Canadian citizens are falling victim to financial scams, with banks often declining to reimburse them. Bank fraud poses a significant threat in Canada, as reported by the Canadian Anti-Fraud Centre. Instances of fraudulent activities draining individuals’ accounts are common, involving tactics such as phishing emails, fake banking apps, phone spoofing, hacked passwords, and unauthorized e-transfers.
Claudiu Popa, a cybersecurity expert with extensive experience in investigating cybercrime, expressed disappointment in financial institutions for seemingly prioritizing their own interests over resolving fraud cases. He emphasized that criminals exploit everyday behaviors and security vulnerabilities. To mitigate the risk of falling prey to bank fraud, Popa shared five practical tips.
1. Utilize strong, unique passwords: Change passwords regularly, opt for lengthy passphrases with personal elements, and avoid password reuse across platforms. Consider using a password manager for added security.
2. Enable two-factor authentication and account alerts: Supplement password security with two-factor authentication using secure apps, and activate notifications for login attempts, password changes, and transactions.
3. Safeguard personal information: Stay vigilant against social engineering scams, phishing attempts, and phone fraud. Avoid sharing sensitive details like passwords, PINs, or account information with unsolicited callers or messages.
4. Avoid public wi-fi for banking: Public wi-fi networks are vulnerable to attacks, so use secure connections like cellular data or VPNs when accessing financial accounts remotely.
5. Exercise caution with banking apps: Download apps only from trusted sources like official app stores, and consider using secure browsers on personal devices for online banking.
Additional safety measures include regular account monitoring, document shredding, and device security practices. While bank fraud may seem overwhelming, implementing these preventive measures can significantly reduce the likelihood of being targeted by scammers.
Popa emphasized the importance of individual vigilance in deterring fraudulent activities, stating that personal security practices play a crucial role in mitigating risks.