October is Cyber Security Awareness Month in Canada, and Conexus Credit Union is reminding people across Saskatchewan that cybercrime can affect anyone, regardless of age.
Michael Mielewski, Media Relations Specialist with Conexus Credit Union, said one of the biggest misconceptions about scams is that seniors are the primary targets.
“What we really want to let all Saskatchewan residents, as well as our credit union members know, is that all generations are targeted by cybercrime,” Mielewski said.
Cybercrime can take many forms
Scams can also look different than the traditional image of a hacker breaking into an account.
“Another misconception is that someone’s accounts are truly hacked in a really technical, like IT sense, like in the movies,” he said. “What’s more common is that hacking and fraud happens through what we call social engineering.”
Mielewski said social engineering can include pressure tactics, romance scams and investment scams, where victims are promised returns that seem too good to be true.
Conexus is also highlighting verification code scams and overpayment scams as other types of fraud people should be aware of.
With investment scams, fraudsters may even send money back to a victim as a supposed return or dividend to build trust before attempting to obtain more money.
In an overpayment scam, a fraudster purchasing an item may claim they accidentally sent too much money and ask the seller to refund the difference. The original payment can later be deemed fraudulent, leaving the seller without the product or their money.
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Recognize, reject and report
Mielewski said people should familiarize themselves with current scams and cybersecurity best practices.
“The Stand Against Scams website is a great resource to visit, as well as the Government of Canada’s Cybersecurity Awareness Month,” he said.
He also recommends following the three R’s: recognize, reject and report.
“I’d really like to just emphasize the report part because only five per cent to 10 per cent of scams in Canada are ever reported,” Mielewski said.
He said people should not be embarrassed to report being targeted or defrauded.
“We really want to just instill in people that there’s no shame,” he said. “Please reach out to your financial institution or whatever other agency the fraudsters are pretending to be and report that scam, as well as to the police, please.”
Report fraud as soon as possible
Mielewski said reporting fraud as soon as possible can give financial institutions more opportunity to assist.
“Regardless of that, it’s important to report,” he said. “And financial institutions will do everything they can to help you prevent those frauds and scams.”
He added that people can take simple steps to monitor their accounts, including setting up transaction alerts through online banking.
“That’s just a good way to have peace of mind. If somehow there’s a transaction that happens that wasn’t me, then I can immediately act,” Mielewski said.
Watch for red flags
Mielewski also reminded Conexus members that authentication questions asked by employees are intended to help protect their accounts.
“Our employees are really trying to help and they’re trying to prevent fraud,” he said.
He said another major warning sign is being told to lie to a financial institution.
“Watch out if you’re ever coached, you or a loved one’s ever coached to lie to a financial institution,” Mielewski said. “That is a huge red flag and should be reported right away to your financial institution, as well as to the police.”
Conexus encourages members and the public to recognize suspicious activity, avoid giving out banking information or verification codes and report suspected fraud as soon as possible.
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