Beware of scams and fraud

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Beware of scams and fraud

Reports of financial fraud can be concerning, but there are ways to protect yourself. Explore each topic to learn more about fraud.

Nadsaq Verafin 2024 Global Financial Crime Report states that fraud scams and bank fraud schemes totaled $485.6B in projected losses globally in 2023.

How it happens

There are many forms of fraud, scams and financial theft. Three of the most common forms include:

Online and mobile banking, where criminals access someone's bank account via the internet or mobile banking.
Common online threats, such as computer viruses, malware, or phishing, where a hacker attempts to take control of a computer or mobile in order to access login details, passwords and other personal data.
Banking security, including telephone fraud, thefts from ATMs and other scams.

How to avoid it

There is plenty of advice online about how to spot a scam or fraud, and what action you should take if you are a victim of fraud.

There are several simple precautions you can take to avoid becoming a victim of a scam or fraud:

Never give your password, PIN number or memorable information to anyone else.
Change your passwords every few months. A strong password needn't be difficult to remember.
If you receive an email that claims to be from your bank, check it carefully. Unless you are absolutely certain it is genuine, don't click on any link it contains.
You will be better protected online if you keep your computer updated and install a firewall, anti-virus and anti-spyware software.