How Seniors Can Protect Themselves from Online Fraud
Older Canadians are increasingly becoming the target of online fraudsters. How can you avoid online fraud as a senior? A little common sense will go a long way.
Don’t transfer money to strangers or to anyone over the phone and avoid sharing personal information. Do not respond to messages seeking personal information via email, text, or social media. Don’t click on links or attachments if you don’t know the sender or if the attachment seems unusual.
Most of all, take your time—don’t feel pressured to make a quick online decision that you may regret later and that compromises your online security.
How to Prevent a Scam or Fraud
Top tips for seniors to protect themselves against online fraud:
Educate yourself about common scams: Familiarize yourself with common online scams, such as phishing emails, lottery scams, and tech support fraud.
Use strong passwords: Create strong, unique passwords for each online account. Consider using a password manager to keep track of them.
Enable two-factor authentication: Use two-factor authentication (2FA) wherever possible for an extra layer of security.
Be cautious with personal information: Never share personal information, such as Social Security numbers or bank details, unless you are certain of the recipient's identity.
Verify sources: Always verify the legitimacy of emails or messages from unfamiliar sources. Contact companies directly using known contact information rather than clicking on links.
Keep software updated: Regularly update your computer, smartphone, and apps to protect against security vulnerabilities.
Use secure Wi-Fi: Avoid using public Wi-Fi for sensitive transactions. If necessary, use a Virtual Private Network (VPN) for added security.
Monitor financial accounts: Regularly check bank and credit card statements for any unauthorized transactions and report suspicious activity immediately.
Be skeptical of unsolicited offers: If an offer sounds too good to be true, it probably is. Be wary of unsolicited emails or calls.
Trust your instincts: If something feels off or too pressuring, take a step back and reconsider before taking action.
Did you know? Tech support scams, along with government imposter scams, were the top fraud categories affecting older adults in 2023, accounting for $1.3 billion in losses according to IC3. These scams usually involve unsolicited offers to fix a “problem” with your computer or software. If you think you have scammed, report to your local police, or call PhoneBusters at 1-888-495-8501.
How to get peace of mind in case you get scammed
Adding personal cybersecurity coverage to a home insurance policy can be a wise decision for many individuals. Here are some reasons to consider it:
Protection against cyber threats: With the rise of online fraud, identity theft, and data breaches, having coverage can help protect against financial losses resulting from these threats.
Cost of recovery: If your personal information is compromised, the costs associated with recovering your identity or restoring your online accounts can add up quickly.
Peace of mind: Knowing you have coverage can provide peace of mind, allowing you to use technology without as much fear of potential threats.
Additional services: Some policies may offer services like credit monitoring, identity restoration assistance, or cybersecurity education, which can be valuable.
Liability coverage: If your devices are used to facilitate a cyber attack on someone else, cybersecurity coverage may help protect you from related liabilities.
Ultimately, your decision should be based on individual needs, online habits, and the level of risk you can tolerate. Reviewing insurance policy details and understanding what is covered can help make an informed choice.
Our Western Financial Group insurance experts are here to help, give us a call 1-866-860-1958
