INTERAC update
On October 22, 2024, INTERAC is rolling out a new look and feel of their INTERAC e-Transfer ® email notifications.
For info visit interac.ca
Fraudsters are constantly updating their schemes to be more sophisticated, intricate, and convincing. Just as they’re working to refine their scams, you need to continually read up on the latest trends in fraud to better protect yourself.
At Cambrian, we regularly share new information to help you stay safe. So, what new scams should you be on the lookout for?
Here’s what you need to know:
Not sure who’s calling you? Don’t answer!
One scam that’s on the rise is when fraudsters call and claim to be someone from your financial institution.
They’ll say they’re contacting you about suspicious activity on your account and need your information to verify your identity.
Then, they’ll use the details you provide over the phone to access your account.
Remember: Your financial institution will never call you to ask for account credentials – they already have that information on file.
Hang up the phone and call your financial institution directly, using the number found on their website or your account card.
Cambrian members can contact us via phone, chat, or email. You can also send a Secure Message through Online Banking.
Two-factor authentication (also known as multifactor authentication or 2FA) is a more secure way to protect your accounts than a password alone.
But fraudsters are always searching for ways to bypass 2FA - and they’ve developed elaborate schemes to do so.
Here are 2 common tactics they use:
The scammer’s goal here is to trick you into installing a malicious program onto your computer.
They’ll do this by calling you and claiming to be your internet provider – then, they’ll offer you technical support, as long as you download their “diagnostic” program first.
For example, they may offer to help speed up your internet – a common problem that makes their call seem more believable. Soon after you install their program, your computer will lock and become inaccessible.
The fraudster takes this opportunity to log into your accounts using your computer – they could access your email, your bank account, and any other website with saved login credentials. Since they’re logging in from a trusted device (your own computer), this helps them bypass multifactor authentication.
One of the most common scams when shopping online is fraudulent e-Transfer payments, usually sent in response to a Facebook Marketplace ad.
You create an ad to sell an item and the fraudster contacts you with interest in buying it. You’re then sent an email that looks almost identical to legitimate e-Transfer emails.
You’re prompted to click on a link or scan a QR code to deposit the funds. This takes you to a spoofed webpage to enter your bank account credentials, including the one-time code for 2FA.
Now that the fraudster has your account and the passcode, they can make unauthorized transactions, change contact information, and more. While they’re using your accounts, they might spam you with emails, messages, and notifications to mask their activity.
It’s amazing that these days, you can deposit a cheque without stepping foot in a branch!
Unfortunately, scammers try to take advantage of this technology through Remote Deposit Cheque scams (RDC).
Here’s how it works:
You’re contacted by a person you don’t know, for any number of reasons – it could be a job offer, a bid on your Facebook Marketplace item, or someone with a romantic interest in you.
Eventually, they ask you to deposit a cheque from them through RDC. They tell you to keep some of the funds, and then send the rest back to them.
The “cheque” image is sent via email or text. You download the image and use it in the app for your deposit.
Later, you discover that the cheque was counterfeit, and you’re out the money you sent back to the scammer.
When making deposits using RDC, you need a physical copy of the cheque, not an image from an email or text.
Never try to remotely deposit a cheque using an image someone else has sent you.
If you’re concerned about the validity of a cheque, it may be best to visit a Cambrian branch to ask about it, rather than attempting a remote deposit.
We’re always working hard to keep our members safe. One way we do that is by sharing information about scams on our blog and social media.
You can follow us on Instagram and Facebook to stay up-to-date. Be sure to check back every week to read our latest blog posts!
We would be happy to discuss your unique situation with you.
Our goal is to make complex topics like this one, simple.
It takes less than 5 minutes to make an appointment or to apply online. It is up to you how you want to meet your advisor - you will have the option to meet your advisor:
