Cyber hygiene critical in pandemic era amid rising tide of digital fraud
As Canadians have moved more of their daily activities online in the wake of the pandemic, they need to be increasingly vigilant about protecting themselves from digital financial scams.
The Canadian Bankers Association (CBA) is highlighting that message as part of its awareness activities for Fraud Prevention Month this March. Cyber criminals continually adjust their tactics in response to developments that can make consumers more vulnerable, says Adrian White, director of financial crimes with the CBA.
“More of us are working from home, learning remotely, buying products online and using more digital channels. As we moved online in greater measure due to COVID-19 lockdowns, so did the criminals,” says Mr. White. “Fraudsters are ramping up their efforts to trick Canadians into giving up personal information and to send money for bogus schemes.”
The CBA and its members take strong steps to protect their customers’ information, both by publicizing the latest threats and through continued investment in fraud detection and mitigation technologies.
They are also urging consumers to do their part.
“Banks go to great lengths to keep Canadians’ money safe and protect their personal and financial information, but the realities of a connected world mean that cyber threats are not limited to our systems and technology,” says Neil Parmenter, president and CEO of the CBA.
“In the digital era, security is a shared responsibility, and Canadians have a role to play. To that end, the banking sector is committed to promoting cyber security best practices to help customers better protect themselves and their devices against a rising tide of digital fraud.”
“The fraud actors now are becoming very sophisticated, and they can replicate logos and other features that the average consumer would associate with a legitimate site or email.”
Be wary about emails that mimic legitimate communications
One of the most common scam types is “phishing” – sending you an email or text disguised as coming from a legitimate organization, such as a government agency or your financial institution. Phishing has come a long way since early versions of it became pervasive in the mid to late 1990s. Today, real-looking fake emails request that you click on a link or provide sensitive information, allowing the criminal to log into your account.
“The fraud actors now are becoming very sophisticated, and they can replicate logos and other features that the average consumer would associate with a legitimate site or email,” Mr. White explains.
“Don’t respond to a suspicious message claiming to be from your bank. Know that your bank has policies and practices to protect your privacy and would never ask for personal information through email or text. When in doubt, contact your bank directly.”
One of the scams that flowed from the pandemic involved sending emails or texts attempting to trick you into believing you had received a government benefit such as the Canada Emergency Response Benefit (CERB).
“These frauds all have the same aim: to obtain access to a person’s data in order to misappropriate their funds or, in some cases, use identity deception to con them into sending money to an account controlled by the fraudster,” Mr. White says.
In line with Fraud Prevention Month, the CBA has developed helpful toolkits for consumers and businesses to protect themselves from the most common cyber threats and to optimize their “cyber hygiene.”
RESOURCES
Visit these links to access CBA Cyber Security Toolkits and other resources.
• Consumers: cba.ca/cyber-security-toolkit
• Small businesses: cba.ca/small-business-cyber-security-toolkit
• Fraud prevention newsletter: cba.ca/fraudpreventiontips
For more stories from this feature, visit globeandmail.com