Fraud prevention doesn't have to be complicated. A few simple habits can help protect your bank account, personal information and online banking access—even when there are no obvious warning signs. Fraudsters don't always make themselves easy to spot. A suspicious email, text message or phone call can be an obvious red flag, but fraud can also begin with information that was exposed through a compromised account, reused password or data breach. The good news is that there are practical steps you can take to reduce your risk.
Use a strong, unique password or passphrase for your online banking and other important accounts.
Avoid passwords based on information that someone could easily guess or find online, such as:
Most importantly, don't reuse your online banking password on other websites or apps. If another account is compromised and you have reused the same password, fraudsters may try those credentials on other services. A reputable password manager can help you create and securely store unique passwords for your accounts.
Multi-factor authentication (MFA) adds another layer of security to your accounts. Instead of relying only on a password, MFA requires an additional verification step, such as an authentication code, security prompt or other approved method. Turn on MFA for your important accounts whenever it is available, particularly for email, banking and other accounts containing sensitive personal or financial information. If your financial institution offers additional security features for online banking, consider enabling them as well.
If an account uses security questions, choose answers that would be difficult for someone else to guess. Avoid answers based on information that may be publicly available through social media or other online sources. Where an organization allows it, consider using answers that aren't obvious from the question itself and store them securely so you don't have to rely on easily guessed information.
Account alerts can help you notice unusual activity sooner.
Depending on the services available through your financial institution, consider setting up notifications for activities such as:
Alerts don't prevent every type of fraud, but they can help you identify activity you don't recognize and respond more quickly. If you receive an alert about something you didn't do, contact your financial institution using a trusted phone number.
Make a habit of reviewing your bank and credit card accounts. Look for transactions you don't recognize, including small transactions that may initially seem insignificant. Fraudsters may sometimes test whether stolen account or card information works before attempting larger transactions. Regularly reviewing your accounts can help you identify unusual activity sooner. If something doesn't look right, don't ignore it. Contact your financial institution and ask about the transaction.
Never share sensitive banking information simply because someone asks for it.
This includes:
Be especially cautious when someone contacts you unexpectedly and asks you to provide information or take immediate action. Remember that fraudsters can impersonate financial institutions, government organizations, businesses and even people you know. If you're unsure whether a request is legitimate, stop and verify it independently.
Don't use an unexpected email or text message to access your online banking account. Instead, open your financial institution's official website or mobile app yourself. You can also use a trusted bookmark that you created previously. This helps reduce the risk of entering your login information into a fraudulent website designed to look like a legitimate banking login page. A professional-looking website doesn't necessarily mean it is legitimate.
Keep your phone, computer, web browser and applications updated. Software updates often include security improvements that help protect against known vulnerabilities. Where possible, enable automatic updates so important security patches aren't missed.You should also use reputable security software and keep it up to date.
Avoid accessing online banking from computers that you don't control, such as public or shared computers. When accessing financial information, use a device you trust and keep its operating system, browser and security software up to date. If you need to access sensitive information while away from home, take reasonable precautions and avoid entering banking credentials on unfamiliar devices.
One of the most effective ways to prevent fraud is to slow down when something seems unusual.
Be cautious if someone unexpectedly asks you to:
Don't use the contact information provided in a suspicious message to verify the request. Instead, contact the organization using a trusted phone number or access its official website or app directly.
You don't have to receive a suspicious message to be at risk of fraud. Your information could be exposed through a data breach, a compromised account, a reused password or another source you may not be aware of. That's why good security habits matter even when everything appears normal.
Think of fraud prevention as regular financial maintenance: protect your information, use strong authentication, monitor your accounts and respond quickly when something doesn't look right.
If you believe someone has accessed your banking information or account without authorization, act quickly.
Contact your financial institution as soon as possible using a trusted phone number. If you're a YNCU member, contact YNCU's Service Excellence Centre at 1-888-413-YNCU (9628).
Your financial institution can help you understand what steps to take to protect your account and investigate suspicious activity.
If you believe a password has been exposed, change it immediately. Use a strong, unique password that you haven't used for another account. If you've reused the same password elsewhere, change it on those accounts as well.
Your email account can be particularly important because it may be used to reset passwords for other services. If you believe your email account has been compromised, change the password, enable MFA and review the account's security settings.
Check your bank accounts, credit cards and other important financial accounts for transactions or changes you don't recognize.
Keep records of anything suspicious.
If your personal information may have been compromised, consider contacting Canada's credit bureaus to understand what steps are available to help protect your credit file.
You can also monitor your credit report for unfamiliar accounts or inquiries.
Depending on the circumstances, you may wish to report suspected fraud to the appropriate authorities, including the Canadian Anti-Fraud Centre and local police.
If you've experienced fraud, don't be embarrassed to report it. Reporting can help you protect yourself and may help others avoid similar scams.
You don't need to become a cybersecurity expert to improve your online banking security.
Start with the basics:
Use strong, unique passwords.
Turn on multi-factor authentication.
Set up account alerts.
Monitor your transactions.
Protect your personal information.
Keep your devices updated.
Verify unexpected requests.
Taking a few minutes to review your security settings today can make it easier to spot unusual activity and protect your financial information in the future.
At YNCU, we want our members to feel confident when managing their money online. If you have questions about your account security, alerts or other banking services, our team can help you understand your options. If you suspect your YNCU account or banking information has been compromised, contact us as soon as possible.
YNCU Service Excellence Centre:
1-888-413-YNCU (9628)
Use a strong, unique password, enable multi-factor authentication, set up banking alerts, monitor your transactions regularly, protect your personal information and verify unexpected requests before taking action.
The most important practice is to use a strong, unique password and change it if you believe it has been compromised. Avoid reusing your banking password on other websites or services.
No. Using unique passwords helps limit the damage if one of your accounts is compromised. A password manager can make it easier to create and manage unique passwords.
Multi-factor authentication, or MFA, adds an additional verification step when you sign in to an account. This provides another layer of protection beyond your password.
Yes. Account alerts can help you identify certain types of unusual activity, such as unexpected e-transfers, bill payments, new recipients or changes to your account information. The specific alerts available will depend on your financial institution.
If you weren't expecting the message, it's safer not to use the link. Instead, access your bank through its official website or mobile app, or contact the institution using a trusted phone number.
Contact your financial institution immediately using a trusted phone number. Follow its instructions for securing your account, change any compromised passwords and monitor your accounts for suspicious activity.
Yes. Fraud can result from compromised passwords, data breaches, stolen personal information or other circumstances that may not be immediately visible. That's why regular account monitoring and good security practices are important even when everything appears normal.