Seniors Digital Literacy
Safe Online Banking

Online Banking & Financial Fraud

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What is Financial Fraud?

Someone deprives you of your money, capital or othwerwise harms your financial health through deceptive, misleading or other illegal practices.

Online Banking

Can provide you with an added layer of security. Most banks will have a seniors resource centre on their website to help navigate your options.

What is Elder Financial Fraud?

Misappropriation of financial resources or abusive use of financial control in the context of a relationship of trust.

Let’s get started!
First step is to set up mobile banking…

Download your banks mobile app from your phone’s app store

OR
Visit a branch of your bank and have a staff member help you navigate in person!

You may have to make an appointment but there will always be someone to help you set this up.

OR
Visit your bank’s website to begin!

Most financial institutions have a Senior’s Resource on the website that will help you step by step

(printable options as well).

OR
Ask a trusted friend, relative or group to help assist you.

Remember that although every bank looks different on the outside, they all do the same things.

Layouts of a banking website are the same, they may appear different, but again, they all perform the same functions.

REMEMBER!
Whichever method you choose you will be creating a password.

Always store passwords in a secure place for reference.

How To Bank Safely Online

Stolen credentials can have a critical impact on your digital life and finances. Over half (55%) of identity crimes stemmed from compromised passwords last year.

Simple Tasks You Will Be Able To Do Online

Send money to family and friends
You can safely send money for purchases on the internet.

Pay bills and credit cards
You can pay each bill as you receive it or set up a reoccurring payment. All payments will have reference numbers to keep as proof.

Deposit Cheques
Most banks offer convenient deposit options such as photograph deposits. You would take a photo of your cheque with your smartphone whenever you want to deposit a cheque.

Account Status
Check the balances of your chequing and savings accounts, credit cards, lines of credit, loans and mortgages.

Government of Canada: How To Use Online Banking Safely

Fraud Security

NEVER click on a Pop-Up window

Fraudsters will use Pop- Up’s to convince you to click on a link (also known as Phishing)

Be cautious when downloading or opening an attachment

Convince user to respond with information–fraudsters will create a fake login page that captures username and passwords

All financial institutes and banks encourage you to set up alerts to protect your accounts:

  • Logins

  • Withdrawals

  • Insufficient funds for scheduled payments