Canadian retailers impacted by credit card scams [Video]

Retailers across Canada are facing mounting pressures as a wave of credit card scams sweeps through the industry, leading to significant financial losses.

“Scammers will contact usually small businesses in and around Nova Scotia and make large purchases of things like tires, furniture, generators, ATVs [and] that kind of thing,” said Const. Mitch Thompson, Nova Scotia RCMP officer.

According to the Retail Council of Canada, credit card scams have been a problem for the last three years and impacts retailers’ bottom line.

“It’s the retailer that’s on the hook when there’s fraud done through the use of credit cards. It’s really challenging,” explained Jim Cormier, director of the Atlantic division Retail Council of Canada.

Police criminals steal credit card information and use them to place large orders online or over the phone.

“[Once] transactions go through, usually the fraudster will set up a third-party transport to pick up the item and deliver it out of province,” …