by yncuniversity | May 7, 2024 | Fraud Prevention
Navigating Domestic and International Wire Transfers: Requirements, Regulations & Essentials
May 7, 2024
In today’s interconnected global economy, the ability to swiftly transfer funds domestically and internationally is crucial for individuals and businesses alike. Whether it’s paying bills, purchasing goods and services, or facilitating transactions across borders, wire transfers have become a cornerstone of modern financial transactions. However, navigating the process of sending domestic and international wire transfers requires a clear understanding of the requirements, regulations, and essentials involved.
What are Domestic and International Wire Transfers?
Wire transfers are electronic transfers of money from one financial institution to another. They offer fast, secure, and reliable ways to move funds, making them ideal for situations where time is key. Domestic wire transfers involve sending money within the same country, typically within a single currency and banking system. International wire transfers, on the other hand, involve transferring funds across borders, often requiring currency conversion and adherence to international banking standards.
Requirements for Sending and Receiving Wire Transfers
Sending or receiving a wire transfer, whether domestic or international, typically requires certain information and documentation to ensure the smooth processing of the transactions. Here are the key requirements:
1. Account Information: You will need accurate account details for both the sender and the recipient, including their names, account numbers, and the receiving financial institution’s routing number (for domestic transfers) or SWIFT/BIC code (for international transfers).
2. Amount and Currency: Specify the amount to be transferred and the currency in which it will be sent. For international transfers, consider any currency conversion fees and exchange rates.
3. Purpose of Transfer: Some countries and all financial institutions require information about the purpose of the wire transfer, such as for bill payments, investments, or purchasing a product.
4. Identification: You will need to provide an original government-issued photo ID such as passport, driver’s license, Ontario Photo ID card, or Nexus card.
5. Fees and Charges: Be aware of any fees associated with wire transfers, including initiation fees, intermediary bank fees (for international transfers), and currency conversion charges.
YNCU Members! If you are expecting a wire transfer please contact your branch or our Service Excellence Centre to verify that you have accurate account and routing information. Confirm that your ID, occupation/employer, address, and phone number that we have on file are accurate and up to date and that the purpose of the wire is documented. This will expedite the process and reduce delays, as our employees will have to contact you if any information we have is outdated or missing.
If you need to send or receive a wire please contact one of our branch staff to provide you with the necessary information to expedite the process. They will be able to provide you with incoming and outgoing transfer information and update your required information in our banking system so there are no delays in the process. Please visit your local branch or contact our Service Excellence Centre at 1-888-413-YNCU (9628).
The process of sending wire transfers is governed by various rules and regulations at both the domestic and international levels. These regulations aim to prevent fraud, scams, money laundering, and the financing of illegal activities. Domestic and international wire transfers play a vital role in facilitating global commerce and financial transactions. Understanding the requirements, regulations, and essentials involved in sending wire transfers is essential for ensuring the smooth and secure transfer of funds. By adhering to regulatory guidelines, providing accurate information, and staying informed about fees, individuals and businesses can leverage wire transfers as a convenient and efficient method of moving money across borders.
Don’t forget to follow YNCUniversity on Instagram and Tik Tok for more Honest Money Talk tips and YNCU on Instagram, Facebook, and LinkedIn.
by yncuniversity | Apr 17, 2024 | Fraud Prevention
THE DEEPENING DANGERS OF DEEPFAKE AI
Wednesday, April 17, 2024
In recent years, the rise of deepfake technology has sparked widespread concern and fascination. Deepfake AI, powered by advanced machine learning algorithms, can manipulate digital content, including images, videos, and audio, to create convincingly realistic but entirely fabricated media. While technology presents numerous potential applications, from entertainment to artistic expression, its misuse poses significant risks to individuals, organizations, and society. Here, we explore the risks associated with deepfake AI and strategies to mitigate its harmful effects.
Misinformation and Fake News Epidemic
Deepfake AI has the potential to exacerbate the already rampant issue of misinformation and fake news. With the ability to create highly realistic videos of public figures saying or doing things they never actually did, malicious actors can manipulate public opinion, incite unrest, and damage reputations. Such content can spread rapidly across social media platforms, further blurring the lines between fact and fiction.
Political Manipulation & Election Interference
The use of deepfake technology in political contexts poses a significant threat to the integrity of democratic processes. Imagine a scenario where a deepfake video surfaces just days before an election, depicting a candidate engaging in illegal or immoral behavior. The repercussions could be devastating, potentially swaying public opinion, and altering the outcome of an election. Moreover, foreign adversaries could exploit deepfake AI to sow discord, undermine trust in institutions, and destabilize democracies.
Identity Theft & Fraud
Deepfake AI can also be leveraged for more personal and targeted attacks, such as identity theft and financial fraud. By superimposing someone’s face onto another person’s body in a video or using their voice in an audio recording, cybercriminals can deceive individuals or even sophisticated security systems. This opens the door to various malicious activities, including impersonation scams, unauthorized access to sensitive information, and extortion.
Erosion of Trust & Authenticity
As deepfake technology advances and becomes more accessible, there’s a growing risk of widespread erosion of trust and authenticity in media. With the prevalence of
manipulated videos and audio recordings, distinguishing between what’s real and what’s fake becomes increasingly challenging. This erosion of trust not only undermines the credibility of traditional media sources but also undermines public discourse and diminishes the shared reality upon which democratic societies depend.
Privacy Concerns & Consent
Deepfake AI raises profound privacy concerns, particularly regarding the unauthorized use of individuals’ likeness and voice. The ability to generate hyper-realistic simulations of people without their consent blurs the boundaries between public and private life, potentially exposing individuals to exploitation, harassment, or emotional distress. Moreover, the proliferation of deepfake content complicates the process of verifying the authenticity of consent in various contexts, such as in intimate relationships or legal disputes.
Steps You Can Take to Protect Yourself
Protecting oneself against the threats posed by Deepfake AI requires a combination of vigilance, technological measures, and awareness of potential risks. Here are some practical steps you can take to mitigate the impact of deepfake technology.
- Verify the Source
Before sharing or believing any content, especially if it seems sensational or controversial, verify the source. Check if the content is coming from reputable and trustworthy sources. Be cautious of content shared on social media platforms or websites with unknown credibility.
- Scrutinize the Content
Pay close attention to details within media content, such as inconsistencies in lighting, shadows, or unnatural movements, which may indicate manipulation. While deepfake technology is becoming increasingly sophisticated, there are often subtle signs that distinguish fabricated content from genuine material.
- Stay Informed
Stay informed about the latest developments in deepfake technology and the potential risks associated with it. Regularly consume news from reliable sources to understand how deepfakes are being used and the implications for society.
- Use Reverse Image Search
If you suspect that an image or video may be a deepfake, use reverse image search tools such as Google Images to see if the content has been circulated elsewhere
online. This can help determine the authenticity of the content and identify any instances of manipulation.
- Enable Two-Factor Authentication
Protect your online accounts, especially social media, and email accounts, by enabling two-factor authentication (2FA). This adds an extra layer of security by requiring a second form of verification, such as a code sent to your phone, in addition to your password.
- Be mindful of Personal Information
Be cautious about sharing personal information, such as photos or videos, on public platforms or with unfamiliar individuals. The more content available online, the greater the risk of it being manipulated or misused by malicious actors.
- Use Trusted Software
When downloading apps or software, stick to reputable sources such as official app stores or the websites of well-known companies. Avoid downloading apps from third-party sources, as they may contain malicious software designed to exploit vulnerabilities in your device.
- Educate Others
Spread awareness about the dangers of deepfake technology among friends, family, and colleagues. Encourage them to be cautious when consuming media content online and to adopt best practices for protecting themselves against potential threats.
- Report Suspected Deepfakes
If you come across content that you believe to be a deepfake, report it to the relevant platform or authority. Many social media platforms have mechanisms in place for reporting fake or misleading content, which can help prevent its further spread.
By following these proactive measures and staying informed about the risks associated with deepfake AI, individuals can better protect themselves and contribute to the collective effort to mitigate the negative impact of this technology on society.
Don’t forget to follow YNCUniversity on Instagram and Tik Tok for more Honest Money Talk tips and YNCU on Instagram, Facebook, and LinkedIn.
by Hannah Johnson | Mar 8, 2024 | Fraud Prevention
WHAT YOU NEED TO KNOW ABOUT TRAVEL SCAMS
Friday, March 8, 2024
Are you looking to get away from the long, cold, Canadian winter? Or maybe you are the adventurous type who wants to experience the different cultures from around the world. Without a doubt, this is a popular time of year to pack a suitcase and jet off to somewhere warm. Either way, you need to be aware and cautious while traveling the globe or even just traveling to a nearby city. Scams targeting travelers and tourists are not uncommon. Being aware of common scams can help you avoid falling victim to them. Here are some travel and tourist scams to watch out for:
Fake Tickets & Tours
- Scenario – Someone may approach you claiming to be a tour guide or ticket seller, offering you a great deal on tickets or tours.
- Prevention – Purchase tickets and tours from reputable sources, such as official websites or authorized agents. Be cautious of deals that seem too good to be true.
Taxi Scams
- Scenario – Unscrupulous taxi drivers may take longer routes to increase the fare, claim that their meter is broken, or insist on a fixed price that is much higher than the standard rate.
- Prevention – Use reputable taxi services, agree on the fare before starting the journey, and ensure the meter is used (if applicable).
Pickpocketing & Distraction Techniques
- Scenario – Thieves often work in crowded tourist areas, using various tactics to distract you while an accomplice steals your belongings.
- Prevention – Stay vigilant in crowded places, secure your belongings, and be cautious of people creating distractions.
Fake Police Officers
- Scenario – Scammers may pose as police officers, asking to see your identification or accusing you of a fake crime to extort money.
- Prevention – Ask for official documentation, and if in doubt offer to go to the nearest police station. Don’t hand over money on the spot.
ATM Skimming
- Scenario – Criminals install skimming devices on ATMs to capture your card information and PIN.
- Prevention – If possible, avoid using your card at all. If you must use an ATM, use ATMs in well-lit and secure areas, cover your PIN while entering it, and regularly monitor your bank statements for any unauthorized transactions.
Overpriced Goods & Services
- Scenario – Vendors may inflate prices for goods and services when they realize you’re a tourist.
- Prevention – Do your research and have a good knowledge of typical prices for goods and services in the area and be prepared to haggle. Avoid establishments that seem overly pushy or dishonest.
Fake Wi-Fi Networks
- Scenario – Cybercriminals may set up fake Wi-Fi networks in tourist areas to steal personal information from those who connect.
- Prevention – If possible, avoid using ANY public Wi-Fi and if you must only use known, secure and reputable Wi-Fi networks, consider using a virtual private network (VPN), and avoid accessing sensitive information on public networks such as accessing online banking or shopping.
Closed Accommodation Scam
- Scenario – Taxi drivers or locals may claim that your booked accommodation is closed or overbooked, and they may offer to take you to another, often more expensive option.
- Prevention – Confirm the status of your accommodation directly with the hotel/hostel before accepting alternative accommodation.
These are just a small sample of the possible scams that any tourist can fall victim to. The best way to stay clear of these scams is to educate yourself – do some research on the area of the world you are traveling to and be diligent to safeguard yourself, your family, and your assets.
YNCU members, if you know, or think you have been a victim of internet scams, phishing or cyber-attacks or your 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.
by Micaela Maki | Feb 27, 2024 | Fraud Prevention
UNDERSTANDING PHISHING AND SMISHING
Wednesday, November 1, 2023
Think twice before you click, submit, pay, download, or reply!
Phishing describes fraudsters attempting to trick users into doing ‘the wrong thing’ – such as clicking a bad link that will download malware or direct them to a dodgy website. Phishing can be conducted via text message, social media, or by phone, but the term ‘phishing’ is mainly used to describe attacks that arrive by email. Phishing emails can reach millions of users directly and hide amongst the huge number of benign emails that busy users receive. Attacks can install malware (such as ransomware), sabotage systems, or steal intellectual property and money. Phishing emails and text messages often tell a story to trick you into clicking on a link or opening an attachment. You might get an unexpected email or text message that looks like it’s from a company you know or trust, like a bank, a credit card or utility company, or even an online payment website or app.
Smishing is a type of phishing scam where cyber criminals try to trick you by sending fraudulent SMS or text messages. They often pretend to be a real business (such as a bank or delivery company), a government department, or a person you know. During the COVID-19 pandemic, scammers have even pretended to be from assistance programs, like the Canada Emergency Response Benefit (CERB) and the Canada Recovery Benefit (CRB), to target vulnerable Canadians. Smishing messages will often try to get you to click on a link, which may contain malware or lead to a spoofed website. If you click on the link, cybercriminals can then steal your data, your money, or even your identity.
The message could be from a scammer who might:
- Say they’ve noticed some suspicious activity or log-in attempts — they haven’t.
- Claim there’s a problem with your account or your payment information — there isn’t.
- Say you need to confirm some personal or financial information — you don’t.
- Include an invoice you don’t recognize — it’s fake. Want you to click on a link to make a payment — but the link has malware.
- Say you’re eligible to register for a government refund — it’s a scam.
- Offer a coupon for free stuff — it’s not real.
Most phishing/smishing attacks create a sense of urgency in the message and encourage you to respond right away. They may send threats, like claiming they’ll close your account, or offer a time-sensitive reward, such as a prize for a contest you didn’t enter. But no text is ever that urgent — take your time when evaluating a potential smishing message.
Many phishing/smishing messages appear to be from a trustworthy and reliable source, like your bank or another business you know. Always be cautious, even if you think you recognize the business that the message is from.
To protect yourself from Phishing and Smishing use the SHADY? approach:
SECRET: Always keep your personal information secret, especially over email. Check with the sender by contacting them through another medium, like telephone, to confirm that they did in fact send you that email/text.
HOVER OVER A LINK BEFORE CLICKING IT: Hovering over a link lets you see where it points. Never click a link to any financial website, type in the address each time.
ATTACHMENTS SHOULD NOT BE CLICKED: Do not click on attachments if you are not expecting them. Even documents may contain a virus that can do damage to your device, track keystrokes, and compromise your information.
DIFFICULT PASSWORDS: Complex passwords help prevent people from hacking your accounts. Passwords should be strong, difficult to guess, and different for each system.
YOU SHOULD ASK YOURSELF WHENEVER YOU GET AN EMAIL/MESSAGE: Was I expecting this? If not proceed with caution or delete immediately.
? QUESTION: Always question electronic messages, especially if it is making promises or threatening action.
Check out this video for more information on How The “SHADY?” Technique Can Help Prevent Phishing and Smishing
If you know, or think you have been a victim of internet scams, phishing or cyber-attacks or your banking information has been compromised, contact your financial institution immediately and report it to local authorities.
You can also contact the Canadian Anti-Fraud Call Center at 1-888-495-8501.
by Hannah Johnson | Jan 1, 2024 | Fraud Prevention
Phishing and Smishing
Think twice before you click, submit, pay, download, or reply! This type of phishing is not enjoyable.
Phishing describes fraudsters attempting to trick users into doing ‘the wrong thing’ – such as clicking a bad link that will download malware or direct them to a dodgy website.
Phishing can be conducted via text message, social media, or by phone, but the term ‘phishing’ is mainly used to describe attacks that arrive by email. Phishing emails can reach millions of users directly and hide amongst the huge number of benign emails that busy users receive. Attacks can install malware (such as ransomware), sabotage systems, or steal intellectual property and money. Phishing emails and text messages often tell a story to trick you into clicking on a link or opening an attachment. You might get an unexpected email or text message that looks like it’s from a company you know or trust, like a bank, a credit card or utility company, or even an online payment website or app.
Smishing is a type of phishing scam where cyber criminals try to trick you by sending fraudulent SMS or text messages. They often pretend to be a real business (such as a bank or delivery company), a government department, or a person you know. During the COVID-19 pandemic, scammers have even pretended to be from assistance programs, like the Canada Emergency Response Benefit (CERB) and the Canada Recovery Benefit (CRB), to target vulnerable Canadians. Smishing messages will often try to get you to click on a link, which may contain malware or lead to a spoofed website. If you click on the link, cybercriminals can then steal your data, your money, or even your identity.
The message could be from a scammer who might:
- Say they’ve noticed some suspicious activity or log-in attempts — they haven’t.
- Claim there’s a problem with your account or your payment information — there isn’t.
- Say you need to confirm some personal or financial information — you don’t.
- Include an invoice you don’t recognize — it’s fake. Want you to click on a link to make a payment — but the link has malware.
- Say you’re eligible to register for a government refund — it’s a scam.
- Offer a coupon for free stuff — it’s not real.
Most phishing/smishing attacks create a sense of urgency in the message and encourage you to respond right away. They may send threats, like claiming they’ll close your account, or offer a time-sensitive reward, such as a prize for a contest you didn’t enter. But no text is ever that urgent — take your time when evaluating a potential smishing message.
Many phishing/smishing messages appear to be from a trustworthy and reliable source, like your bank or another business you know. Always be cautious, even if you think you recognize the business that the message is from.
To protect yourself from Phishing and Smishing use the SHADY? approach:
SECRET – Always keep your personal information secret, especially over email. Check with the sender by contacting them through another medium, like telephone, to confirm that they did in fact send you that email/text.
HOVER OVER A LINK BEFORE CLICKING IT – Hovering over a link lets you see where it points. Never click a link to any financial website, type in the address each time.
ATTACHMENTS SHOULD NOT BE CLICKED – Do not click on attachments if you are not expecting them. Even documents may contain a virus that can do damage to your device, track keystrokes, and compromise your information.
DIFFICULT PASSWORDS – Complex passwords help prevent people from hacking your accounts. Passwords should be strong, difficult to guess, and different for each system.
YOU SHOULD ASK YOURSELF WHENEVER YOU GET AN EMAIL/MESSAGE: Was I expecting this? If not proceed with caution or delete immediately.
? QUESTION – Always question electronic messages, especially if it is making promises or threatening action.
YNCU members, if you know, or think you have been a victim of phishing or smishing and your 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. Check out this video for more information on How The “SHADY?” Technique Can Help Prevent Phishing and Smishing
by Hannah Johnson | Dec 9, 2023 | Fraud Prevention
Are you under A.T.T.A.C.K?
Social manipulation, in the context of fraud, is the art of manipulating end users into providing personal or confidential information. Personal cyber-attacks come in many forms. Here are a few tips that can help you to spot them.
A – An Email
Phishing emails may look legitimate, but you should always question links, attachments, threads, or emails from someone unexpected.
T – Trick Websites
These are made to look like trusted websites but often have spelling or grammar errors or a slightly different URL. Farming the data from these trick websites allows criminals to gather personal details and record your keystrokes.
T -Text Messages
Social engineers will send you a text message about an urgent bill payment or some type of attractive offer. Also, beware of fake messages that appear to be from the government asking you to click a link to receive your rebate, return or payment. If you click these links on a mobile device message it could put your mobile phone at risk.
A – A Telephone Call
Fraudsters may call and say they are from Canada Revenue Agency, Canada Post or Microsoft, or maybe even your financial institution, and proceed to ask you to disclose personal information. Before going ahead with this, you need to ask yourself what valid reason would there be for you receiving the call and why would you provide those details if you didn’t initiate the call? If you still cannot determine the legitimacy of the caller, ask them to proceed via email because you cannot speak in depth at the moment.
C – Contest Winner
“Congratulations! You’ve won a big contest!” This message can come to you via email, text or phone. But did you even enter a contest? If not, it is more than likely an attempt by a fraudster to gather personal information from you. Do not fall for it!
K – Key Loggers
You’re browsing a familiar website and receive a pop-up of an offer that looks too good to be true! If you click the pop-up that social engineer may be trying to capture sensitive information.
When in doubt……..Hang up! Delete! Exit!
Social Engineering is on the rise. Watch for these signs of an attack and take these steps to protect yourself. Ask questions. Do not feel pressured into providing any information you may not be comfortable providing. Never share your ID, passwords, or any answers to your security questions. Use caution when entering sensitive information with websites that don’t begin with HTTPS or when something arrives that you were not expecting. Always remember to report anything suspicious.
YNCU members, if you know, or think you have been ATTACKED 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. Check out this video for more information on protecting yourself against a cyber-attack.
