03/27/2025
With all the scamming going on, Here's some tips to protect yourselves from bank fraud.
Bank Impersonation Scams – How to Protect yourself
A bank impersonation scam may start with a phone call, text or email from what looks to be your bank. These communications appear to come from a bank representative but be assured, a bank representative will NEVER ask you to:
• Initiate any type of transaction on behalf of your bank.
• Provide one-time codes sent through SMS, emails, or voicemail to identify yourself.
• Download a remote access application.
• Share your PIN or login IDs.
• e-Transfer money for any reason.
• Create a new online banking password with the advisor or ask to share your password with anyone.
• Ask you to provide your debit card or credit card to a third-party, such as a courier, in order to secure your account.
To further protect yourself, set up mobile app Alerts - an easy, secure way for you to quickly spot suspicious transactions or unauthorized purchases in your accounts.
Other Common Scams and Ways to Avoid Them:
• Be cautious if you receive a phone call, text or email claiming to be from the Canada Revenue Agency (CRA) or other government agencies. These agencies will never threaten to arrest, deport or physically assault you or your family, nor will they demand payment in the form of fines, gift cards or bitcoin.
• Be wary of anyone who claims that your Social Insurance Number (SIN) has been compromised. Do not provide personal information such as your date of birth, address or more, as it could result in identity theft and other fraudulent activities.
• Be mindful of the promise of high or quick investment returns. That's the giveaway of most investment and crypto scams. If it seems too good to be true, it probably is. Make sure you can directly access your investment account and can independently verify performance. Confirm with your provincial securities regulator that the entity is legally permitted to offer financial services in your area.
• Always remain skeptical when faced with an out-of-ordinary or urgent request, particularly when it comes to divulging information or sending money. For example, be wary of job scams that promise a job opportunity or “training” that will make you more eligible for employment in exchange for money.
• Never sign a lease, or provide rental payment, without physically visiting the property. Avoid housing scams by researching the address of the home to ensure the listing is truthful and accurate and don’t rush into paying a deposit.
Most financial institutions have information about the most common scams and what to watch for.
Be Safe Everyone.
