Every year, thousands of Canadians fall victim to credit card and debit card fraud, telemarketing scams, identity theft and online fraud. While Canadians may be aware of fraud, many don’t know how to protect themselves from it. Justin Hwang, Associate Vice President, Fraud Management, TD Canada Trust dispels three of the most common fraud myths:
1. Myth: Your bank needs to know your Personal Identification Number (PIN)
Your bank will never ask you for your PIN. Do not give out your PIN to anyone whether over the phone, on the Internet or by mail. No one except you should know your PIN—not even your financial institution. Avoid writing it down or carrying it in your wallet, and be sure to shield the keypad whenever you enter your PIN for transactions.
2. Myth: You are not responsible for preventing fraud
While it’s true that banks and credit card companies have security measures in place to help protect you and will reimburse you if you are a victim of fraud, remember you are the first line of defence. The majority of fraud can be avoided if you remain vigilant and take simple steps like always shielding your PIN, monitoring your account activity regularly and reporting any suspicious activity to your financial institution immediately.
3. Myth: The anti-virus and anti-spyware software on your computer is sufficient to protect your personal information
Anti-virus and internet security software only helps protect your personal information if it is up-to-date, and if it has the latest firewall installed. Fraudsters are always developing new ways to obtain your personal information online. For example, if malicious software gets uploaded onto your device it can track what you do online, tap into your personal information and even create spam that comes under the identity of a friend. Always be cautious when downloading apps.
More information about fraud prevention is available online at http://www.td.com/privacyandsecurity/protect_yourself.jsp.