Feeling Fraud Fatigue? Follow These 3 Tips to Protect Yourself from Scams

 “Fraud fatigue” seems to be settling into the Canadian psyche with two thirds of Canadians feeling tired of being on constant alert according to RBC’s annual Fraud Prevention Month poll. One-third also admit to letting their guard down which is easy to understand. 

An overwhelming 98% of respondents believe scams are getting more targeted and sophisticated and nearly nine out of 10 (89%) report they have seen a rise in scam attempts more than ever before (up from 77% in 2023). What’s more, most believe it’s getting harder and harder to recognize scams.

The importance of staying proactive

If you’re suffering from fraud fatigue, you’re not alone. But it’s just as important as ever to protect yourself. 

Although dealing with scam attempts can feel frustrating, failing to protect yourself can result in significant losses, including money, personal data, or both.

The good news is that defending yourself from fraud doesn’t have to be difficult or time-consuming.

Three tips to help protect yourself from fraud

1. Pause before acting. 

Imagine you have received a message that is pressuring you to act on something urgently. Perhaps a package you’re waiting for is held up in customs and you need to provide payment to release it; or suspicious activity has been reported your bank account and you’re asked to share your PIN in order to protect your money.  

This is the time to pause and ask yourself a few key questions: 

• Do you feel fearful or rushed to click on a link or take an action? 

• Does the message include a reasonable request or does something feel off about it?

With advanced technology, criminals can easily impersonate your family, friends and trusted sources, like your bank, and persuade you to share account or personal information. Keep in mind, if something looks fishy, it probably is! 

2. Set up protection features.

More good news is that tools to protect yourself and add extra layers of security have continued to evolve in order to stay a step ahead of fraudsters. Consider these essential features to keep your information secure:

• Alerts: There are several types of alerts that send a notification if there is out-of-the-ordinary activity on an account. Signing up for alerts is an excellent way to stay on top of your money and activity within your accounts.

  • A fraud alert will notify by text message if there’s an unusual Interac e-Transfer transaction made or if a credit card transaction appears out of place. 

  • A transaction alert will send a notification if, for instance, an account balance drops before a certain set threshold, or a large purchase is made on a credit card. 

• Multi-Factor Authentication: Multi-Factor Authentication (MFA), also known as 2-Step Verification or Two-Factor Authentication (2FA), makes it harder for criminals to steal information because it uses two separate factors for identification:

  • One is typically a username and password, 

  • while the other could be a cellphone, fingerprint, or other biometric data. While some apps and websites use MFA automatically, some leave the decision up to the user. 

• Face ID and fingerprint features: Like with MFA, these biometric features add an extra layer of security that help keep data secure.

• Strong passwords: Passwords are the first line of defense against fraudsters, but many people have less-than-ideal password behaviour. From having simple passwords (such as “password”) to using the same passwords for every site, many online users leave themselves open to hacking. Strong passwords are important – and while they can feel like a pain to set up – they are invaluable in keeping information safe. Take a look at Why Strong Passwords Matter and How to Create Them for extra tips.

• Autodeposit: Autodeposit for Interac e-Transfers service eliminates the need for a security question and answer in every transaction, reducing the risk that someone unintended could intercept the funds.

3. Stay informed. 

Being aware of the latest scams can help you spot a fraud attempt when it pops up in your inbox or on your phone. The RBC Scam Alert page is dedicated to keeping you up to date on the latest scams – how they work, what they look like and how to protect yourself.  

It’s also important to understand what legitimate companies will and will not ask you for. Here are some things legitimate companies will NEVER ask you to do (but fraudsters frequently attempt):

• Provide your username, login ID, PIN, password or one-time code through text, email or voicemail

• Give an old debit or credit card (i.e., one that you’ve destroyed after it was compromised) to the bank or a third-party in order to secure your accounts. 

• Make a transaction in order to secure your account 

• Share a link from an Interac e-Transfer transaction

• Demand payment using gift cards, prepaid credit cards, cryptocurrency or wire transfer

• Threaten you with arrest, fines or immediate account closure 

• Call or email to fix a computer problem you didn’t report

• “Accidentally” overpay and request you return excess money