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.
by Micaela Maki | May 27, 2023 | Fraud Prevention
POWER OF ATTORNEY (POA) VS JOINT ACCOUNTS
Thursday, February 1, 2024
Many people are concerned about how to manage their money, property, and finances as they age or as their life changes. They may worry about what will happen if they become unable to safely manage their own finances.
Two tools often used for managing financial affairs are Power of Attorney’s or POA’s and Joint Bank accounts. It is important that people know the difference between the two and the risks and advantages of both.
What is a Power of Attorney?
A POA is a legal document that you sign to give one or more persons the authority to manage your money and property on your behalf. The person you appoint is called an ‘attorney’ although they do not need to be a lawyer.
To simplify, there are two main types of POA’s commonly used for finances/property in Canada.
A General POA is a legal document that can give your attorney authority over all or some of your finances and property. It allows your attorney to manage your finances and property on your behalf only while you are mentally capable of managing your own affairs. It ends if you become incapable of managing your own affairs or become deceased. A general power of attorney can be “specific” or “limited”, which can give authority to your attorney for a limited task (e.g., sell a house) or give them authority for a specific period of time. The power of attorney can start as soon as you sign it, or it can start on a specific date that you write in the document. A person may use this type if they are living outside of Canada or travelling, and they require someone to pay bills or manage their expenses while they are out of the country.
An Enduring or Continuing POA* is a legal document that lets your attorney continue acting for you if you become incapable of managing your finances and property. It can also give your attorney authority over all or some of your finances and property. An enduring or continuing power of attorney can take effect as soon as you sign it. In some cases, it is possible to have the power of attorney come into effect only when you become incapable, if this was specified in the document.
*This is the type YNCU may see more often for our older members who are preparing for a time when they are no longer able, either physically or mentally, to look after their finances.
What can my ‘attorney’ do?
Unless you limit your attorney’s authority, they can do almost everything with your finances and property that you could do. If you don’t have any limitations in your power of attorney document, your attorney can do your banking, sign cheques, buy or sell real estate in your name, and buy consumer goods. Your attorney does not become the owner of any of your money or property. He or she only has the authority to manage it on your behalf.
Your attorney cannot make a will for you, change your existing will, change a beneficiary on a life insurance plan, or give a new power of attorney to someone else on your behalf.
What are the advantages and risks of a POA?
Advantages
- Makes it clear who will be responsible for your money and property if you can’t manage them on your own, even temporarily.
- Your attorney must manage your money and property for your benefit and can be required by law to account for and explain how he or she is managing it.
- Can be as general or specific as you need.
- You can choose to appoint two or more attorneys. You can require that your attorneys make all decisions together (“jointly”), or to act together or separately, if one of them is unavailable (“jointly and severally”). You can also appoint alternate or successive attorneys.
- Having two or more attorneys could reduce potential fraudulent use of a power of attorney.
- A general power of attorney allows your attorney to look after your affairs if you are away temporarily or if you need help managing your affairs.
- The enduring power of attorney allows your attorney to continue looking after your affairs if you lose your capacity.
- If you lose your capacity and do not have a valid enduring or continuing power of attorney document in place, someone will need to get authority from the court to manage your money and property. This can be time-consuming and expensive.
Risks
- Can lead to mismanagement of your money and property if the attorney you choose is not trustworthy, uses your money improperly, or does not make decisions that are in your best interest.
- Not enough information or limitations in the document could lead to the mismanagement of your finances or to your finances being managed in a way that you do not agree with.
- Your attorney must manage your affairs in the way that you direct in the document. Strict limitations can make it difficult for your attorney to take care of your finances.
- If you appoint more than one attorney to act jointly, disagreements between them could cause problems and lead to delays in the management of your financial affairs.
- If not reviewed regularly, your power of attorney document might not meet your current needs or the requirements of the law.
- The person you previously selected to be your attorney may no longer be the best choice or may no longer be available.
- Possibility of “competing” powers of attorney if you have signed more than one power of attorney document. If you appoint a new attorney, you should cancel your previous power of attorney document and advise your financial institution of the change.
What about Joint Accounts?
Joint accounts are bank accounts in which two or more people have ownership rights over the same account. These rights include the right for all account holders to deposit, withdraw, or deal with the funds in the account, no matter who puts the money into the account.
In many cases, joint accounts include the right of survivorship. This means that if one of the account holders dies, the surviving account holder becomes the owner of the account, with the right to deposit, withdraw, and deal with the funds in the account.
In some cases, joint accounts may be considered as an option for someone to get help from family members or friends to pay bills and manage their finances. For example, health conditions or mobility issues could make it difficult for someone to manage their personal banking on their own. Getting to the bank or using online banking services can be difficult for some people. A person may consider setting up a joint account with a family member, such as an adult child, after the death of a spouse who used to deal with the household finances.
It may also be important to consider other consequences of a joint account such as whether probate fees or taxes will apply upon the death of a joint account holder or whether the remaining funds are intended to form part of the deceased’s estate or be gifted to the surviving joint account holder. These considerations may be addressed in consultation with a lawyer.
Risks associated with Joint Accounts (vs POA’s)
- Unless you can state otherwise in your banking agreement, any person named on the joint account is able to withdraw money from the account at any time. They don’t need permission from you to do so, even if most or all the funds in the account were deposited by you.
- Funds withdrawn may never be recovered.
- If the relationship between you and your joint account holder breaks down, you risk the money being withdrawn or that the account may not be handled in the way that you wished.
- If your joint account holder and their spouse separate or divorce, the money in the joint account could be claimed in the separation or divorce settlement.
- It is difficult to hold a joint account holder legally accountable for taking money from the account that they weren’t supposed to.
- You may have to go to court to challenge the actions of a joint account holder. This could be expensive and stressful. It may also take a long time to resolve.
- If it is not clear that the money in the account was meant to be a gift to the surviving joint account holder or whether it was meant to become part of the deceased joint account holder’s estate, legal disputes could arise.
- You will share responsibility with your joint holder for all transactions made through the account.
- If one of the joint account holders has financial problems or declares bankruptcy, creditors could make claims on the money in the account.
- The bank may require both people named in the joint account to give approval to remove one of you from the account.
**Everyone is encouraged to seek legal advice as well as estate planning advice from qualified industry professionals. Being prepared in advance is a wise thing to do to avoid any unexpected problems when situations arise. **
by Divora Mehari | Mar 28, 2023 | Fraud Prevention
March Is Fraud Prevention Month In Canada
Do you know how to stay protected?
Tuesday, March 28, 2023
Knowing the signs and learning how to protect yourself from fraud is your best bet to stay safe.
First and foremost, be wary. Don’t be afraid to hang up the phone, ignore an email or close your internet connection – and please, never be fooled by the offer of a valuable prize in return for a low-cost purchase.
Because of how integrated the internet is in our lives today, scams, hacks, identity theft and many more dangers on the internet are real and all too common.
When checking your EMAIL, something may be phishy if:
- You don’t recognize the sender’s name or email address.
- There are a lot of spelling and grammar errors.
- The sender requests your personal or confidential information
- The sender makes an urgent request with a deadline or the offer sounds too good to be true.
- Also watch out for pop ups, attachments, hidden links and spoofed websites.
To prevent yourself from E-TRANSFER INTERCEPTION, you can:
- Register for auto deposit.
- Always select secure security questions that only you and the recipient would know the answer to, and would be hard to guess.
- Be aware of unexpected transfers.
- Be careful with social media. Giving too much information on social media and using that information in passwords or security question answers can make your accounts an easy target.
PASSWORD SAFETY is paramount for staying safe online. Statistics show that over 50% of Internet users use the same password for all or most of their accounts and sites. It is an easy mistake to make. With so many sites asking for a password, users tend to pick just one that they can remember. However, by doing so, you’re placing yourself in danger of having your personal information becoming insecure. When creating a new password, make sure:
- It is at least 12 characters long.
- It contains uppercase, lowercase, numbers, and symbols.
For example, instead of JoanneandBruce1971 use J0@nn3@ndBruc31971 to make it more complex and harder to guess. During a cyber-attack, a hacker can easily expose potentially millions of user passwords and information. When you use the same password for all your accounts, then hackers can gain access to any account they deem valuable, including your bank account!
Letting your browser remember passwords can be risky. When you do, it’s easy to view actual passwords. This is especially important to remember for websites with sensitive information such as CRA and Financial Institutions. For better security and greater convenience, use a dedicated password vault instead.
For PHONE SCAMS, you must remember there is no prize, you will not be arrested, and, if it’s legitimate, you will not be rushed or required to keep it a secret.
- Avoid answering calls from unknown numbers and don’t return calls from numbers you cannot identify.
- Never give out sensitive personal information over the phone if you cannot verify their legitimacy.
- Never send payment in any form to someone on the phone who you don’t know. A sure sign of a phone scam is when the caller asks for payment by gift card, bitcoin, or a money wire.
SHOPPING ONLINE is faster and more convenient than ever. Unfortunately, where there’s a fast flow of cash, there will inevitably be people looking to steal it. Do your homework! Don’t give out valuable information or make a purchase without really inspecting the vendor. How trusted is the company, and are you making your purchase through appropriate channels?
Always remember:
- Protect yourself from dumpster divers! Bank statements, credit card bills, cheques, old tax returns and any other statements that have important personal information should be shredded when you’re done with them.
- Check your credit report annually and report any issues right away. Better safe than sorry!
- Until you know a business is 100% legitimate, never disclose your financial information, credit card numbers, driver’s license number or any bank information.
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 Divora Mehari | Aug 12, 2022 | Fraud Prevention
CYBERSECURITY – WAYS TO PROTECT YOURSELF
Friday, Aug 12, 2022
At YNCU, we know how important it is for you to feel safe with your finances. The threat of cyber-attacks has been on the rise and your finances can be vulnerable online. We want to help keep you safe online. Here are five things you can do to help protect yourself from cyber-attacks:
Change Your Password Often
Ensuring that you are changing your password often can prevent people from hacking into your account. But make sure you are using a unique password every time. Reusing the same three passwords can make it easy for cyber criminals to crack the code. Ensuring you are using a strong password every time is also important. Make sure you are not using a password that is easy to guess, like your birthday. Using personal information as your password allows hackers or A.I. systems to get into your account.
Multi-Factor Identification
Always use multi-factor identification if possible. This is an extra step that can largely reduce the risk of cyber-attacks. If a hacker gains the password to your email, he or she would still need access to your phone to gain the verification code. This makes it harder for hackers because they need multiple pieces of information before they can reach any of your valuable data.
Update Devices
Make sure you are updating your devices regularly. If you have a software update, install it right away. Hackers are always looking for points of weakness within your devices. Outdated software can make it easier for a cyber-attack to occur. Cyber criminals will jump on an opportunity to attack if your devices are vulnerable, so keep up on updates.
Monitor Your Charges
When you are managing your finances, pay close attention to what you are being charged for. Hackers will often steal your information to get access to your financial assets or make a purchase with your card. Make sure you know what you spent and ensure your charges match.
Check Your Social Media Settings
Your social media accounts hold a lot of your personal information. In the wrong hands, cyber criminals can use this information to steal from you. Avoid sharing overly personal information, as it is easy to accidentally share common security questions like your pet’s name or town you grew up in. Add an extra layer of protection by ensuring your account settings are private and can only be seen by people you trust.
Be Cautious of Text Scams
There is currently a rise of text scams, hackers are obtaining your phone number and using this to gain more information. A lot of these scams will claim to be providing you with a refund or a type of cash prize. Be cautious of unexpected texts, especially ones that ask you to click a link or provide personal information. It is always a good idea to ask questions before giving out your personal information.
Watch for Phishing
Phishing emails are emails from cyber criminals that are designed to look like they are from someone you know. Hackers will pretend to be a legitimate person or company to get you to click on a link or to provide them with personal information like your cell phone number or banking information. Be cautious of these emails and trust your instincts. If an email does not seem right, call the person or company directly and inquire about the email. Never click on a link in an email from an unknown sender. Once you are positive the email is phishing, report it!
Be aware of common scams used by cyber criminals, new scams are constantly emerging. Check out our list of common financial scams and videos on why you need to be alert while interacting virtually. Remember, if it sounds too good to be true, it probably is. Read our past blog on fraud prevention to learn why you should always ask why when revealing personal information.
Learn more on how to protect yourself from financial fraud here. At YNCU, we are always looking to give you advice that will make you feel more confident with where your money is going. We are here to help address all your financial concerns. If you suspect you are a victim of fraud, contact YNCU immediately at 1-888-413-YNCU (9628) and report it to your local police. Know that you are not alone. We are here to help!
Come meet with one of YNCU’s experienced financial advisors to learn more about becoming a member and how to take control of your finances. Become a member online!
by Divora Mehari | Nov 5, 2021 | Fraud Prevention
PROTECTING YOURSELF FROM COMMON FINANCIAL SCAMS
Friday, November 5, 2021
Being a victim of financial fraud can be devastating and is on the rise. With fraudsters finding new ways to target vulnerable populations, via phone, email or cybersecurity attacks, we need to be more diligent than ever before when on the lookout for common financial scams.
In response to this new reality, we have an obligation as a community to reduce the stigma surrounding financial scams, moving past blame and working towards education and support.
Targeting both young and old, financial fraud is a pressing issue across the country.
Adding to the issue, those who remain isolated due to COVID-19 or with little daily interaction with others have less support from family and friends and limited contact with financial advisors who can help raise awareness of emerging risks.
More needs to be done to address these common financial scams, raise awareness and help each other stay alert and prepared to act if you or a loved one becomes a target of financial scam.
Latest Scams
Everyone should be aware of the latest scams so they can best recognize them if targeted. Some of the most common financial scams include:Password Jacking: Supposed financial representatives calling to provide you financial information guarded by a password or PIN number, meaning the victim would offer up their password or PIN to the fraudster. Social Engineering: Tricking the victim into providing the answers to their security questions by impersonating a pharmacy employee, who is updating customer information. Romance Scams: Often starting in online chat forums or platforms, fraudsters are building romantic relationships and taking advantage of the individual by requesting money. Phishing: Email impersonations that seem like they are coming from a colleague, friend or loved one. These emails are often labelled as urgent and lead to the fraudster requesting money transfers.
Additional scams include posing as Canadian Revenue Agency (CRA) agents seeking Bitcoin, gift cards or money transfers, manipulating their caller identification or reaching out from overseas requesting money transfers with promises to repay the loan tenfold.
“Our financial advisors would never call and ask you for your password or PIN number,” says William Scott, Director of Enterprise Risk Management at YNCU. “We will, however, do our due diligence. When we sense one of our members might be targeted by a scam, we lead with empathy, ask questions and support them every step of the way to prevent a scam from taking place.”
Let’s Talk Prevention
To reduce the risk of falling victim to a financial scam, we recommend the following:
- Always fact check: Whether the person on the other line claims to be your pharmacy, financial institution, local police or CRA representative, we recommend politely disconnecting the call. Next, using the phone number you usually use to contact the corresponding party, call them to inquire about the call you have just received.
- Ask questions: If something does not seem right, no matter how mundane, call your financial institution and seek their advice. There are no stupid questions when it comes to your financial wellbeing.
- Put your ego aside: I repeat, ask as many questions as you’d like to ensure you have not been a victim of financial fraud.
- Pay attention and stay calm: Fraudsters take advantage of the distracted and use urgency to take advantage of their victims. Stop what you are doing and focus on the email or call to ensure you are alert and can catch on to any red flags.
- Seek education: Knowledge is power. Take a minute to pick up the phone and chat with your financial advisor. Get to know them. Ask them questions and find out what the latest scams are and how you can be prepared. We also recommend doing your own research and staying up to date on local news.
Along with the above, avoid sharing personal information. Do not carry your passwords with you, whether that be storing them on your phone or keeping them in your purse or wallet and always trust your instincts.
“Prevention is key. One of my best pieces of advice is to ask yourself ‘Why?’ before revealing any information,” says Russ Voutour, Chief Information Officer at YNCU. “Why is your local pharmacy asking you personal questions? Organizations rarely, if ever, call to update your information. Why is your family member emailing you for financial help when they would typically call or text? Question everything, reach out to your local financial institution and remember, you are not alone if you need support.”
If you think you have been targeted by a financial scam, report it to your financial institution immediately. The representative will guide you through your next steps, ensure you are not alone and involve the police or additional parties as necessary.
With greater awareness, we can all work together to stop financial fraud before it happens and reduce the stigma for those impacted.
For additional support and information, reach out to your home branch anytime. Together, we can protect our community against financial scams.
To stay up to date on the latest financial scams, check out the Canada Anti-Fraud Centre website for an extensive list of scams to be aware of.
Archie Bonifacio, senior executive, author and academic, is the Chief Member Experience Officer at YNCU and a Sessional Lecturer at the Lang School of Business and Economics.
