Fraud Awareness

Defending against most fraud begins with slowing down or stopping and asking yourself a few questions:

• Does what I'm being asked (or told) to do make sense?

• Does what I'm being promised seem too good to be true?

• Why am I feeling pressured to act quickly?

Remember, you're in control, so don't feel pressured to do anything that doesn't pass the 'sniff test.'

Scammers love the telephone so they can use something called 'social engineering' to play on your emotions. Here's a few guidelines to follow when taking phone calls:

• The Government isn't likely to call to tell you about a tax debt (or much else). They love the mail. If you take a call from someone claiming to be from the Canada Revenue Agency or some other government agency, hang up and call that agency directly using a number from the phonebook or their website.

• If you're being asked something like, 'can you hear me?' respond without saying the word 'yes' because the scammers are trying to get a recording of you agreeing. Instead respond with 'I can hear you.' Or, just hang up.

• If a grandkid or other relative is calling and asking for money because they are in jail or some other kind of trouble, hang up and call them back on a number you know is theirs.

• Don't follow automated prompts during an incoming telephone call as these can also be used by scammers to indicate agreement or consent.

• Microsoft won't call to inform you about an issue with your computer. Nor will McAfee, Norton, or any other anti-virus provider.

Again, asking yourself whether it makes sense that you're receiving this phone call is a great place to start. And remember, you're in control - if in doubt just hang up.

Scammers still love to use fraudulent cheques because they take time to clear, meaning it takes time to uncover the scam. Here's a few guidelines to consider before depositing that cheque:

• Was I expecting to receive this cheque? And does it make sense I've received this cheque? Remember, if it seems too good to be true, it probably is.

• If you receive a cheque that is marked 'for mobile deposit only' it is a scam. Scammers know that cheques deposited online are less likely to be caught as fraudulent until it is too lake. And remember, you're on the hook for everything deposited into your account.

• Don't fall prey to overpayment scams. Buyers of items aren't likely to pay by cheque and they certainly aren't going to send you a cheque for more than the purchase price, telling you to 'keep some for your trouble.'

• Review your accounts on a daily basis to catch fraud early. Your Credit Union is subject to Payments Canada rules, which set tight timelines on returning fraudulent cheques.

Gift cards are a scammer's favourite payment type because of their limited traceability. Because of this, scammers will often try to convince you to drive to the store, buy a bunch of gift cards and give them the gift card numbers. Don't do it! Here's a couple of gift card guidelines:

• Legitimate companies and agencies don't want to be paid in gift cards. If someone is asking you for payment in gift cards, it's a scam.

• Don't ever provide anyone with a photo or the numbers from the back of a gift card. Your remaining balance will disappear!

Buying or selling something online is a great way to make some money, save some money, or declutter. Because of this, scammers have found many ways to take advantage of legitimate buyers and sellers. Here's a few online buy and sell tips:

• Do a bit of sleuthing when you receive a message. Does their profile show they live near to you? Do they have any friends? Better yet, do they have any mutual friends? If something seems 'off' you can ignore their message, or block them.

• Be wary about providing a deposit. Once you send funds, you may never see them again.

• Never send money if you are the person selling something. 

• Don't accept an overpayment! This is a common scam where you end up on the hook for more than you bargained for. Remember, if it seems too good to be true, it probably is.

• Be very cautious if a buyer or seller asks you to follow a link or to scan a QR code. This will often install malware on your device and allow the scammer to access saved passwords.

Scammers love to make us think that we're going to be receiving money. Who doesn't want to win a lottery to live in financial freedom? Here's a couple of guidelines for lotteries and winnings:

• You can't win a lottery you didn't buy a ticket for. Seems simple enough, but sometimes the promise of a windfall can make our common sense take a vacation.

• You'll never be asked to send money to collect a legitimate lottery win. 

Never share your online banking password or MemberCard PIN with anyone. Also, do not write your passwords or PINs down. Sharing or writing down your password or PIN is contrary to the terms and conditions of issuance and invalidates any insurance coverage provided by the Credit Union.

Multi-factor authentication helps to protect against intrusions in online banking and other sensitive sites, but it isn't foolproof. There are a couple of ways to ensure multi-factor authentication is effective:

• Don't share the one-time password with anyone.

• Consider having one-time passwords delivered to your mobile phone by text message instead of by email. It is easier for scammers to gain entry to your email account than to your phone.

• Monitor your mobile phone and email account for unexpected one-time passwords. If you receive unexpected codes, contact us to have your online banking access temporarily locked.

eTransfers are a convenient way to quickly send money for a variety of reasons. Because of this, scammers are constantly looking for ways to use them for their benefit. Here's a couple of guidelines to keep yourself safe:

• Enroll in Auto Deposit. Auto Deposit removes the need to a secret question and answer, and deposits the funds directly into whichever account you choose. This eliminates the potential of an 'intercept' fraud where scammers monitor your email account for incoming eTransfers.

• When sending an eTransfer, use a question and answer that is not easily guessed. And communicate the answer securely, ideally by calling the recipient and providing it over the telephone.

An email account is a convenient way to stay in contact with others, but scammers have found ways to exploit them. Below are a few guidelines for safe email use:

• Keep your email account secure by choosing a complex password including upper and lower case letters, numbers, and special characters. Ideally your password should be at least 12 characters in length. 

• Enroll in any multi-factor authentication options available through your email provider.

• Regularly review the sign-in history of your email account, and change your password if anything looks amiss.

• Never click on links that are unknown to you or were not expected. 

• Never scan QR codes that are unknown to you or were not expected.

• Don't respond to unsolicited emails. Often, scammers are on the other end hoping to reel in a victim.