How to Avoid Being a Victim of Cyber Fraud

Technology makes it easy for us to stay connected and productive, and it's advancing faster than ever. But as technology improves, so do criminals.

TD Bank knows that many people are feeling vulnerable to scams, including social engineering scams, where a threat actor tries to exploit your trust to obtain money directly or obtain confidential information to enable a subsequent crime. They learn how to steal our information and use it against us.

October is Cybersecurity Awareness Month, a time to increase cyber literacy through education and learn how to recognize and prevent fraudulent activities.

"While TD does engage in monitoring activities to proactively identify potential fraud, customers also play a significant role in securing their own data." says Glenn Foster, Senior Vice President & Chief Information Security Officer, Platforms and Technology Governance. "TD Bank is dedicated to increasing your awareness and empowering you with the knowledge to defend and protect yourself against cyber threat criminals."

 Share the vital tips below from Christopher Blackmore, Senior Manager of Fraud Operations at TD, so you, your friends and your family can stay vigilant against potential threats. 

Strengthen your account security

Using passwords is an important way to protect online accounts. But creating passwords that are unique is key. Rather than reusing the same or similar passwords across multiple sites, put in the extra effort to use a variety of original and varied combinations.

Once a criminal has one password that is used in multiple locations, they can easily sweep additional sites to obtain additional personal identifiable information. If you receive notice that a site has been compromised, change the new password significantly. For example, don't use bank1 and then bank2.

Set a reminder every three to six months to regularly update passwords and security questions so you maintain a strong defense against unauthorized access. If you have difficulty remembering the passwords use a secure password manager or try creating a complex password using a memory aid or visualization but make sure you do not include personal information like your dog's name or special dates such as birthdays and anniversaries.

Monitor your credit accounts

Credit accounts and scores can be monitored at all three credit union websites. Credit monitoring websites are also a great option because they consolidate your information and update you when there is a major change. Set a reminder to check credit accounts at least once a year so you notice if anything is listed incorrectly.

Set up account alerts to receive notifications of unusual activity and regularly review bank statements and transaction history for unauthorized transactions.

You may choose to freeze your credit to avoid criminals from using your information and opening fake accounts in your name. If you do so, your current credit cards and lines of credit will still work. But to obtain new credit, you will need to unfreeze your credit, for purchases such as a new car.

Adopt safe online security practices

We regularly get notified to update our phone or computer operating system, but these updates aren't only around to introduce you to the latest emoji. Updates are created to protect against the latest threats and increase security protection.

Always use secure websites for online banking. Look for "https" in the URL and a padlock icon. Avoid public Wi-Fi when you can, especially when you need to access financial accounts. Use a secure, private connection instead.

If you do use public Wi-Fi, confirm you are on a secure network (for example, a virtual private network or VPN). And always logout of online banking sessions after you're done, especially on shared or public computers.

Stay vigilant on social media

Social media is popular and a great way to stay connected with friends and family. But it's also a great way for a criminal to get your private information. To stay safe, adjust your privacy settings to limit who can see your information and posts. Avoid sharing sensitive information such as your birthdate, address, or financial details. Information criminals can use to create fake accounts.

Only confirm friend requests that are authentic. Fake users can troll your recent activities and use that information to fool creditors. For example, if you post about a recent meal, a criminal can use that information when they contact a bank and confirm the purchase on your credit card.

Be wary of outreach

Criminals work with the world around them. For example, on Cyber Monday they may target people making online purchases. And during the pandemic there were a lot of romance scams. So be on high alert if you receive a timely request for information.

Be cautious of outreach whether it's a phone call or an email. Best practice when you feel something is off with the request is to call the number on the back of your credit card or use a number you already have to confirm the inquiry is legitimate. TD may reach out to our customers but will not ask you for your password, to keep a secret, or to have you help with an investigation by moving money or gaining access to your account.

Remember that bad actors only need a short period of a voice to create an artificially generated (AI) conversation that can be used to scam a loved one.

For more on personal finance topics

If you would like to learn more about how to protect yourself against fraud, visit TD Bank's Security Center.

If you have more questions about personal finance topics that matter to you, visit the Learning Center on TD Bank's website. You can find out more information about TD Bank's services at td.com.

We hope you found this helpful. This article is for informational purposes only and is based on information available as of October 2024 and is subject to change. This content is not intended to be used or acted upon with respect to any client's specific circumstances.

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