Debit Card Fraud - How much could you lose?

Debit Card KnightProtecting Yourself Against Debit Card Fraud

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How much could you lose?

If you have not contributed to the unauthorized use, you should not be held liable.

But, if you have contributed to the unauthorized use, your liability is normally limited to the daily limits set by your financial institution. Most set a daily limit for cash withdrawals at ATMs and a separate daily limit for purchases at point of sale terminals. For example, the following daily transaction limits could apply:

Cash at ATMs
$1,000
Purchases at point of sale terminals
$2,000

Total Daily Limit
$3,000

Note: limits vary depending on the institution and the cardholder's agreement

Be aware that the funds taken could far exceed the balance of your chequing account. For example, if you have only a few dollars in your account you could still lose an amount up to your daily limit, every day. This could occur if your account is linked to overdraft protection, a line of credit, other accounts, or if a thief, who obtains your card and PIN information, deposits a false cheque into your account for a large amount, and then withdraws cash and makes purchases against the false deposit.