By Pascal Forget
Do you know what to do—and what not to do—to keep your banking info safe? According to the Canadian Anti-Fraud Centre, online scams cost Canadians $569 million in 2023. Thieves are becoming increasingly sophisticated, and, despite warnings to the public, the amount is growing year after year—as of October 31, 2024, the annual figure was already up to $503 million. Who will be the next victim?
The following true/false questions will help you develop good reflexes for preventing fraud.
1. You can trust an email that includes your financial institution’s logo and doesn’t contain any spelling mistakes.
FALSE. In the past, email scams were easier to spot because they often contained a lot of spelling mistakes. That’s no longer the case. Scammers can now create emails that are almost identical to those from your financial institution, and their messages are more and more convincing. Your institution may occasionally email you factual information—to let you know that a statement is available, for example—but any unusual unsolicited messages should be regarded as suspect, especially if you’re asked to act quickly. If you’re not sure, contact your institution directly.
2. The phone rings and someone asks you to send money urgently: your granddaughter is in prison (or in the hospital). Don’t worry, she’s fine; it’s attempted fraud.
TRUE. Unscrupulous scammers can take advantage of your grandchildren’s absence (when they’re away on vacation, for example) to try to scam you. How do they know your family members are away? They check social media.
3. You get an email to recover your bank-account password, but you never submitted such a request. This is a sure sign that your account has been hacked.
FALSE. If two-factor authentication is on, getting an email to recover your password doesn’t mean your bank account was hacked. It might simply mean that another customer made a mistake entering an email address. If you’re not sure, contact your financial institution or sign into your account to check the most recent transactions.
4. You’ve been offered an exclusive investment that will generate very high returns as long as you don’t tell anyone, and you have to take advantage of the offer without delay.
FALSE. If an offer is too good to be true, it’s because it’s a scam.
5. Since you have very little money in a given account and a small line of credit, there’s no risk in sharing your password.
FALSE. Whatever your bank or line-of-credit balance is, sharing your password is not a good idea. A malicious person can misuse your personal information.
6. You were a victim of fraud, but the amount was so low that it’s not worth reporting.
FALSE. Even if the amount lost is low, take the time to report the fraud. Your information is useful for financial institutions and the police.
7. You’re selling an item online, and the buyer sends you an amount that is more than what you agreed on. No problem: you can just send them back the extra money.
FALSE. It’s a well-known scam: after returning the difference to the buyer, you’ll discover that the payment you received was never authorized or was cancelled.
8. If you’re invited to activate two-factor authentication for your bank account, you accept right away.
TRUE. Two-factor authentication (by text, fingerprint, or facial recognition) greatly increases your online security. Even if a scammer gets your password, they can’t complete a transaction.
9. It’s normal to be asked by an employee of your financial institution for your account number, your password, and your personal identification number (PIN) to complete a transaction.
FALSE. When you are asked for confidential information such as your password or your social insurance number, always ask questions. Your financial institution already has this information.
10. To check the source of an email or a text from your financial institution, just click on the link or call the number included in the message.
FALSE. Your bank can send you a text with a code or a link to confirm your identity to approve a transaction. But if you receive an unsolicited email or a text from your financial institution that asks you to take action (such as updating your personal information), never click on links or call the phone number included in the message. Instead, go to your institution’s official website.
If You Are a Victim of Fraud
Be sure to report it, to either…
• the Canadian Anti-Fraud Centre (antifraudcentre-centreantifraude.ca),
• the police,
• or your financial institution (the phone number is listed on your debit or credit card).
By contacting one of these services, you can get assistance, find support, and make sure you won’t lose more money. You might even recover some of your lost funds.
