations across Canada has declined by more than 60 per cent over the past year. According to Interac, "the deep decline, representing about $15 million in avoided fraud losses, was largely the result of Project Protect, a joint education initiative spearheaded by Interac Association and law enforcement with support from Payment Card Partners and other industry partners."

READ MORE »

December 04, 2006

Canadian Chip Technology Trial Scheduled For Autumn 2007

Members of the Canadian payment card industry -- Interac Association, MasterCard Canada Inc., Visa Canada Association, and many of their respective card issuers and processors -- have announced their commitment to conduct a chip technology trial in Kitchener-Waterloo, Ontario. The trial will allow participants to test the infrastructure and ensure interoperability of systems and devices in a controlled manner prior to each participant's national roll-out plan.

READ MORE »

October 23, 2006

A Look At Interac Online - "Credit Push" In Canada

Glenbrook's Carol Coye Benson files this report: I spoke on Friday with Barry Campbell, Director of Business Development for Acxsys Corporation and Interac Online, Canada's "credit push" online payment system.

READ MORE »

October 19, 2006

Survey Shows Canadians Not Shielding Their Debit Card PIN Regularly

According to a survey commissioned by the Canadian Interac Association, and conducted by The Strategic Counsel, 92 per cent of Canadians recognize the importance of shielding their PIN at a bank machine or a debit card terminal. However, 60 per cent do not always shield their PIN if they believe nobody can see them entering it, and 37 per cent do not always shield their PIN even if they believe somebody can see them entering it.

READ MORE »

March 13, 2006

Canada Commits To Complete Chip Migration By 2010

Members of the Canadian payment card industry -- Interac Association, MasterCard Canada Inc., Visa Canada Association, and many of their respective card issuers and acquirers -- have announced a firm commitment to a broad industry migration to chip technology beginning with deployments next year and migration completion scheduled for 2010.

READ MORE »

November 30, 2005

Canada: Whatever Happened To Interac Online, Anyway?

Interac OnlineD.L. McCracken reports for HalifaxLive.com on the surprising lack of interest among Canadian online merchants in supporting the Interac Online debit payment service.

According to McCracken, "apparently most online merchants have decided that adding a debit payment option is just not high on their list of priorities." The service announced that its first transaction was processed in June.

READ MORE »

July 22, 2005

Canada Loves its INTERAC Debit Cards

Garth Buchholz writes for InformIT.com on Canada's INTERAC PIN-based debit card system.

READ MORE »

June 07, 2005

Canada's Interac Moves To ECommerce

Moneris Solutions has announced that it has processed the first Interac Online transaction in Canada. Interac Online is a new service that allows Canadians to pay for goods and services purchased on the Internet directly from their bank account.

READ MORE »

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