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Article: CANADA INTRODUCES NEW DEBIT CARD RULES.(Canadian Code of Practice for Consumer Debit Card Services)(Brief Article)
- Article from:
- Cardline
- Article date:
- October 7, 2005
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A new version of Canada's voluntary code of practice for debit cards issuers, the Canadian Code of Practice for Consumer Debit Card Services, was introduced on Friday. The main changes concern claims of fraudulent or unauthorized transactions involving Canadian debit cards. "The onus is now on the financial institution issuing the PIN (personal identification number) to the cardholder to prove the consumer did not suffer fraud," a spokesperson for the Financial Consumer Agency of Canada, an Ottawa-based federal watchdog, tells CardLine. "If the PIN issuer decides that not all funds should be reimbursed to the consumer, the issuer is responsible for showing that, on the ...