Lately, it seems we can't get through a week without reading about a new scam or type of fraud. And we often hear friends and family commiserating over the daily barrage of phone calls and text messages from scammers.
While rapid advances in AI are revolutionizing our lives and work, criminals are just as quickly finding ways to exploit these cutting-edge technologies for profit.
Every time an unknown number pops up on our phone, we make a purchase online, interact with a stranger on social media, or pursue a new job or investment opportunity, we're reminded of the increasing need to exercise caution, be skeptical and ever more wary about threats to our financial security.
In this constantly evolving fraud landscape, we're all challenged to stay vigilant. But what are the biggest threats to banking clients today, and how can we protect ourselves against them? To find out, we spoke with three of CWB's seasoned banking experts, leaders in personal and business finance who work closely with our clients every day.
In this article, they share their perspectives on some of the latest scams impacting the financial services industry and advice they want every banking client to know.
Meet the experts
- Jamie Comstock, VP and Market Lead, Edmonton Downtown District
- Patrice Pinske, Senior Manager, Cash Management, Calgary & Central Alberta District
- Tal Sakhon, Senior Manager, Cash Management, West Fraser Valley District
Jamie Comstock, VP and Market Lead, Edmonton Downtown District
Jamie liaises with established and emerging clients to ensure that their banking needs are met. He identifies gaps between our existing products and client needs, then collaborates with our specialized banking teams to resolve those gaps.
How do you see the threat of fraud and scams affecting banking clients right now?
Jamie: The increase in electronic and online platforms means our clients are experiencing a challenge with managing their information in many places. They need to ensure they are using safe sites, and that everyone they employ to use those platforms is doing so with the right level of permissions and controls.
What are the top three tips you'd give to clients to keep their accounts secure?
Jamie: The three most important tips I could give to banking clients are:
- Make sure they have multiple levels of controls on their accounts (dual signatures for cheques and dual authorization for processing transactions, as an example).
- Log in to their accounts, review their transactions and reconcile their bank accounts frequently to check for any unusual activity.
- If they are looking for information on a service, reach out to the banking centres directly to ensure they're receiving accurate information (e.g., always make sure they're using the correct URL by bookmarking it, versus relying on search engines to find the banking site they’re looking for).
Patrice Pinske, Senior Manager, Cash Management, Calgary & Central Alberta District
Patrice supports her team and our clients at CWB in navigating the day-to-day complexities of cash management.
What types of scams are you seeing most right now, and how can clients identify them?
Patrice: Three of the most common scams impacting individuals and business right now are phishing scams (90% of fraud cases are due to phishing!), malware and ransomware attacks, and one-time passcode (OTP) fraud.
Phishing scams They often look legitimate so always verify before responding or providing any information. When in doubt, delete and block the sender! |
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Malware and ransomware Malicious software can steal sensitive information like login credentials and is usually downloaded through fake websites or emails. Ransomware locks users out of their systems or data until a ransom is paid. |
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OTP (one-time passcode) fraud Once they are in, they can transfer funds or make unauthorized transactions leading to financial losses. |
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What are the most important things clients can do to keep their accounts secure?
Patrice: Here are four ways to keep your bank account secure and potentially avoid a scam:
1. Master the art of complex passwords and MFA
Always use complex passwords or a password manager to generate unguessable passwords. Learn more about creating strong passwords and resetting your password for CWB accounts. Multi-factor authentication (MFA) is the default at CWB because one lock on the door is never enough when hackers are involved. Find out how to set up MFA.
2. Monitor your account activity
Regularly review your bank statements for unauthorized transactions. Sign up for real time text or email alerts—think of them as your very own warning system, notifying you of suspicious activities immediately. Learn how to set up and manage alerts.
3. Beware of phishing scams
Be skeptical of all unsolicited calls, texts or emails asking you to click on a link or provide personal details. Threatening language and a sense of urgency are almost always red flags! Remember, your bank will never ask you for confidential information or one-time security codes over unsecured communication channels. When in doubt, hang up and contact your relationship manager or banking centre through legitimate contact channels.
4. Set up security questions with your bank
With the rise in AI and the ability to impersonate people, it's more important than ever to set up personalized security questions with your bank that are used in every interaction. Generic questions like your date of birth or mother's maiden name will not protect you! Pick something that would be hard for a fraudster to guess like the make of your first car or your favorite dessert.
“When we look back to where a particular scam originated, we are usually able to point to an ‘uh-oh’ moment where the client had the opportunity to avoid trouble, but didn’t,” says Pinske.
Tal Sakhon, Senior Manager, Cash Management, West Fraser Valley District
How does your role at CWB involve fraud prevention and security?
Tal: My team's role involves working closely with businesses to provide Cash Management solutions for their day-to-day operations. A key part of our process is to support and educate clients on CWB products and services, which includes mitigating risk to CWB and our clients.
What are the biggest security threats to banking clients right now?
Tal: Online banking fraud, impersonation fraud, cheque fraud and pre-authorized debit (PAD) fraud.
What should clients do if they suspect they've been targeted or have fallen victim to a scam?
Tal: There are three things banking clients should do immediately if they suspect they've been a victim of fraud:
- Contact their relationship manager or local banking centre as soon as they notice any unusual activity on their account.
- Change their password right away, especially if the fraud pertains to online banking, to prevent any further transactions.
- File a police report.
CWB's perspective, once an incident of fraud has been reported to the banking centre, we will take further action to close the affected accounts, cancel any compromised online credentials and if necessary, attempt the recovery of funds.
Your trusted partners in fraud prevention
CWB is committed to providing a secure banking environment, and employing a comprehensive, multi-layered approach to protecting our clients from fraud and security threats. We prioritize the security of our clients' accounts through advanced technologies and provide resources to help you stay informed about fraud and security threats. Through collaboration with regulators, law enforcement and other financial institutions, CWB proactively works to address the growing challenges of financial fraud and cyber crime. Find out more: https://www.cwbank.com/security