5 Ways to Protect Yourself from Scams

March 11, 2020

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While it’s important to take steps to protect yourself from fraud year-round, Fraud Prevention Month always serves as a reminder! With so many different types of online scams and phishing attempts, we’ve put together these tips to help you protect yourself online, avoid scams, and prevent future fraud.

Do not open unexpected email/text/social media attachments or links

Have you ever received an email or text from an unknown contact alerting you to a great deal on sunglasses? Or maybe you’ve received a social media message from an old friend simply saying “wow – is this video you?!?!” Unfortunately, by clicking on links in either of these messages, you may immediately fall victim to a phishing scam and fraudsters can gather detailed information on you. In addition to deleting the email, you can also easily flag the email as a phishing scam in your inbox to help prevent receiving future scam emails. 

Only send money to people you know personally

Developing friendships and romantic relationships online is extremely common, whether that is through online dating sites or social media. Unfortunately, fraudsters use dating sites and social media as a platform for scams. These fraudsters are patient and will take the time to build a relationship before asking for money or personal information.

If someone asks for an e-Transfer, Western Union Money Transfer, cash, or cheques to be cashed, say no, stop the communication and report the user. If you’re concerned or have questions, contact Libro to discuss your transaction prior to sending funds.

Set-up 2 step Verification for increased security

Libro now offers 2-Step Verification in online and mobile banking. 2-Step Verification is a process to help protect your information by using two different methods to confirm your identity when accessing your account. Set up 2-Step Verification in online banking by logging into your Libro account, navigating to Settings, and selecting Security.

Never share online banking passwords

Keeping yourself safe from online scams means that it is never safe to share your online or mobile banking password! Do not share with your friends or family. Do not share with a new employer. And do not share with your spouse. If you have a joint account with your spouse, they should have their own login and password.

Avoid using public wi-fi when logging into online banking

Have you ever logged on to free, public wi-fi in a coffee shop, airport, or other public place? While convenient, avoid accessing online banking and making online purchases on public wi-fi. These networks may not be secure and scammers can intercept your information.

By Kelly Hackney

Kelly Hackney is the Operational Risk Manager at Libro Credit Union in London, Ontario.