Fraud Protection

Credit card fraud costs companies, their cardholders and credit card issuers hundreds of millions of dollars each year. 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.

Scotia Fraud Alerts offer 24/7 fraud notification at no additional cost and without added enrolment requirements.

If we notice an unusual transaction on an account based on typical activity, we’ll block it and immediately text, email, or call the cardholder to confirm the purchase. The alerts should happen in real-time and can be resolved quickly, 24/7.

Alerts will always include the last four digits of the card number, merchant name, and approximate transaction amount

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. Financial institutions, the police, and merchants will never 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.
Never give out account or personal information over the phone including bank account and credit card details, passwords, PINs and SIN. Legitimate organizations will not need this information to verify you.
Do not give your account number over the phone unless you initiated the call and have verified you are dealing with a reputable merchant.
Hang up on suspicious calls immediately.
Scotiabank will never call and ask you for a one-time code (such as OTP), PIN, or password.
Remember, Scotiabank will not call you, send you emails or text messages, or present you with unexpected web pages asking you to validate or restore your confidential information such as your password, PIN, access code, credit card, account numbers, or account access.

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

This article is published or provided by Scotiabank to keep our customers and friends informed of new and important banking news, issues and practices. This article is not intended to provide legal, accounting or taxation advice as individual situations will differ. Prior to implementation, any practices or procedures should be discussed with your lawyer, accountant, business advisor and security consultant.