Montreal trying to curb credit card fraud

[img_assist|nid=8452|title=|desc=|link=none|align=left|width=100|height=79] In Canada the daily amount of funds to be withdrawn from automated banking machines will be reduced by the Bank of Montreal. The action is directed to decrease fraud cases.

Thus the previous limit that amounted to $1,000 will be cut to $500 per day, according to the statement of BMO director of communications, Ron Monet. The necessity of these measures is mainly related to the customers who normally never withdraw the daily maximum limit.

"It's another feature, part of an overall effort to reduce our customers' exposure to debit-card fraud," Monet said. "As a financial institution as well it protects us."

The losses on bank-card fraud last year made up $160,000, 11% higher than the year before.

"In recent years there has been a growth of debit-card fraud, although we've experienced a decreasing phenomenon over the past quarter or so in the past year," he said.