A recent TD survey found 85 per cent of Canadians are worried about themselves or their loved ones being victims of financial fraud. Thirty-seven per cent expressed concern over the elderly being too trusting and children being unaware of risks.
According to the study, most Canadians do have basic awareness to protect themselves against fraud. Less than 10 per cent of Canadians would share their PIN or SIN with a stranger, give their credit card number to an unsecure site or click a link in a text message from an unknown source. However, fraud techniques are becoming increasingly sophisticated and criminals are developing new ways to trick people into revealing their passwords, bank account or credit card numbers.
Fraud techniques more sophisticated
Strategies include phishing, (making an email appear as legitimate communication), spoofing, (making an email seem to come from a trusted source), vishing (phone calls), smishing (text messages) and skimming (devices that steal information).
TD proposes ways for consumers and businesses to protect themselves from fraud. For consumers, they suggest paying attention to fraud alerts, protecting your pin and guarding your cheques, not to be fooled by phishing and regularly checking online accounts and banking apps.