by Hannah Johnson | Oct 9, 2023 | Fraud Prevention
CRIME AND ABUSE AGAINST SENIORS
August 1, 2023
Seniors are one of the most commonly targeted demographics by fraudsters – we’re even seeing this play out in our own branches!
SOME IMPORTANT STATISTICS TO KNOW:
- About 10% of seniors are victims of crime per year.
- 4-5% of seniors report some form of abuse from ages 65 up.
- Financial abuse/exploitation and emotional abuse are the most prevalent.
- Overall rates of elder abuse are similar in Canada, Australia, US and UK
- Seniors are less likely to report abuse, and when they do, it’s often to health professionals, community groups, or their Financial Institution, not police.
When it comes to financial crimes, seniors are targeted in almost every way, including aggressive telemarketing, fraudulent home repairs, health or investment schemes, technology schemes, romance or urgent family schemes, just to name a few.
FACTORS THAT MAKE SENIORS AN APPEALING TARGET INCLUDE:
- Home ownership.
- A tendency not to seek advice before making a purchase.
- Financial risk-taking behaviours.
- Lack of knowledge of consumer rights.
- Lack of awareness of fraudulent schemes.
- Openness to marketing appeals.
- Reluctance to hang up the phone on telemarketers.
Perpetrators use a variety of tactics that may hit on many of these risk factors to gain compliance. They will often try to isolate the victim, pressure them to act quickly, use fear tactics, and discourage the victim from seeking outside advice.
STEPS YOU CAN TAKE TO PROTECT YOURSELF:
- BE SUSPICIOUS – Particularly of anything that shows up unexpectedly, including regular mail, emails, and messages through social media or text. Check email addresses and phone numbers, avoid clicking on pop ups or links in emails, and navigate to trusted sites by typing in the address rather than using a search.
- SLOW DOWN THE PROCESS – almost nothing will need an immediate response. You are allowed to take a step back and think about it, even for a few minutes, to ensure you’re not reacting out of fear or pressure. If you’re unsure, run it by a trusted loved one or your Financial Institution.
- PLAN AHEAD – ensure you have people you can trust set up to assist you when the time comes, making sure your wishes are clearly stated. Consider an advanced directive or Power of Attorney that can follow through on your instructions.
- ASK QUESTIONS – Does the scenario make sense? Are you familiar enough with the person/investment/scenario to make an educated decision? If you aren’t, run the situation by someone else before acting on it. It could be your advisor from YNCU or a trusted friend or family member, but a second opinion never hurts. If you’re being discouraged from seeking another opinion, this should be a red flag.
- KEEP UP TO DATE on active scams by reviewing the list of ongoing fraud tactics provided by The Canada Anti-Fraud Centre. They are explained in easy-to-understand terms and can give you a great idea of what to be on the lookout for.
If you would like to review the Crime and Abuse Against Seniors report from the government, click here or visit justice.gc.ca.
by Hannah Johnson | Oct 9, 2023 | Fraud Prevention
PROTECT YOUR ACCOUNT WHEN BANKING ONLINE
July 10, 2023
The number of people who regularly do some, or all, of their banking online is steadily increasing. With that increase comes increased risk, and with those risks we must work to protect ourselves from online predators. No one is invincible. Awareness and diligence are key factors needed to minimize risk your risk of fraud when banking online.
It’s important to protect yourself and your finances. Here are some tips to help you STAY DILIGENT:
D – Devices that are used to access your accounts online should be protected by a PIN. Always try your best to make it as difficult as possible for unauthorized users to gain access to your information.
I – Invest in a password manager to help you create strong passwords. Do NOT use the same password for more than one application or website. If a password is compromised, it creates an opportunity for fraudsters to access any accounts where that password is also used.
L – LOG OUT every time you finish your online banking. And, although the convenience is tempting, never save your username or password in your browser.
I – Issues can be detected early by regularly monitoring your accounts. Set automatic alerts for any bill payments, changes to bill payment vendors and e-transfers, as well as any changes to your passwords or personal information. This should also include any log-in attempts that are not yourself.
G – Guard against any unauthorized account access by using enhanced logins and multi-factor authentications, if available. Avoid the use of public Wi-Fi or computers when accessing your banking and financial information. Always try to use your own home internet or cellular data.
E – Engage in account transaction reviews and actively monitor your financial accounts. Frequent unknown small transactions might be the first sign of a hacker’s attack.
N – Never disclose your personal financial or login information to anyone. YNCU will never call, text, or email to ask for these types of personal details. Confirm the URL address when doing your online banking and always navigate to your banking website instead of clicking on a link that is sent to you.
T – Take the time to verify your anti-virus software is up to date on every device in your household. Web browsers and operating systems must have the most recent and up to date security patches in place to protect you and keep your account information safe.
At YNCU we care about our members, and we will always strive to help where we can. If you have any questions about how to safeguard your accounts, please feel free to reach out to our staff. We can help you set up alerts for new bill payments, make changes to existing bill payments, and manage your e-transfers. Remember to regularly change your passwords and always review your account transactions.
Protect your personal information and your finances by STAYING DILIGENT when banking online.
If you suspect you’re a victim of fraud, contact your Financial Institution immediately and report it to your local police. If you’re a YNCU member, contact our Service Excellence Centre at 1-888-413-YNCU at the first sign of fraud. Know that you are not alone. We are here to help!
You can also contact the Canadian Anti-Fraud Call Center at 1-888-495-8501.
Help us prevent fraud by sharing these tips to look out for with your friends and family!
by Hannah Johnson | Sep 9, 2023 | Fraud Prevention
PROTECTING YOURSELF WHEN THERE ARE NO RED FLAGS
June 1, 2023
PREVENTION IS BETTER THAN CURE – this includes preventing fraud even when there are no signs of it happening.
Privacy breaches can be a nightmare to deal with and have rippling effects across a person’s life. They are becoming more frequent as technology improves and knowledge spreads, but here are a few things you can do to prevent this from happening to you.
CHOOSE STRONG PASSWORDS AND CHANGE THEM REGULARLY.
When creating a password, avoid using names, important dates, and any other easily identifiable words. A combination of numbers, symbols, and three or four seemingly random words, like items you can see from your desk or out your window, make for those hard-to-crack passwords.
CHOOSE SECURITY QUESTIONS WISELY.
Choose questions that you will know the answer to but would be hard for even someone that knows you to guess. If you have a reliable memory, answers don’t necessarily have to be accurate to the question either.
SET UP DUAL AUTHENTICATION IF AVAILABLE.
SET UP ALERTS AND NOTIFICATIONS.
- Ensure notifications come into your phone and/or email to alert you when:
- Bill payments or e-transfers are made to know when money is moving out of your account.
- There is a new bill payee/e-transfer recipient.
- There is a recent login to let you know if someone else has logged in without your consent.
- There is a password, PAC or security question change.
EVEN IF YOU DO ALL THE RIGHT THINGS, UNFORTUNATELY YOU MAY STILL BE TARGETED.
IF YOU REALIZE YOUR ACCOUNTS HAVE BEEN COMPROMISED, HERE ARE SOME THINGS YOU SHOULD DO:
- First and foremost, stay calm!
- If you still have access to your accounts, change your password and security questions as soon as possible. If not, lock yourself out by typing in something other than your password 4 times.
- If you’re a YNCU member, contact our Service Excellence Centre at 1-888-413-YNCU, otherwise contact your Financial Institution to report it as soon as possible. If outside business house, leave a voicemail and follow up the next business day if you have not been contacted.
- Contact Equifax (1-800-465-7166) and Trans-union (1-800-663-9980) to inform them as well. • Report to the Police – especially if there has been a loss. • Report to the Canadian Anti-Fraud Centre (1-888-495-8501).
- Contact other authorities depending on what information
Click HERE for information on spotting the red flags of an online scam or watch this video from the Canadian Credit Union Association.
Know that you’re not alone. YNCU is here to help!
For expert advice, or even just a friendly ear when you need some financial guidance, reach out to your branch or book an appointment online.
by Hannah Johnson | Sep 8, 2023 | Fraud Prevention
SPOTTING THE RED FLAGS OF AN ONLINE SCAM
May 1, 2023
INTERNET SCAMS ARE EVERYWHERE; it seems like you can’t visit a website these days without encountering fraud. Scammers are becoming smarter, refining their methods and strategies daily to trick people. When a tactic works, they polish it to double the rewards. After working in the same ‘industry’ for so many years, they have discovered some strong swindles few people can detect. If people don’t learn how to protect themselves from scams, these fraudsters will remain in business.
WHAT YOU NEED TO WATCH OUT FOR
URGENT OR THREATENING LANGUAGE
Pressure to respond quickly or threats of closing your account or taking legal action.
REQUESTS FOR SENSITIVE INFORMATION
Links directing you to login pages, requests to update your account information, or demands for your financial information.
ANYTHING TOO GOOD TO BE TRUE
Winning contests you’ve never entered, prizes you have to pay to receive or inheritance from long-lost relatives.
UNEXPECTED EMAILS
Receipts for items you didn’t purchase or updates on deliveries for things you didn’t order.
INFORMATION MISMATCHES
Incorrect (but maybe similar) sender email addresses, links that don’t go to official websites, and spelling or grammar errors, beyond the odd typo, that a legitimate organization wouldn’t miss.
SUSPICIOUS ATTACHMENTS
Attachments you didn’t ask for, unusual file names, and uncommon file types.
UNPROFESSIONAL DESIGN
Incorrect or blurry logos, image-only emails with no highlightable copy, and company emails with poor quality formatting (or none at all).
IF YOU SPOT ANY OF THESE RED FLAGS IN AN EMAIL don’t click any links, don’t reply or forward, and never open attachments. If you’re unsure, we recommend reaching out to the sender if you’re familiar with them through a different channel – retrieving the telephone number or email from their official website, for example.
by Micaela Maki | Jun 27, 2023 | Fraud Prevention
HOW TO PRACTICE GOOD PC HYGIENE
Monday, January 1, 2024
Your PCs, tablets, and phones need a good hygiene routine too! PC hygiene is how we keep our PCs clean of malware that can damage our files and compromise our systems. Maintaining good PC hygiene is like building a fortress around your digital world.
Here are 10 steps for you to follow that can help keep the bad guys at bay.
1. Updates
Keep your operating system, antivirus software, and other applications and programs up to date. Updates often include security patches that fix vulnerabilities exploited by cybercriminals.
2. Passwords
Always use complex passwords and consider using a password manager to generate and store them securely. Avoid using the same password across multiple accounts.
3. Firewall
Enable a firewall to monitor and control incoming and outgoing network traffic. This adds an extra layer of defense against unauthorized access.
4. Anti-Malware Software
Install reputable antivirus and anti-malware software. Regularly scan your system for potential threats and remove any malicious software.
5. Backup Your Data
Regularly back up your important files to an external drive or a secure cloud service. In case of ransomware or hardware failure, you can restore your data without paying a ransom.
6. Secure Wi-Fi Connections
Use strong encryption (WPA3) for your Wi-Fi network and change the default router login credentials. This prevents unauthorized access to your network.
7. Phishing Awareness
Be cautious of unsolicited emails, messages, or links. Verify the legitimacy of emails before clicking on links or providing sensitive information. Cybercriminals often use phishing to trick users into revealing personal data.
8. Two-Step Verification (2SV)
Also known as Two-Factor Authentication (2FA), be sure to enable 2SV whenever possible. This adds an extra layer of security by requiring a second form of verification, such as a code from your mobile device.
9. Limit User Privileges
Use a non-administrator account for daily activities. This limits the impact of malware or unauthorized access, as these accounts have fewer system-wide privileges.
10. Educate Yourself
Stay informed about the latest security threats and best practices. Knowing what to look out for can help you avoid falling victim to various cyber-attacks.
By incorporating these practices into your digital routine, you’re not just building a fortress; you’re also becoming a vigilant guardian of your online world.
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 report to the Canadian Anti-Fraud Call Center at 1-888-495-8501.
by yncuniversity | Jun 1, 2023 | Fraud Prevention
THE EVOLUTION OF FRAUD
March 22, 2024
In an era where technology is advancing at unprecedented speeds, the dark underbelly of fraud is not far behind, constantly morphing into more intricate forms. Gone are the days when a quick pickpocket or a forged signature were the pinnacle of deceitful practices. Today, we find ourselves in a labyrinth of sophisticated scams that often go unnoticed until it’s too late. Let’s delve into how these deceptive practices have become a chameleon in our digital world.
Digital Deception: Cyber Fraud’s Metamorphosis
The advent of the internet brought with it a new playground for fraudsters. Phishing emails that once cast a wide net are now laser-targeted, masquerading as legitimate communications from trusted institutions. These cyber con artists craft convincing narratives using information gained from social media and other online footprints, leaving individuals and businesses vulnerable to attack.
The Alarming Sophistication of Financial Fraud
Financial fraud has also undergone a transformation, becoming a hydra with many heads. Where counterfeit currency was once the extent of financial deception, we now face complex wire fraud, CEO impersonations, and cryptocurrency scams. Each iteration is more nuanced than the last, leveraging cutting-edge technology and psychological manipulation to siphon off millions.
Identity Theft: The Silent Predator
Identity theft, once a cumbersome process involving physical documents, can now be accomplished with just a few keystrokes. Fraudsters use sophisticated software to hack databases, pilfering personal details to create false identities or take over existing ones. The repercussions of such thefts can haunt victims for years, as they struggle to reclaim their financial stability and personal reputation.
The Role of Artificial Intelligence in Fraud Evolution
Artificial intelligence (AI) has been a double-edged sword in the fight against fraud. While it aids in detecting fraudulent patterns, it also serves those with malicious intent. AI-powered
bots can mimic human behavior to bypass security measures, and deepfake technology can create realistic audio and video to deceive even the most discerning eye.
Staying One Step Ahead: Combating Evolving Fraud
As daunting as the challenge may seem, there are strategies to combat the evolution of fraud. Staying informed about the latest scams, employing robust cybersecurity measures, and maintaining a healthy skepticism can serve as our shield against this ever-changing threat. This is where YNCUniversity comes in. YNCUniversity has loads of digestible information on fraud prevention for everyone to read, save, and share. As individuals and as a society, we must remain vigilant, adapt quickly, and educate ourselves continuously to protect our assets and our peace of mind.
If you know, or think, you have been a victim of internet scams, phishing or cyber-attacks, or your banking information has been compromised, we highly suggest you do the following:
– Contact your financial institution immediately and report it to your local police
– Report the incident to the Canadian Anti-Fraud Centre or the Competition Bureau at 1-888-495-8501
– Be sure to gather all information about the suspected fraud
– Report the incident to the financial institution that transferred the money (if applicable)
– Notify the website where the fraud took place (if applicable)
– Place flags on your accounts and check your credit report
Don’t forget to follow YNCUniversity on Instagram and Tik Tok for more Honest Money Talk tips and YNCU on Instagram, Facebook, and LinkedIn.
