How Does Chexy Keep My Information Secure?
Here at Chexy, we understand how important security is, especially when dealing with sensitive financial data. Here are the key ways we protect your data:
Identity Verification using Plaid: During our onboarding process, all users are required to verify their legal identity using Plaid. This helps protect users from identity theft and allows us to screen for fraudulent users.
Raw Card Data: Your raw card data is never stored in our system in any form — not in our databases, caches, or logs. Once it's forwarded to our third-party payment processor via the latest HTTPS/TLS protocols, its lifecycle on our end is terminated. No Chexy employee has access to the full unencrypted card information.
PCI Compliance: Chexy is PCI Type D compliant. This means we adhere to stringent requirements to ensure the safe handling and transmission of cardholder data. We conduct quarterly security scans and assessments through our Payment Service Provider (PsiGate) to ensure we are always at the forefront of security best practices.
Data Retention: We don't hold onto your data any longer than necessary. Upon your request, we will promptly delete any personal data we have stored, in accordance with applicable legal and ethical reporting or document retention requirements. To delete your data, simply reach out to our customer support team.
How to Avoid Scams and Identity Theft
Fraud manifests in many ways, but recently, scams and identity theft have seen a significant rise. Scammers commonly reach people through phone calls, emails, online platforms, or text messages. They often employ high-pressure tactics to get victims to transfer money immediately, which is a clear warning sign of fraud.
What Is Identity Theft?
Identity theft occurs when someone unlawfully obtains your personal details and uses them for financial gain. In simple cases, they may steal your credit card information. In more severe instances, with access to details like your Social Insurance Number or home address, thieves can apply for credit cards or loans under your name.
Signs of Identity Theft
Unfamiliar charges on your credit card
Sudden drops in your credit score
Notifications of new credit card or loan applications
Unexplained address changes for accounts
Missing bills or statements
Denied loan applications without reason
Contact from a collection agency for accounts you didn't open
Recognizing Scams
By phone:
Legitimate companies or government bodies won't call you without prior contact
Requests for personal information like your SIN or date of birth are likely fraudulent
Demands for immediate payment, especially from someone claiming to be the CRA, are highly suspect
Threats of arrest or deportation mean the call is fake
By email/online:
Suspicious-looking links or requests for personal details are red flags
Be wary of deals that seem too good to be true
Check the domain carefully — fraudsters may use subtle differences
Ensure websites are secure by looking for "https://" in the URL
Protecting Yourself
Create Strong Passwords and PINs: Use a combination of upper and lower case letters, symbols, and numbers. Consider a password manager and enable two-factor authentication (2FA).
Monitor Your Credit Report: Regularly check your credit report for unusual activity. You can request a free report from Equifax and TransUnion annually.
Be Cautious on Social Media: Avoid oversharing details like a pet's name or vacation plans that could answer common security questions.
Be Vigilant in Public: Avoid using public WiFi and be cautious when entering your PIN at ATMs or gas stations.
Review Transactions Regularly: Scrutinize your credit card statements for any unrecognized charges.
Don't Fall for Phishing Attempts: Don't click on unsolicited links or provide details unless you initiated the contact.
If You're a Victim of Fraud
Stay Calm: Gather all relevant documents and confirm the fraud before taking further action.
Contact Financial Institutions: Reach out to the fraud department of your bank or credit card issuer to freeze your accounts.
File a Police Report: A police report may be necessary for the investigation.
Set Up Fraud Alerts: Request fraud alerts with credit bureaus to prevent further unauthorized activity.
Common Scams to Watch Out For
CRA Scam: Fraudsters pose as CRA officials, claiming you owe money and threatening arrest. Legitimate CRA communications will never demand payment through unconventional methods like Bitcoin or gift cards.
Government Scams: Targeting newcomers, fraudsters claim you owe money and must pay to avoid deportation.
Fake Emails and Prizes: Be wary of anyone asking for personal details in exchange for money or prizes.