Bank on cyber security

Canadians work hard for their money.
But they don't always know how to protect it online.

60% of Canadians worry about financial loss because of cyber crime^{Footnote 1} but only 22% of Canadians feel prepared to face cyber threats towards their finances^{Footnote 1}.

And when accounts are unprotected, it can add up.

$531,000,000 was lost to financial scams in 2022^{Footnote 2}.

Keep your risk of financial scams low with these tips:

Secure your online banking profile

Use a strong password

 

Strong passwords use at least 12 characters, including upper- and lower-case letters, numbers and symbols

• 79% of Canadians use complex passwords with letters, numbers and symbols^{Footnote 1}

Set up multi-factor authentication (MFA)

 

MFA adds an extra layer of security, like a text verification code, to keep unauthorized users out of your account.

• 69% of Canadians use multi-factor authentication (MFA)^{Footnote 1}

Use a secure network

 

Only use a secure Wi-Fi network or your cellular data to access your banking information, not a public Wi-Fi network.
If you have to connect to public Wi-Fi, always use a VPN to keep your information safe!

• 88% of Canadians have taken precautions to protect their online accounts, devices and networks^{Footnote 3}

Stay safe while scrolling

Accessing your account

• Don’t log in to sensitive accounts on public Wi-Fi
• Use a virtual private network (VPN) if using an external network
• Never click on a link to access your account
• Disable autosave and ‘remember me’ features when inputting account information

26% of Canadians have been the victim of computer viruses, malware or spyware^{Footnote 1}

Shopping online

• Only purchase from verified sites you’re familiar with
• Learn how to spot the signs of spoofing
• Always verify the website is encrypted by checking that its URL starts with https and a locked padlock icon

Transferring money

• Only accept e-transfers from people you know
• Never include personal information in your e-transfer passwords
• Do not send e-transfer passwords through the transfer notification, email or messaging

Be on the lookout for

Phishing

 

Messages disguised as a legitimate source to get you to provide personal info or click a malicious link

Ransomware

 

Malware that locks access to your files when it is opened until you pay a ransom

Spoofed sites

 

Websites meant to look like reputable retailers, often with a similar design and URL