How to protect your money and identity from online threats

In honour of Cyber Security Awareness Month, Annette Hamm chatted with Dave Schurman of FirstOntario Credit Union about ways to protect your money and identity from online threats.

The theme of this Cyber Security Awareness Month is “Life Happens Online.” Schurman said this theme is timely considering how much time people have spent online working or studying from home.

“The criminals moved online because that’s where all the action is right now,” Schurman said. “Criminals are hacking into computer systems, WiFi networks and they’re stealing your information and, even worse, your money.”

What are the most common cyber frauds this year?

Schurman said that online scams frequently change, making it important for Canadians to be aware of what they are.

A common scheme is fake profiles on social media and dating websites. Fraudsters will pose as someone who is interested in you, form a relationship and then ask for travel money to meet you, a medical emergency or business investment.

Another popular scam is phishing. This is the fraudulent practice of sending emails claiming to be from reputable companies in order to induce people to reveal personal information, such as passwords and credit card numbers.

Schurman also warned viewers of a COVID-19 vaccine scheme. Fraudsters will send an email saying there is a COVID-19 vaccine relief fund and you are entitled to receiving money back after getting inoculated. Fraudsters will then promise to deposit money into your bank account if you click on a link and enter your banking information. However, Schurman said money will be withdrawn from your account rather than deposited.

How to protect yourself from cyber criminals

There are a number of ways to protect your money and identity from online threats, including not opening files, clicking links or calling phone numbers provided in text messages or emails.

Other recommendations include:

• Not using “Remember Me” features on websites or mobile apps
• Not using public WiFi when inputting personal information such as online banking, shopping or login details
• Ensuring home WiFi networks have a secure password and changing it every few months
• Creating stronger passwords
• Regularly checking bank accounts and credit reports to look for unfamiliar transactions
• Setting up alerts on accounts to notify you of suspicious activity