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.
