Due to the COVID-19 pandemic, people are spending more time online, and cybercrime is on the rise in Canada.
In 2019, Canadians lost over $43 million to cybercriminals which is why experts are sharing advice to help with cybercrime prevention.
“Just like we’re being proactive in our approach to dealing with COVID-19, we need to take the same approach to our cybersecurity,” shares Ryan Smith, manager of Cybersecurity at Valley First.
“We’re strongly encouraging members to take every precaution and understand why they should take simple steps like using two-factor authentication, mobile alerts, and creating complex passwords for banking.”
Two-factor authentication is where a secondary code is required in addition to your online banking password to log into your account. Mobile alerts can notify you when there is a change made to your online banking account.
“Fraudsters typically target individuals who are vulnerable to cyber-attacks and the pandemic has highlighted that,” says Smith.
“We’re seeing a significant number of fake websites tricking people into providing personal information relating to pandemic support such as Canadian Emergency Response Benefit.”
Canadian Centre for Cyber Security is aware of over a thousand malicious imitations of Government of Canada websites using COVID-19-themed lures and provided information to initiate their takedown.
“Another trend we’re seeing in the banking world is cybercriminals buying ads on search engines like Google or Bing directing people to fake sites instead of their financial institution’s actual website,” says Smith.
“When members enter their login information on the fake site, the criminals capture it and use it to steal funds from the members’ accounts.”
Smith says this isn’t about scaring people, it's about educating the public and providing simple and effective tactics they can implement to protect themselves and ultimately their financial well-being.
