Managing your money has become more convenient with advancements in online and mobile banking. From the comfort of your home or on the go, you can pay bills, send e-transfers, and check your accounts.
While these digital tools make banking easier and more convenient, cybercriminals are becoming increasingly sophisticated at stealing your personal information. At Westoba, we are committed to keeping our members’ money and personal information safe. You play an important role in protecting and safeguarding your accounts. Help protect your money from cybercriminals by staying informed and proactive with these expert tips.
Current Scams in Canada
Social Media Scams
Scammers create fake profiles or hack existing accounts to promote fraudulent investment opportunities, giveaways, or sales.
How to protect yourself:
- Verify accounts by checking for unusual activity or recent profile changes. (changes to a business name, poor quality photos or edited photos)
- Avoid clicking on suspicious links in messages or comments.
- Don’t send money to individuals for holds/deposits on marketplace items.
If it seems too good to be true, it probably is.
Carbon Tax Credit Scam
Fraudsters are sending fake texts and emails claiming to offer carbon tax refunds. Remember, legitimate government refunds are processed through official channels, never via unsolicited messages.
How to protect yourself:
- Ignore unexpected texts or emails about tax refunds.
- Log in to your CRA My Account to verify any legitimate refunds. (do not use any links sent to you).
CRA, won’t text you–delete the scam and stay safe!
CRA Scam
Scammers posing as Canada Revenue Agency (CRA) officials threaten victims with arrest or demand immediate payment. The CRA will never ask for payment via gift cards, cryptocurrency, or e-transfer.
How to protect yourself:
- Hang up immediately if someone claims to be from the CRA and demands payment.
- Log in to your CRA My Account to check for official notifications.
CRA calls don’t come with threats—hang up and verify.
Remote Access Scams
Scammers impersonate tech support or financial institution representatives, convincing individuals to download remote access software like AnyDesk, TeamViewer, Chrome Remote Desktop, Microsoft Remote Desk, etc. Once access is granted, they can steal personal information, install malware, or siphon funds.
How to protect yourself:
- Never grant remote access to unsolicited callers or messages.
- Verify identities by contacting organizations directly using official contact information.
- Be cautious of unexpected requests to download software or provide personal information.
Your device, your control—never grant access to strangers!
Fake e-Transfer Text Messages
Scammers send text messages claiming you’ve received an unexpected refund or payment, with a link to claim it.
How to protect yourself:
- Never click on unexpected links in text messages.
- Log in to your bank accounts directly to verify any pending transfers.
- Report suspicious texts to your mobile provider.
Unexpected transfer? Expect it’s a scam!
Fake Package Delivery/Import Fee Text Messages
Scammers send fake delivery notifications asking for payment of import feeds before a package can be released.
How to protect yourself:
- Track packages using official websites, not links in text or emails.
- Verify the sender and cross-check tracking number.
- Refuse to pay unexpected fees without confirmation from the delivery company.
No package? No payment! Always verify first.
Animal Rescue Scams
Scammers post emotional stories about a hurt animal, asking for donations via e-transfer or PayPal.
How to protect yourself:
- Verify the person’s identity and the story’s legitimacy.
- Donate only through official animal rescue organizations.
- Report suspicious posts to the platform.
Help real animals–not fake stories!
Types of Cybercrime
Cybercrimes come in various forms, and it’s essential to be aware of the potential risks to your money. Here are three types of cybercrimes to watch out for:
Phishing Attacks
Phishing is a common type of cybercrime where fraudsters attempt to obtain sensitive information such as login credentials, credit card numbers, and personal details by posing as a trustworthy entity. These fraudulent attempts often come in the form of deceptive emails, fake websites, or text messages that appear legitimate. It’s crucial to be cautious and avoid clicking on suspicious links or providing personal information to unknown sources.
AI-Driven Phishing Attacks
Cybercriminals are now utilizing artificial intelligence to craft highly personalized and convincing phishing emails. These AI-generated messages can mimic the tone and style of legitimate communications making them harder to detect.
AI-Generated Disinformation
AI-generated fake news poses significant risks, including the potential to incite bank runs by spreading false information about financial institutions.
Deepfake Scams
Advancements in AI have led to the creation of deepfakes—artificial media where a person in an existing video or photo is replaced with someone else’s likeness. Scammers use deepfakes to impersonate trusted individuals, such as family members, celebrities, politicians, company executives, to deceive victims into transferring funds or disclosing sensitive information,
Identity Theft
You may be sharing more of your personal information online than you realize. Identity theft occurs when cybercriminals gain unauthorized access to your personal information and use it for fraudulent purposes, including accessing your bank accounts, opening credit lines, or making unauthorized purchases. Monitoring your accounts regularly for any unusual activity and reporting any suspicious transactions to your financial institution immediately is important to keeping your identity safe.
Ransomware Attacks
Ransomware is a type of malicious software designed to block access to a computer system or data until a sum of money is paid. Having robust antivirus and antimalware software installed on your devices and regularly backing up your important data is important to minimizing the impact of a potential ransomware attack.
How to Protect Your Money
In addition to staying informed about potential cybercrimes, there are several proactive steps you can take to protect your money:
- Use Strong Passwords and Passphrases
Utilizing strong and unique passwords and Personal Access Codes (PAC) for every account and device is key to keeping your information safe. Avoid using easily guessable passwords, sharing them with anyone, and change your password regularly. To help remember your Personal Access Code (PAC), we recommend using passphrases. For example, HighSecurity1st! Passphrases are easy to remember and highly secure.
- Utilize 2-Step Verification
2-Step Verification is a type of multi-factor authentication that protects your information by requiring a second “factor” to confirm your identity when signing into your accounts in addition to your password. By enabling 2-Step Verification, if a cybercriminal gets a hold of your password, there is an extra barrier to stop them.
- Spot Suspicious Activity with Direct Alerts
Westoba’s Direct Alerts will let you know when changes are made to your online banking information, adding another level of security to your account. It is important to monitor these alerts and report any potentially fraudulent activity as soon as it happens. You can manage your Direct Alerts by signing in to your online banking account.
- Monitor Your Accounts Regularly
Stay vigilant by regularly reviewing your bank account statements and transaction history for any unauthorized or suspicious activity. Report any discrepancies to your financial institution immediately.
- Keep Software Updated
Ignoring pesky software notifications can put your information at risk. Turn on automatic updates for your devices, including computers, smartphones, and tablets, to have the latest security updates and patches installed. Outdated software can create vulnerabilities that cybercriminals may exploit.
- Be Cautious with Public Wi-Fi
Using public Wi-Fi can be handy when you want to work at a coffee shop, but it also exposes you to potential cyber threats. It’s crucial to be selective about the Wi-Fi networks you join and to be mindful of your online activities while connected. To protect yourself, turn Wi-Fi off when you’re not using it, use a virtual private network (VPN), install a firewall, and keep an eye out for anyone who may be watching your screen over your shoulder.
- Report Suspicious Activity
If you notice anything suspicious with your account, such as receiving a 2SV code or Direct Alert that you have not initiated, or an unusual text, phone call, or email that doesn’t feel quite right, give us a call at 1-877-WESTOBA (937-8622) and we can evaluate the situation with you.
Westoba never solicits personal information such as your 2-Step Verification code or Personal Access Code (PAC) through our digital channels or via phone call – contact us if you suspect suspicious activity.
- Educate Yourself
Protecting your money from cybercrime is more important than ever. You can be proactive in safeguarding your personal information by staying alert, knowing the latest security measures, and monitoring your account regularly. By taking these precautions, you can enjoy the convenience of online banking while keeping your finances secure. We encourage you to reach out to us if you have any concerns or questions regarding the security of your bank account.
Stay informed about the latest scams by visiting the Canadian Anti-Fraud Centre.
