Credit and Debit Card Fraud

Learn about Credit and Debit Card Fraud

Credit and Debit Card Fraud occurs when the information contained on your debit card is stolen and used to obtain funds from your account without your authorisation. Card reading devices are used to obtain the electronic data from the magnetic stripe on your card, and hidden cameras or false Personal Identification Number (PIN) pads are used to obtain your personal access code. That's why it is imperative that you protect your PIN.

 

Common Types of Credit & Debit Card Fraud

 

How We Work to  Combat Credit & Debit Card Fraud

  • Counterfeit:

    • Duplicating legitimate cards which are then used for fraudulent activities

 

  • Card Not Present:

    • Unauthorised usage of credit card information for fraudulent activities over the internet, phone or mail

 

  • Lost/Stolen:

    • Unauthorised usage of a credit card as a result of it being lost or stolen

 

  • Identity Theft:

    • Obtaining personal or financial information of another person for the purpose of assuming that person's name to engage in fraudulent activities

 

 

 

 

  CIBC FirstCaribbean helps to protect you from unauthorised use of your credit and debit card. We communicate and work with law enforcement agencies, regional Bankers Associations and other financial institutions on an ongoing basis to

protect you from credit and debit card fraud. Despite our best efforts, you still need to take precautions to reduce your risk of becoming a fraud victim.

While a CIBC FirstCaribbean credit or debit card is generally a secure payment method, credit card fraud can still occur. As a VISA and MasterCard member, CIBC FirstCaribbean is committed to helping protect our clients from credit card fraud.

We continue to make a significant investment in security networks and in training experts who are constantly monitoring and investigating suspicious incidents as they relate to credit card usage. In many cases, CIBC FirstCaribbean is able to proactively identify unusual transactions that could indicate fraudulent activities on a credit card. For instance, CIBC FirstCaribbean may request a merchant to call us for verification that it is you, the legitimate cardholder, conducting the transaction.

 

 

 

 

 

 

 

 

 

Liability if your card is used fraudulently

 

How you can protect yourself from Card fraud

Credit Cards

If you are a confirmed victim of fraud and you have met your obligations under CIBC FirstCaribbean's Credit Card Cardholder Agreement, you will not be held liable for the associated losses.

Review your Credit Card Cardholder Agreement for additional details.

 

 

Debit Cards

If you are a confirmed victim of fraud and you have met your obligations under CIBC FirstCaribbean's Visa Debit Cardholder Agreement, you will not be held liable for the associated losses. Review your Visa Debit Cardholder Agreement for additional details.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Here are some precautions you can take to safeguard yourself and avoid becoming a victim of debit or credit card fraud:

  • Your debit card and PIN are the keys to your account(s). Never disclose your PIN to anyone or you could be liable for losses. You are the only person who should know it
  • Regularly check your billing statements or passbook to verify all transactions have been properly documented. If entries do not accurately reflect transaction activities (e.g. if there are missing or additional transactions), you should contact your CIBC FirstCaribbean immediately
  • If your debit card is lost, stolen or retained by a bank machine, notify a CIBC FirstCaribbean branch or call the CIBC FirstCaribbean Customer Care and Contact Centre immediately at 1 866 743 2257
  • Memorise your PIN. If you suspect that someone knows your PIN, change it immediately or notify a CIBC FirstCaribbean branch or call the CIBC FirstCaribbean Customer Care and Contact Centre immediately at 1 866 743 2257
  • When selecting your PIN, never use obvious information. You could be liable for losses if you create your PIN or Password by using easily guessed numbers such as your telephone number, date of birth, address or social insurance number 
  • Sign your credit or debit card on the signature panel as soon you receive it
  • Never give credit card or personal information over the phone, unless you have initiated the call and you have verified you are dealing with a reputable merchant
  • Sign up for Online Banking and download our Mobile App – Enable Card Security Controls and Mobile Location Confirmation features. Learn more here>>

 

 

 

Contact Us

If you suspect you have been a victim of fraud, call us at 1 866 743 2257 or email us at fraud@cibcfcib.com.