Editing Interac (section)

===Interac Direct Payment (IDP)===
Interac Direct Payment (IDP) is Canada's national [[debit card]] service for purchasing of goods and services. In 1990 Interac launched a new pilot called Interac Direct Payments. Customers enter their [[personal identification number]] (PIN) and the amount paid is deducted from either their chequing or savings accounts.
As of 2001, the number of transactions completed via IDP has surpassed those completed using physical money.<ref>{{cite web|last=Buchholz |first=Garth A. |url=http://www.informit.com/articles/article.aspx?p=394507&seqNum=5 |title=INTERAC Milestones in Canada &#124; Electronic Cash Payments: Canada Loves its Debit Cards, but Will the Cashless Revolution Happen in the U.S.? |publisher=Pearson Education|work=InformIT |date=22 July 2005|access-date=18 October 2013}}</ref>
Beginning in 2004, IDP purchases could also be made in the United States at merchants on the [[NYCE]] network.
IDP is similar in nature to the [[EFTPOS]] systems in use in the United Kingdom, Australia and New Zealand.

Interac Direct Payment is a PIN-based system where the information entered on the PIN pad is encrypted and verified at a central server, rather than being stored on the card itself{{citation_needed|date=July 2024}}. Because of this, it is significantly more secure than traditional signature or card-based transactions{{dubious|date=July 2024}}{{citation_needed|date=July 2024}}. Despite these security features, there are ongoing fraud concerns, particularly when debit cards are ''duped'' or ''skimmed''&nbsp;— a compromised [[automated teller machine]] or point-of-sale terminal will record the account information contained in the magnetic strip of the card, allowing for duplicate cards to be created at a later time. The owner of the card is then secretly video taped or observed entering their PIN, allowing a criminal to use duplicate cards to make fraudulent purchases.

====Interac chip cards====
In 2007, Interac announced it would be moving to [[EMV]] [[Smart card|chip card]] technology.<ref>{{cite web |url=http://www.interac.ca/consumers/chip.php |title=What is Chip Technology &#124; Interac |publisher=Interac.ca |date=31 December 2012 |access-date=18 October 2013 |archive-date=5 August 2012 |archive-url=https://web.archive.org/web/20120805220631/http://www.interac.ca/consumers/chip.php |url-status=dead }}</ref><ref>{{cite web|title=Interac Association Chip Guide|url=http://epossuppliers.com/interac-association-chip-guide/|publisher=EPOSS|access-date=22 May 2014|archive-url=https://web.archive.org/web/20160107105959/http://epossuppliers.com/interac-association-chip-guide/|archive-date=7 January 2016|url-status=dead|df=dmy-all}}</ref> The main benefit to this technology over the existing magnetic stripes is that the chips are almost impossible to copy due to high levels of encryption.