Fraud Protection

Credit card fraud costs companies, their cardholders and credit card issuers hundreds of millions of dollars each year. Even though Visa1Commercial Card fraud occurs in less than one percent of all VISA1Commercial Card transactions about 1/10th the rate experienced in the retail card environment, the cost and inconvenience can still be significant. While it's not always possible to prevent all credit card fraud from happening, there are some things we can all do to make it more difficult for fraud to occur.

Bank Tools & Procedures

Scotiabank has numerous system tools (featuring advanced security protocols and built-in fraud deterrents) and investigative procedures in place for guarding your program against fraud in all environments. Additionally, we are always updating and adding to these tools to keep on top of any emerging fraud trends.

Track Activity Via the Internet

In order to better combat fraud, you and your cardholders also need to engage in some preventative measures. Credit-based transactions happen in a flash, so don't wait for the end of the month to view spending activity. Your Commercial Card program gives you the tools to control and monitor credit-based spending more often. Statements delivered via the Internet and your web-based reporting capabilities enable you to quickly identify suspicious activity and take corrective action, based on your card-specific parameters.

Card Protection

Some additional basic fraud tips for you and your cardholders:

  • Sign your card on the signature panel as soon as you receive it.
  • Protect your cards as if they were cash; never let them out of your sight.
  • Don't leave your Commercial Card in your vehicle. An alarmingly high proportion of all credit card thefts are from motor vehicles.
  • Never write down your PIN-memorize it. And, never disclose your PIN to anyone. Be aware that financial institutions, the police, and merchants should not ask you to disclose your PIN. You are the only person who needs to know it. When selecting a PIN, always avoid the obvious: your name, telephone number, date of birth, or any simple combination thereof.
  • Ensure that you get your card back after every purchase.
  • Always check sales vouchers for the correct purchase amount before you sign them, and keep copies of your vouchers and ATM receipts. Then, always check your billing statement and verify the amounts of your purchases.
  • Don't volunteer any personal information when you use your Commercial Card, other than by displaying personal ID as requested by a merchant. Do not give your account number over the phone unless you initiated the call and you have verified you are dealing with a reputable merchant.

For more information or if you have any questions, please contact your Scotiabank Program Manager or email us at commercialcard@scotiabank.com