While scrolling through your recent TD credit card transactions on your TD app, you notice one that looks unfamiliar. It’s a transaction in US currency at a store you’ve never heard of before.
You know you didn’t make this purchase and suspect there’s been a fraudulent transaction made on your credit card. Your stomach sinks. Your TD credit card has been compromised.
Credit card-related financial fraud is not uncommon in Canada. According to an Ipsos poll conducted on behalf of the Chartered Professional Accountants of Canada in early 2023, 43% of all Canadians said they had knowingly been the victim of a fraud or a scam, with credit card fraud being the most commonly reported type of fraud or scam.
At the same time, the median loss to credit card fraud victims is $742, according to the 2022 Canada Risk Report compiled by the Better Business Bureau Institute for Marketplace Trust, an organization that aims to reduce consumer-related fraud.
“Unfortunately, credit card-related fraud can happen,” said Adrienne Vickery, Associate Vice President, Canadian Fraud Management.
“TD has multiple preventative measures in place, such as 24/7 monitoring, contacting customers directly if there is suspected fraud on their account, and text-based fraud alerts if we have a customer’s mobile number on file. If you suspect a fraudulent charge on your TD credit card, here’s what you can do.”
Report the suspected fraudulent charge to TD and dispute it
As soon as you suspect…