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11/03/2010 -
Canada's debit and credit card processing industry is booming. TD Canada Trust reports that there are 34 million debit cards and 69 million credit cards in circulation in the country, and that the number of debit transactions rose from 3.7 billion in 2008 to 3.8 billion in 2009. Interac numbers reveal that Canada has the second highest use of debit cards in the world, second only to Sweden.However, despite this rising prevalence, the security of debit and credit card processing is a concern for many Canadians.
TD Canada Trust's latest Fraud Prevention Poll, released Thursday, found that 40 percent of Canadians are "very" or "extremely" concerned about becoming a victim of payment processing fraud in the future. In addition, one-third of Canadians said they have already been a victim.
However, TD Canada Trust reassured Canadians that "these types of incidents make up a fraction of one percent of debit and credit card transactions," said Christine Morris, vice president of account recovery and fraud management for the bank.
Canadian businesses whose merchant services include debit and credit card processing are advised to take this data as an indication that they should work to convince consumers of the security of their payment processing infrastructure, through measures such as keeping POS terminals up-to-date and installing surveillance cameras, experts say.
