What is Interac?
It is a Canadian banking network that enables financial institutions (banks) to connect together in order to conduct online transactions. Interac is the leading debit card system in Canada. There are about 59,000 ATMs in this country which can be accessed through the Interac network.
You can use the Online service to pay for various services and products, directly with money from your bank account. As no financial information is disclosed to online retailers during the transaction, Interac is a fairly secure method. Even safer than credit cards. This service is based on a PIN code, which during transactions users write in a "PIN pad". This data is then processed directly on a central server, and is not stored on your card. This serves as an additional security step.
However, despite the security measures, there are still various concerns about fraud. Usually scams are mostly related to debit cards.
A defective ATM can reveal your card details. This leads to the risk of backing up the card at a later time by the perpetrators.
A criminal can then film you as you enter your card PIN at an ATM, and later act on the duplicate card from your bank account.
Interac also offers the option of electronic money transfers. This Interac service is made possible by CertaPay. This service allows customers who use online banking to send money to anyone with an email address and a bank account in Canada. Interac is offered today as a service by more than 300 businesses including: online stores, internet providers, lottery companies and online gambling and much more.