Online Security Review - Fraud-tervention on Identifying and Preventing Financial Fraud

Mar 16, 2017 | Publisher: jonesclyde23 | Category: Business & Jobs |  

Financial fraud continues to evolve; it's more sophisticated, harder to detect, and takes advantage of people's emotions like fear and excitement. According to a recent TD survey, 85 per cent of Canadians worry about themselves or their loved ones becoming a victim of financial fraud. More than one-third (37 per cent) worry that their elderly family members are too trusting, and that their children are unaware of the risks.

"Debit card, credit card and cheque fraud are more common because of sophisticated approaches that target emotion as well as transactions," says Mushtak Najarali, Senior Vice President of Everyday Banking Products at TD Bank Group. "Prevention and protection are key to fighting financial fraud, and so is the relationship between customers and their financial institution. Both parties working together is the best first line of defense to help identify and avoid financial fraud."

Many Canadians know the basics of protecting themselves from financial fraud. In fact, less than 10 per cent will share their PIN or SIN with a stranger, provide their credit card number on an unsecure site, or click an unknown link in a text message. But as fraudsters become more sophisticated, they now try to trick consumers into sharing sensitive information like passwords, and bank account and credit card numbers. And there are a lot of ways for fraudsters to get this information, such as e-mails disguised as legitimate communications (phishing), communications appearing to be from a trusted source (spoofing), telephone calls (vishing), text messages (smishing) and devices (skimming) that steal your information.

When it comes to fighting fraud, consumers, businesses and merchants all have a part to play. "Regardless of size or sector, all businesses can take steps to protect themselves and their customers against financial fraud," says Dennis Parker, Vice President, Business Deposits and Cash Management Services, TD Bank Group. "We encourage our clients to work closely with us to put appropriate safeguards in place for all aspects of their business that involve online, mobile and in-person transactions."

As fraud schemes continue to become more sophisticated and play on emotions, here are some tips from TD to help fight financial fraud.

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