Credit Card Fraud

Information about credit card fraud and security

CIBC helps to protect you from unauthorized use of your credit card. We communicate and work with law enforcement agencies, VISA, interac, the Canadian Bankers Association, Credit Reporting Agencies and other financial institutions on an ongoing basis to protect you from credit card fraud. Despite our best efforts, you still need to take precautions to reduce your risk of becoming a fraud victim.

What are the common types of credit card fraud?

Counterfeit: duplicating legitimate credit cards which are then used for fraudulent activities
Card Not Present: unauthorized usage of credit card information for fraudulent activities over the internet, phone or mail
Lost/Stolen: unauthorized 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

What is CIBC doing to combat credit card fraud?

While a CIBC credit card is generally a secure payment method, credit card fraud can still occur. As a VISA member, CIBC 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 is able to proactively identify unusual transactions that could indicate fraudulent activities on a credit card. For instance, CIBC may request a merchant to call us for verification that it is you, the legitimate cardholder, conducting the transaction.

We are also investing in long-term solutions to make credit cards more secure. We continue to work with VISA and other Canadian Financial Institutions to establish and evaluate standards that will allow credit card issuers to move to a more secure computer chip technology for credit card transactions (replacing the current magnetic stripe technology).

What can I do to protect myself from credit card fraud?

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

Treat your cards as if they were cash
Never write down or disclose your Personal Identification Number (PIN), or choose easy-to-guess PINs (such as your address or birthday), or you could be liable for losses
Sign your 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
Check billing statements and purchase amounts against receipts, and immediately report any unauthorized transactions to CIBC
Know who has access to your cards
Report lost or stolen cards to CIBC immediately at 1-800-465-4653
Use your hand or body to shield your PIN from onlookers when you are conducting transactions at a bank machine or at the point-of-sale
If you receive a message from CIBC regarding a potential fraud situation, contact us immediately.

What is my liability if my credit card is used fraudulently?

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

If I suspect I have been a victim of credit card fraud or my card has been lost/stolen, what should I do?

Call us at 1-800-465-4653 (Canada or US)
Call us at 514-861-4653 (Outside Canada or US)

For additional information, visit:
VISA Canada
interac Association
CIBC CreditSmart