by yncuniversity | Jan 21, 2025 | Fraud Prevention
THE CRUCIAL ROLE OF REGULARLY UPDATING INFORMATION
January 22, 2025
In the fast-paced world of modern finance, where technological advancements and changing circumstances are constant, maintaining up-to-date information with your credit union is not just a formality but a crucial part of responsible financial management.
At YNCU, protecting our members is our top priority. To enhance security and reduce the risk of fraud, we will regularly ask members to update and verify their personal information. Keeping your details current helps us safeguard your accounts and provide secure, reliable service.
Here’s why regular updates with your financial institution are of paramount importance:
Security and Fraud Prevention
Keeping your contact details, such as phone numbers and email addresses, current with your credit union ensures that we can promptly reach you in case of any suspicious activity on your accounts. Timely communication is vital for preventing and addressing potential fraud, identity theft, or unauthorized transactions.
Effective Communication
Financial institutions often rely on electronic communication for various purposes, including account statements, transaction alerts, and important updates. If your contact information is outdated you may miss critical messages, leading to potential misunderstandings, missed payments, or overlooked opportunities.
Account Verification and Access
Regularly updating your personal information helps streamline the account verification process. In cases where you need assistance or access to your account, accurate details such as address, phone number, occupation/employer, and email become essential. This ensures a smoother experience when interacting with your credit union.
Compliance with Regulations
Financial institutions are obligated to comply with regulatory requirements, including customer identification and verification procedures. Keeping your information current helps your credit union fulfill these legal obligations, ensuring a transparent and accountable financial system.
Efficient Service Delivery
Updated information enables financial institutions to provide better and more efficient services. Whether it’s processing loan applications, issuing new cards, or resolving account-related issues, having accurate details ensures a quicker and more precise response from your credit union.
Emergency Situations
During unforeseen events, such as natural disasters or emergencies, banks may need to reach out to their customers quickly. Updated contact information is crucial in such scenarios to convey important instructions, offer support, or provide information about service disruptions.
Changes in Personal Circumstances
Life is dynamic and circumstances change. If you move to a new address, change your phone number, change jobs, or update your email, informing your bank ensures that your financial records align with your current situation, preventing potential complications.
Access to Modern Banking Features
Banks frequently introduce new technologies and services to improve customer experience. Updating your information ensures you have access to the latest features, whether it’s mobile banking, online transactions, or digital security enhancements.
Information that should be regularly updated include the following:
- Name change
- Address
- Phone Number(s) – think of both landline and mobile
- Email address (es)
- Valid Photo Government Issued ID and expiration date
- Occupation and Employer
In conclusion, maintaining accurate and up-to-date information with your financial institution is not just a matter of compliance but a proactive step towards securing your financial well-being. It contributes to a smoother, more secure, and efficient banking experience, ultimately empowering you to manage your finances responsibly in an ever-evolving financial landscape. Regularly reviewing and updating your information is a small yet impactful way to stay in control of your financial situation and financial safety.
YNCU members, if you know, or think you are a victim of a scam, please contact our Service Excellence Centre at 1-800-413-YNCU (9628). You can also contact the Canadian Anti-Fraud Call Center at 1-888-495-8501.
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by yncuniversity | Dec 10, 2024 | Fraud Prevention
Keeping Your Finances Safe this Festive Season
December 10, 2024
As the hustle and bustle of the holiday season arrives, many of our members will experience a short-term change in their spending habits. Many of us are spending more at places where we may not usually shop, and we may not be as diligent with our finances as we are the rest of the year due to the business of the season. We are also susceptible to more scams, like those listed below.
Online Shopping is where we are at the highest risk because this is often such a big part of our holiday spending. The most common things we suggest watching out for are:
- Fake websites
- Fake product listings
- Fake shipping notifications
- Parcel redelivery or delivery delay scams
- Fake event tickets being sold
Charity Scams also ramp up this time of the year as the giving spirit is upon us. These may look like:
- Fake charities
- Fake donation requests
- Crowdfunding scams
Confidence Scams work by exploiting your social or parasocial (“one-sided relationships, where one person extends emotional energy, interest and time, and the other party, the persona, is completely unaware of the other’s existence.”) relationships to trick you into giving up information or money. Keep an eye out for:
- Fake contests and giveaways
- Impersonation scams: family/friends or celebrities
- Phishing for gift cards
- Fake travel or timeshare scams
Romance Scams also spike around the holidays, as they take advantage of the loneliness some might experience during the holidays.
Skimming is something to always be aware of. We urge you to check that there is not anything added onto the chip reader of a machine you are using. They can be added quickly, and we are more likely to miss them as we are rushing to get the shopping done.
How to Protect Yourself:
- Verify websites: Always double-check URLs and look for secure payment methods when shopping online (e.g., secure payments via PayPal or credit card).
- Navigate to websites independently: Rather than clicking a link, we suggest navigating to the website by typing in the website address to avoid malicious links.
- Watch out for suspicious emails: Be cautious of unsolicited emails, especially those claiming to be from well-known retailers, delivery services, or charities.
- Do not share personal information: Never share sensitive personal information (like gift card details or bank account information) unless you are sure the request is legitimate.
- Use credit cards: For online purchases, use credit cards with fraud protection rather than debit cards, which might be harder to recover funds from.
- Research charities: Before donating, research organizations to ensure they are legitimate. Websites like this one provided by the Canadian Government, can help verify nonprofits.
- Avoid high-pressure requests: Scammers often create a sense of urgency, but legitimate businesses and family members will not demand immediate financial help, especially through gift cards.
Don’t let these fraudsters turn your festive season into a finance nightmare. Stay vigilant!
YNCU members, if you know, or think you are a victim of a scam, please contact our Service Excellence Centre at 1-800-413-YNCU (9628). You can also contact the Canadian Anti-Fraud Call Center at 1-888-495-8501.
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by yncuniversity | Nov 18, 2024 | Fraud Prevention
How to Respond or React to Potential Scam Alerts
November 19, 2024
Before responding to a potential scam, it’s crucial to consider several factors to protect yourself from falling victim to fraudulent schemes. Here are some things to think about:
1. Sender’s Identity – Consider the identity of the sender. Is it someone you know and trust, or is it an unknown entity? Scammers often impersonate trusted organizations or individuals to deceive victims. Look for subtle changes. Attackers often make very small changes to an email address that might be easy to miss at first glance. A common tactic is replacing letters with numbers or characters that look similar, like replacing “l” with “1” or “o” with “0”. They might also use a domain that’s close but not identical, like “@googlemail.com” instead of “@gmail.com” or something like “@paypal-support.com” instead of “@paypal.com”.
2. Urgency – Scammers often create a sense of urgency to pressure victims into making hasty decisions. Take a moment to assess whether the request seems excessively urgent or if there’s a deadline imposed on you.
3. Do Not Engage – Refrain from engaging further with the sender if you suspect it’s a scam. Avoid responding to emails, clicking on links, or providing any personal information.
4. Request for Personal Information – Be wary of any requests for personal or sensitive information, such as passwords, social insurance numbers, or financial details. Legitimate organizations typically won’t ask for such information via unsolicited emails or messages.
5. Unsolicited Communications – If you receive unsolicited communications, especially those related to financial matters or offers you didn’t sign up for, approach them with caution. Legitimate businesses usually don’t reach out randomly.
6. Verify the Source – Take steps to verify the authenticity of the sender or the organization contacting you. Check official websites, contact numbers, or customer service channels to confirm the authenticity of the communication.
7. Grammar and Spelling – Pay attention to the language used in the communication as well as the spelling. Scam emails or messages often contain grammatical errors, spelling mistakes, or awkward phrasing.
8. Links & Attachments – Avoid clicking on suspicious links or downloading attachments from unknown sources. These could be in emails or phone text messages. These could contain malware or lead to phishing websites designed to steal your information.
9. Educate Yourself – Familiarize yourself with common scam tactics and stay informed about the latest scams circulating online. This knowledge will help you recognize and avoid similar threats in the future.
10. Trust Your Instincts – If something feels off, too risky, or too good to be true, trust your instincts and err on the side of caution. It’s better to be safe than sorry when dealing with potential scams.
By considering these factors and exercising vigilance, you can better protect yourself from falling victim to scams and fraudulent schemes. When in doubt, it’s always wise to consult with trusted friends, family members, or financial advisors before taking any action.
YNCU members, if you know, or think you are a victim of a scam, please contact our Service Excellence Centre at 1-800-413-YNCU (9628). You can also contact the Canadian Anti-Fraud Call Center at 1-888-495-8501.
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by yncuniversity | Oct 3, 2024 | Fraud Prevention
How to Spot a Fraudulent Cheque: Key Signs and Risks
October 3, 2024
Fraudulent cheques can cause significant financial loss and legal trouble. With the rise of mobile banking, cheque fraud schemes have evolved, and it’s important to know how to identify a fake cheque.
Here are some key signs to look for and risks to be aware of:
The Form: “Mobile Deposit Only” is Not a Valid Cheque
One of the first red flags of a fraudulent cheque is the phrase “Mobile Deposit Only” or any similar wording. This form is not considered a valid cheque by financial institutions. The phrase suggests that the cheque is only intended for mobile deposit, but legitimate cheques should not have such restrictions printed on them. If you come across a cheque with this phrase, it is best to treat it with suspicion.
What to Look for on a Cheque
To identify a fraudulent cheque, carefully examine these key elements:
- Check the Details: Ensure the cheque has all the necessary details, including the payer’s name, the bank’s name, the cheque number, and a valid date. Missing or incomplete information can be a sign of fraud.
- Check for Alterations: Look for signs of tampering, such as erasures, corrections, or overwriting. Any irregularities could mean the cheque has been altered.
- Pay Attention to Printing Quality: A legitimate cheque usually has high-quality printing with clear, consistent fonts. Fuzzy or distorted printing can indicate that a cheque has been forged or created using low-quality printing methods.
- Verify the Bank Details: Ensure that the cheque contains the correct bank name, address, and logo. Fraudsters often use incorrect or outdated information to make a cheque appear legitimate.
- Inspect the MICR Line: The MICR (Magnetic Ink Character Recognition) line at the bottom of the cheque contains the routing number, account number, and cheque number. Check for irregularities in font size or spacing. Real cheques are printed with magnetic ink; counterfeit cheques often use standard ink.
Additional Risks Involved in Cheque Fraud
There are several risks associated with cheque fraud, including:
- Financial Loss: If a fraudulent cheque is deposited, and it bounces, you could be held responsible for the amount, potentially resulting in significant financial loss.
- Legal Consequences: Depositing a fraudulent cheque, even unknowingly, can lead to legal complications. A financial institution could report suspicious transactions to authorities, and the depositor could face investigation.
- Identity Theft: Fraudulent cheques are often part of broader schemes, like identity theft. If you provide personal information to a fraudster, it can be used for further fraudulent activities.
Being vigilant and knowing the warning signs of a fraudulent cheque can help protect you from financial loss and legal risks. Always examine cheques carefully, especially if they contain unusual phrases like “Mobile Deposit Only.” When in doubt, contact your financial institution to verify the cheque’s authenticity before taking any action.
YNCU members, if you know, or think you are in possession of a fraudulent cheque, please contact our Service Excellence Centre at 1-800-413-YNCU (9628). You can also contact the Canadian Anti-Fraud Call Center at 1-888-495-8501.
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by yncuniversity | Sep 13, 2024 | Fraud Prevention
HOW TO MAKE A STRONG PASSWORD
September 13, 2024
Creating a strong password is crucial for protecting your online accounts from unauthorized access. If your online accounts get hacked, the consequences can be severe and far-reaching. Unauthorized access to your accounts can lead to identity theft, as hackers might steal personal information like your Social Insurance Number, financial details, and other login credentials. This can result in fraudulent transactions, ruined credit scores, and significant financial losses. Additionally, sensitive information, such as private messages or personal photos, could be exposed or used to blackmail or manipulate you. On a broader scale, compromised accounts can jeopardize your professional reputation if work-related information is accessed or misused. The aftermath of a hack often involves a complex and time-consuming process to regain control, secure your accounts, and address any damage caused. Taking preventive measures and practicing good digital hygiene can help mitigate these risks.
Here are some tips to help you craft an effective and fraud-proof password.
1. Length Matters – Aim for a password that’s at least 12 characters long. The longer the better.
2. Use a Mix of Characters – Include a combination of uppercase letters, lowercase letters, numbers, and special characters such as @, #, $, %.
3. Avoid Common Words – Stay away from using easily guessable words like ‘password’, ‘123456’, ‘qwerty’, or common phrases. These are the first things hackers try.
4. Randomness is Key – Generate your password randomly rather than using personally identifiable information like your name, birthdate, or pet’s name.
5. Passphrase – Consider using a passphrase, which is a sequence of words or a sentence. It’s easier to remember and harder to crack if long enough.
6. Do NOT reuse passwords – Each of your accounts should have a unique password. Reusing passwords across multiple accounts can lead to devastating security breaches if one account is compromised.
7. Change Regularly – Regularly change your passwords, especially for critical accounts like email and banking.
8. Use a Password Manager – Consider using a password manager to generate and store complex passwords securely. This way, you only need to remember one strong master password.
9. Stay Private – Avoid sharing your passwords with anyone and refrain from storing them in easily accessible places like sticky notes on your desk or unencrypted files on your computer.
10. Two-Factor Authentication (2FA) – Whenever possible, enable two-factor authentication for an extra layer of security, even if someone manages to obtain your password.
Remember, the goal is to make it as difficult as possible for hackers to guess or crack your password while still being memorable enough for you to use without having to write it down.
YNCU members, if you know, or think you have been a victim of your personal banking information being compromised, please contact our Service Excellence Centre at 1-800-413-YNCU (9628). You can also contact the Canadian Anti-Fraud Call Center at 1-888-495-8501.
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by yncuniversity | Aug 1, 2024 | Fraud Prevention
Beware of Phishing: How to Detect & Respond to Suspicious Emails
August 1, 2024
In today’s digital age, phishing has become a prevalent threat to online security. Phishing attacks involve fraudulent attempts to obtain sensitive information, such as usernames, passwords, and credit card details, by masquerading as a trustworthy entity in electronic communities. These deceptive emails often appear legitimate, making it crucial for individuals to be vigilant and aware of the signs of phishing.
Spotting Phishing Emails:
- Check the sender’s email address: Pay close attention to the sender’s email address. Phishing emails often use email addresses that mimic legitimate sources but may contain slight variations or misspellings.
- Look for generic greetings: Phishing emails commonly use generic greetings like “Dear Customer” instead of addressing recipients by name. Legitimate organizations usually personalize their communications.
- Watch out for urgent requests: Phishing emails often create a sense of urgency, urging recipients to take immediate action. Be cautious of emails that pressure you to provide sensitive information or click on suspicious links hastily.
- Verify hyperlinks: Hover your mouse cursor over hyperlinks in the email to preview the destination URL. Be wary of URLs that don’t match the purported source or contain unusual characters.
- Inspect for spelling and grammar errors: Phishing emails often contain spelling and grammatical mistakes. Legitimate organizations typically maintain professional standards in their communications.
What To Do If You Receive a Phishing Email:
- Don’t click on suspicious links: Refrain from clicking on any links or downloading attachments in the email, as they could lead to malware or phishing websites.
- Report the email: Most email providers offer options to report phishing emails. By reporting the email, you help protect others from falling victim to similar scams.
- Delete the email: Safely delete the phishing email from your inbox and trash folder to avoid accidentally interacting with it in the future.
If You Fell For a Phishing Email:
- Change your passwords immediately: If you provided sensitive information in response to a phishing email, change your passwords for the affected accounts immediately to prevent unauthorized access.
- Monitor your accounts: Keep a close eye on your bank statements, credit reports, and other online accounts for any suspicious activity.
- Consider identity theft protection: If you’re concerned about identity theft, consider enrolling in an identity theft protection service to safeguard your personal information and financial assets.
Staying informed and vigilant is key to protecting yourself against phishing scams. By recognizing the signs of phishing emails and knowing how to respond appropriately, you can minimize the risk of falling victim to these deceptive tactics and safeguard your personal and financial information online.
YNCU members, if you know, or think you have been a victim of a phishing email and your personal banking information has been compromised, please contact our Service Excellence Centre at 1-800-413-YNCU (9628). You can also contact the Canadian Anti-Fraud Call Center at 1-888-495-8501.
Don’t forget to follow us on Instagram and Tik Tok for more Honest Money Talk tips!
