Fraudsters are constantly changing their tactics, using new technology and increasingly convincing scams to target Canadians. The good news is that a few simple habits can help you protect your personal and financial information.
Whether it's a phishing email, an AI-generated phone call or a fraudulent investment offer, understanding the warning signs can help you recognize scams and respond with confidence.
What cyber threats should you watch for?
Phishing emails and text messages
Phishing messages are designed to persuade you to click a link, open an attachment or share sensitive information. A message may appear to come from a trusted organization, but the sender’s address, website link or request may not be legitimate.
Before responding, pause and verify the message through a contact method you trust. Avoid using a phone number or link provided in the message itself. Alterna Savings will never ask you to provide personal, login or account information through an unsolicited email or phone call.
Impersonation and AI-generated scams
Artificial intelligence can be used to create convincing emails, text messages, images, videos and voice recordings. Fraudsters may sound like a family member, friend or representative from an organization you recognize.
If you receive an unexpected request for money, account access or personal information:
- Remain calm and resist pressure to act immediately
- Contact the person or organization using information you already know and trust
- Consider creating a private verification phrase with close family members
- Never share passwords, PINs or one-time passcodes
A familiar voice is not proof that a request is legitimate. Verifying it independently can help you stay protected.
Multi-factor authentication requests you did not initiate
Multi-factor authentication adds an important layer of protection, but fraudsters may send repeated approval requests in the hope that you will accept one by mistake.
Never approve a login request you did not initiate. If you receive repeated authentication prompts, deny the request, change your password and report the activity promptly.
QR code scams
A fraudulent QR code may direct you to a fake website designed to collect personal, banking or payment information. QR codes can appear in emails, on invoices or on signs and posters.
Scan QR codes only when you trust the source. Preview the destination when possible and check the website address carefully before entering any information.
Investment and cryptocurrency scams
Be cautious of investment opportunities that promise unusually high or guaranteed returns with little or no risk. Fraudsters may use professional-looking websites, online advertisements or recognizable people and organizations to make an offer seem legitimate.
Research an opportunity independently before sharing information or sending money. If someone contacts you unexpectedly with an Alterna Savings or Alterna Bank Term Deposit or GIC offer, do not respond or use the contact information they provide. Contact Alterna directly instead.
Five everyday habits that can help protect you:
- Use strong, unique passphrases. Choose a different password or passphrase for each important account. Consider using a trusted password manager and passkeys where available.
- Enable multi-factor authentication. Add it to your email, financial, shopping and social media accounts when available. Never approve a request you did not initiate.
- Keep your devices and apps updated. Security updates help address known vulnerabilities. Download banking apps and other applications only from official stores or trusted sources.
- Protect your personal information. Be mindful of what you share online. Never provide passwords, PINs, card numbers or one-time passcodes in response to an unsolicited request.
- Pause and verify. If a request is unexpected, urgent or unusual, stop and confirm it through a trusted contact method before taking action.
Using public AI tools safely
Public AI tools can be helpful for research, writing and everyday tasks, but it is important to think carefully about what you enter. Do not share account numbers, passwords, financial information or sensitive personal information. Review the tool’s privacy settings and terms of use and treat anything you enter as potentially accessible outside your control.
AI-generated information can also be incorrect, incomplete or misleading. Review information carefully before relying on it to make an important decision.
What should you do if you suspect a scam?
If you believe you may have shared personal information, banking credentials or money with a fraudster:
- Contact Alterna immediately at 1.877.560.0100 or visit a branch.
- Change affected passwords using a trusted device.
- Contact your mobile provider if you suspect your phone number has been transferred without your permission.
- Report the incident to your local police service when appropriate.
- Report fraud to the Canadian Anti-Fraud Centre online or by calling 1.888.495.8501.
Cyber security is not only about technology. It is about making informed choices every day. By pausing, verifying and staying curious about new threats, you can help protect yourself, your accounts and the people around you.
Learn more about protecting your personal and financial information on Alterna’s Privacy and Security webpages.
