Whether saving for school, to move out on their own or just putting money away for everyday fun and entertainment expenses, more young Canadians than ever are realizing the importance of thinking about their financial future and managing their money well.

Recognizing the need to ensure financial literacy among young Canadians, the Canadian Bankers Association (CBA) has partnered with the Financial Consumer Agency of Canada (FCAC) to create YourMoney, a 40-minute in-class seminar delivered by volunteer bankers to senior high school students in communities across the country. The seminar covers a wide range of financial topics including ways young people can protect themselves against some forms of fraud.

Watch Out for These Scams

Criminals use many tricks to try to get between you and your hard-earned money. Here are some common scams that young people should be aware of:

Advanced fee scams – You are asked to send your personal banking information to a third party who promises to use that information to send you money. You provide the requested information, but the money never comes. Instead that information is used to remove money from your account or steal your identity for criminal purposes.

Cheque overpayment scam – You have something to sell and place an ad in the newspaper or online. An interested buyer sends you a cheque for an amount greater than the purchase price. You send the buyer the item you are selling and a cheque for the difference. In the end, the cheque you received bounces and the individual who first contacted you is gone with your money and your property.

Phishing – You receive an email that appears to be from your bank or another legitimate organization that either requests personal information or directs you to a website which does the same. The email and website are actually fakes, created by criminals. The information you provide is used to remove money from your account or steal your identity for criminal purposes.

Vishing – Similar to phishing but carried out through voicemail

Telemarketing Scams – A company contacts you by phone telling you that you’ve won a prize or that they have a guaranteed investment opportunity. In exchange for a deposit, they will send you your winnings or the investment information, but you never hear from the company again. Your money is gone.

Protect Yourself

Although there are a number of threats out there, there are a few simple things young people – and all Canadians – can do to protect themselves against fraud.

• Never provide personal information to companies or individuals you don’t know.
• Change your PIN and passwords regularly and never share them with anyone, including family and friends.
• Check your bank and credit card statements regularly and immediately notify your bank if you notice any irregularities.
• If an offer sounds too good to be true it probably is.
• Remember, Canadian banks will never contact you to ask for personal information and will never ask you to send personal information via email – if you are suspicious about an online or email request, contact your bank directly.

For more information, and to sign up for the YourMoney seminar, teachers can visit www.yourmoney.cba.ca. The program is also available to interested community groups and local agencies that work with youth.

For more fraud prevention 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, as students head back to school, we look at ways young people can protect themselves from fraud.