Do you know who’s looking at your Facebook page?

March has been designated Fraud Prevention Month by the Fraud Prevention Forum, of which the CBA is a member. This year, our awareness efforts are focused on reminding students and youth that they aren’t immune from fraud and that there are simple steps that they, and that everyone, can take to protect their money and their personal information.

So whether you’re a student yourself, or if you have a young person in your life, take some time to read these tips about how to protect yourself when out shopping or using the Internet and pass them along to others. And then check out the CBA’s There’s Something About Money website for students and youth. It’s a great resource to learn more about money generally, and the "Protecting Your Money and Yourself" section has even more tips and advice.

Surfing Online

• Be careful – social media sites like Facebook and MySpace can be a goldmine for identity thieves, so don’t post your birthday year, address or any other sensitive personal information.
• Be suspicious – it may sound like an irresistible online offer, but think twice. As the saying goes, if it sounds too good to be true, it probably is – watch out for scams.
• Know who you’re dealing with – look for a toll-free number (that works!) or the company’s mailing address before dealing with them.

At the Mall

• Protect your PIN – when using your debit card at the store or ABM, use your shoulder or your hand as a shield when you enter your PIN into the keypad. Criminals can’t commit debit card fraud without your PIN so keep it safe.
• Never lend your card or share your PIN with anyone. You have a responsibility to keep your PIN a secret and to never loan your card to anyone.
• Keep your cards hidden – the most common sources for credit card thieves are cards in wallets left in full-view at work, school, or in your car so keep them hidden.
• Do your homework – always check your monthly bank and credit card statements. Report anything unusual immediately to your bank or credit card issuer.

Internet Banking

Online banking is very safe and banks work hard to protect your accounts, but you have a responsibility to ensure that your computer stays healthy. Here are a few more tips:

• Install and maintain a firewall to guard against unwanted access to your computer.
• Install proven anti-virus, anti-spam and anti-spyware software and keep them updated.
• Change your online banking password regularly, use hard-to-guess passwords (e.g. using a combination of letters and numbers), and never share your password with anyone, even family members.
• Don’t fall for a phishing scam. Your bank will never ask you for your account numbers or passwords through e-mail, so if you receive a phishing e-mail, report it and then delete it.

Canadians Are Well-Protected Against Fraud

Banks have highly sophisticated security systems in place and teams of fraud experts to monitor transactions, protect customers, detect debit and credit card fraud and phishing attacks and prevent them from happening.

When using debit cards, consumers are protected by the Canadian Code of Practice for Consumer Debit Card Services which guarantees that, if they are the victim of debit card fraud, they will get their money back from their financial institution.

Credit card users are only responsible for the maximum liability set out in their cardholder agreement (usually $50). Some cards (Visa and MasterCards for example) offer additional protection in the form of a zero-liability policy which means that the cardholder is not responsible for any fraudulent charges.

Fraud Prevention Month and the Fraud Prevention Forum

The Fraud Prevention Forum is a concerned group of private sector firms, consumer and volunteer groups, government agencies and law enforcement organizations that are committed to fighting fraud aimed at consumers and businesses. Through its partners, the Forum, which is chaired by the Competition Bureau, works to prevent Canadians from becoming victims of fraud by educating them on how to recognize it, report it and stop it.

For more tips, or to download the CBA’s free booklet, Safeguarding Your Money, visit the Fraud and Security section of the Canadian Bankers Association website.

Do you have an idea for a future fraud prevention tip? Send us an e-mail with your idea to FraudPreventionTips@cba.ca.

Canada's banks take the issue of privacy, security and fraud prevention very seriously. They work hard to prevent their operations and customers from being used for any kind of financial crime and to raise awareness about the ways that customers can protect themselves.

As a consumer, you also have an important role to play in preventing fraud. This month we’ll take a look at how students and youth can protect their money and their personal information.