With fraud and financial scams becoming more frequent and more sophisticated, Interac Corp. (Interac) is teaching Canadians how to fight back – literally.
According to a recent survey conducted by Interac, 91 per cent of Canadians have experienced a digital fraud attempt in the last six months, most commonly in the form of a text or call from an unknown number, a suspicious email or a message about a package or parcel.
Furthermore, while nearly 70 per cent of Canadians polled think they can identify when they’re being targeted, only 36 per cent say fraud attempts are easy to spot.
“The advent of artificial intelligence and other technologies is enabling criminals to create scams that are more sophisticated,” says Joanna Schoneveld, Interac’s leader of fraud management. “In the past we used to be able to say, ‘look for spelling mistakes,’ or ‘look for errors in grammar,’ but with emerging generative AI technologies, a lot of these things are sounding less clunky, and it’s becoming more challenging for Canadians to spot what is real and what isn’t.”
Schoneveld adds that there remains a misconception that the elderly and less tech savvy are the most vulnerable, but that is no longer the case. “Our data actually shows that fraud is evenly experienced across all ages, genders and locations across Canada,” she says.
A more sophisticated fraud landscape requires a more sophisticated approach to spotting and preventing cybercrime. That’s why Interac recently teamed up with United Boxing Club to offer Torontonians a unique opportunity to up their physical and digital self-defence skills, all at once.
“Interac decided to take a fresh new approach to fraud education and stepped into the ring with the Fraud Fighters initiative,” Schoneveld says. “Just as a trained boxer sizes up their opponent it’s important to understand the threats you’re up against in the digital world.”
Schoneveld explains that the Fraud Fighters initiative was inspired by two revealing data points. One, from the latest Interac survey, found that three quarters of Canadians expect the financial sector to help them fight back against financial crime. The second, from a report published in the US National Library of Medicine in 2021, found that blending physical activity and education significantly improves recall compared to reading instructions or hearing advice.
Nearly 70 per cent of Canadians polled by Interac think they can identify when they’re being targeted, but only 36 per cent say fraud attempts are easy to spot.supplied
“The whole premise here was really empowering Canadians by incorporating physical activity into that learning process,” Schoneveld says. “We were really trying to create an effective and memorable experience for Canadians so those fraud prevention tips can be top of mind.”
For those outside of Toronto or who were unable to attend the free classes, those best practices can be distilled into what Interac refers to as the 3-S approach to fraud prevention.
“We recommend that Canadians stop, scrutinize and speak-up when it comes to these scams,” Schoneveld explains. “We encourage Canadians to take a moment to assess the situation and follow their instincts; if it doesn’t feel right, trust your gut, especially when someone is asking for personal information.”
When faced with a suspicious call, email, text message or other digital communication, Schoneveld encourages Canadians to slow down and take their time before choosing to respond, as many scams rely on inducing rushed decision making through artificial deadlines.
Next, she says it’s important to look carefully at the message for signs of deception, like inaccuracies or inconsistencies, suspicious sender information or requests for personal information.
“Even those who are trained in self-defence know when to call for help when there’s danger, and Interac encourages Canadians to speak up and seek help when they feel there’s been a scam attempt against them,” she adds. “We encourage Canadians to report suspicious activity to the appropriate authorities, like the Canadian Anti-Fraud Centre or your financial institution.”
Schoneveld adds that financial fraud mitigation is a shared effort between individual consumers on the front lines and businesses like Interac operating behind the scenes.
“We do this by developing and implementing strong fraud prevention strategies that are embedded within each of our product and business lines, and by reaching out to the community to help ensure that consumers are safe,” she says.
“These attacks can target anyone, so it’s important to really take a moment to stop, scrutinize and speak up.”
Advertising feature produced by Globe Content Studio with Interac. The Globe’s editorial department was not involved.