Victor Yaromin’s Post

PROTECT YOURSELF AGAINST BANKING SCAMS The Southern Chiefs’ Organization (SCO) is sharing information about banking scams. The Manitoba RCMP recently warned the public that Interac e-transfer scams are becoming more common and complex. How the scams work: The victim receives an email. It appears to be from someone trying to send an Interac e-transfer. At first, it appears to be real. When the victim clicks on the link and enters their banking credentials, the scammers are able to steal the banking information. This gives the scammers access to the account. This allows them to withdraw large sums of money. Tips for protecting yourself: ~ If you are not expecting any money, do not click on links and try to deposit money. ~ Check the email closely. Even though it may be addressed to you, this does not mean it is safe. ~ Use Interac e-Transfer Autodeposit. If you have Autodeposit set up, Interac e-Transfer transactions sent to your email address will automatically go into your bank account. Autodeposit is the secure way to accept an Interac e-Transfer. ~ Create strong passwords. ~ Be alert about what you share online, including personal identifiable information that hackers can use to access your accounts. If you were defrauded, contact your local police and report it. For more information on how to protect yourself from frauds and scams, visit the website for the Canadian Anti-Fraud Centre: https://lnkd.in/d-Kyi-w #SCOINCMB #banksafely #scams #block #report #Internetsafety #Manitoba

🚨 Protecting Australians: Banks Unite Against Scams 🚨 Australian banks are stepping up with the Scam-Safe Accord, a landmark collaboration aimed at safeguarding consumers and businesses from scams. Key highlights: 🔒 $100M Investment in Name-Checking Technology A new confirmation of payee system will ensure you’re sending money to the right person, rolling out by 2025. ⚙️ Stronger Identity Protections Biometric checks (like face or fingerprint ID) will enhance security when opening accounts. ⏳ Smart Warnings & Delays Expect more alerts and brief payment delays when paying new recipients or increasing transfer limits—designed to protect against pressure tactics from scammers. 📊 Real-Time Scam Intelligence Banks will share critical scam data across the sector by mid-2024, speeding up prevention and recovery of stolen funds. 🌐 Stronger Oversight and Partnerships Banks will limit payments to high-risk channels, including some crypto platforms, and work with governments, telcos, and tech platforms to fight scams. This unified effort ensures every Australian bank—large or small—is part of the solution. Together, we can outsmart scammers and keep Australians’ hard-earned money safe. #CyberSecurity #ScamProtection #Innovation #Banking https://lnkd.in/gB8RgckP

Dear Members, We are excited to announce the launch of our new Online Security and Fraud Resource Hub, now available on the Lake View Credit Union webpage. This hub is designed to provide you with the tools and resources you need to protect yourself from online threats and fraud. In today's digital age, online security and fraud are becoming increasingly common concerns. That's why we've put together this comprehensive resource hub, which includes: - Tips and best practices for keeping your personal and financial information safe online - Information on common types of fraud and scams, and how to avoid them - Resources for reporting suspicious activity and getting help if you've been a victim of fraud - Guidance on how to use our online banking and mobile banking apps securely Our goal is to empower you with the knowledge and resources you need to stay safe online. We encourage you to visit the hub regularly for updates and tips on how to protect yourself. To access the Online Security and Fraud Resource Hub, simply visit the link here: https://lnkd.in/gbEysMZf You can also click on the "Fraud & Online Security" tab at the top of every page of our website. If you have any questions or concerns, please don't hesitate to reach out to us. We're always here to help. #ThinkOutsideTheBank #CheckOutTheView #ShopLocal #LVCUCommunity #LVCU #InThePeaceForThePeace

It is completely ridiculous that, many years after it was normal elsewhere in the OECD, our banks cannot provide a payee confirmation service to prevent fraud. This really is investor protection 101. And why don’t we have it? Because in the abscence of proper regulation, banks have prioritised huge profits over providing this most basic and robust investor protection. I completely agree with Janine, the Government has to act, and swiftly. No one else can. ‘Starting’ payee confirmation by the end of this year, as the banks have indicated, is a joke. It should be fully operational within 3-6 months. Leaving to the banks to do themselves risks repeating the farce that has been Open Banking self regulation. Ten years later, we are still waiting….. Banks, supermarkets, building materials- the examples keep coming of light handed (and, in this case, totally absent) regulation really costing the average Kiwi family. And when it’s a cartel and oligopoly serving up the goods and services, the market simply doesn’t work without strong regulators stamping on any extractive behaviours.

So, if I make a mistake with my bank account, I’m in trouble. But if someone else uses my account for shady dealings, I’m still in trouble? In a world where cybercriminals are increasingly sophisticated, it’s not just personal financial slip-ups we need to worry about. Cybercrime is up, and ordinary account holders are more exposed than ever. The Ministry of Home Affairs (MHA) recently issued a warning about cybercriminals using unsuspecting individuals’ bank accounts—called "mule accounts"—to launder money. With more than 13.9 million cybercrime cases registered over the last decade in India, many involving financial fraud, the government is amplifying its cybersecurity measures. The National Crime Records Bureau reported a 6% rise in cybercrime in 2022 alone, with banking fraud remaining a top concern. In USA the Federal Trade Commission estimates that losses from cyber-enabled fraud, including scams involving mule accounts, reached $8.8 billion in 2022, with identity theft and unauthorized transactions continuing to spike. In all these cases, it’s often the account holders left holding the bag, even if they had no knowledge of the illicit transactions. It’s ironic—while banking is becoming more digital and convenient, personal liability is reaching new heights. Cybercrime is creating a strange new reality where your money isn’t just your responsibility—it's also your risk, even if a criminal’s actions are behind it. #CyberSecurity #Banking #DigitalRisk

"A major problem specific to counterfeits is that banks have just 24 hours to contact and return a bad check to the bank of first deposit. If the paying bank misses the 24-hour window, it ends up eating the loss, under banking rules specific to counterfeit checks." With the dramatic increase in cybercrime, many law firms and title agents are going back to sending paper checks overnight. The real solution requires a software that can verify individuals and bank accounts. Please message me if you are interested in our solution: Secure My Transaction #agentsfirst #realestatebusiness #cyberfraud #cybercrime

On Monday (7th October 2024), new fraud prevention measures by the Payment Systems Regulator (PSR) are coming into effect. The changes are designed to reduce the £459.7 Million per year (https://lnkd.in/dy-ckff ) that is lost to payment fraud through malicious payee and malicious redirection of payment. As part of the new measures, clients of all payment service providers (such as banks, online money wallet providers, and multi-currency account managers) will start to see extra notifications and warnings as they move through payment processes online - all designed to help keep them safe from fraudsters and ensuring that they are sure that the payment, and the beneficiary, are true, and not fraudsters. Find out more about what APP Fraud is and what EWG is doing to protect clients in Warren's blog: https://lnkd.in/eVFmsy6R #appfraud #protection #payments

Bank fraud is rampant. Here are 8 ways to protect yourself. Nearly 30% of bank customers faced fraud last year, according to J.D. Power. Jennifer White, senior director of banking intelligence, warns, "It’s not just happening once." Shockingly, 45% of those affected experienced multiple incidents. Why? The rise of P2P payment apps and data breaches make scams more common and convincing. White adds, "You’d never hand $100 to a stranger, but that’s how P2P often works." Tips for bank customers to protect their accounts: 1. Visit your security center 2. Manage your passwords 3. Set alerts Use two-factor authentication and biometrics 4. Update your app 5. Go paperless 6. Don't share your smartphone 7. Watch out for scams (emails, phone calls, texts) For more insights and tips, check out the full article on USA TODAY: https://hubs.la/Q02-2bDk0 #BankFraud #Fraud #Scams #Banking #DataBreach

The new APP reimbursement scheme is now in effect, requiring banks to reimburse victims up to £85,000. While this change offers important protections for consumers, it also places a significant responsibility on financial institutions to enhance their fraud prevention measures. I spoke to @Finextra about this regulation and emphasised that by equipping themselves with the most up-to-date digital security tools available, banks can protect their customers’ identities from the outset. You can read the full piece here: https://lnkd.in/e6bBGAMi  

Bank fraud is rampant. Here are 8 ways to protect yourself. Nearly 30% of bank customers faced fraud last year, according to J.D. Power. Jennifer White, senior director of banking intelligence, warns, "It’s not just happening once." Shockingly, 45% of those affected experienced multiple incidents. Why? The rise of P2P payment apps and data breaches make scams more common and convincing. White adds, "You’d never hand $100 to a stranger, but that’s how P2P often works." Tips for bank customers to protect their accounts: 1. Visit your security center 2. Manage your passwords 3. Set alerts Use two-factor authentication and biometrics 4. Update your app 5. Go paperless 6. Don't share your smartphone 7. Watch out for scams (emails, phone calls, texts) For more insights and tips, check out the full article on USA TODAY: https://hubs.la/Q02-1NBr0 #BankFraud #Fraud #Scams #Banking #DataBreach