Fraud-ucation: Is Your Smartphone a Friend or Foe?
With more than 9 in 10 Canadian Millennials owning a smartphone1 (94 per cent), this generation may be the most smartphone–savvy, but that doesn’t mean they are doing everything they can to minimize their fraud risk when it comes to their mobile devices.
According to a new survey from TD, nearly three-quarters of Canadian Millennials say they feel at risk of becoming a victim of cybercrime. And risks to mobile phones, especially smartphones, are becoming increasingly common2. As fraudsters become more sophisticated and can easily reach Canadians anytime, anywhere, it is critical that both consumers and financial institutions work together to fight fraud.
“Our mobile devices are deeply integrated into our day-to-day lives,” said Aaron Clark, Vice President, Everyday Banking, TD Bank Group. “We expect to be able to do anything with our phones – whether we’re checking our bank accounts, finding directions or updating our social media feeds. But that level of trust in our devices can mean putting yourself at risk for fraud – especially if you misplace or lose your device and it ends up in the wrong hands.”
With mobile devices capable of holding an abundance of personal data, Millennials are particularly vulnerable to fraud if they do not use simple, but critical measures to protect their devices. TD’s survey found nearly one-quarter (23 per cent) of Canadian Millennials are not using the screen-lock password feature on their device.
A similar concern arises when it comes to passwords. The survey revealed two-thirds (67 per cent) of Millennials will use the same password, or a slightly different version of a password, such as adding a number to a letter-based password. At the same time, one in five Millennials (19 per cent) will keep a list of passwords stored on their device.
“Our devices make it easy for us to store personal information, so it can be easily accessed at any time. But that easy access puts young Canadians at risk if they aren’t protecting those devices,” said Tammy McKinnon, Head of Financial Crimes and Fraud Management Group, TD Bank Group. “While we have various security controls in place to protect customer accounts and our systems, customers are the first line of defense against fraud and play a vital role in protecting their confidential banking information.”
For Millennials looking to help protect and prevent themselves from falling victim to fraud, TD is offering the following tips and advice:
Password Protection Power: Think of your password as a guard that stands between your personal information and potential online risks. Use different user ID / password combinations for different accounts and avoid writing them down. Make the passwords more complicated by combining letters, numbers, special characters (minimum 10 characters in total) and change them on a regular basis. When you create passwords with combinations of letters and numbers that are unique for every one of your online accounts, you’ll make it more difficult to unlock your identity – helping to keep your information safe and secure.
Mobile Device Must-Do’s: Be aware that your mobile device is vulnerable to fraudsters if left unlocked. All mobile phones can be locked by a screen-lock password. It’s a basic way of protecting your personal information if your phone is ever lost or stolen.3 Enable auto-lock so your device locks after a short period of time of not using your mobile device. If you lose your device and it is unprotected, notify your financial institution immediately and change your banking passwords.
Alert Yourself to Fraud: If your device was lost, but then recovered or replaced, be aware that your banking information may have been compromised. Be alert to any suspicious activity by having your bank notify you of potential fraud. For example, TD Fraud Alerts are texts that notify a customer if TD detects suspicious activity made with their TD Access Card on their personal banking accounts, or possible suspicious transactions made with their TD Credit Card. The customer can reply to the alert with a simple “Y” or “N” to confirm whether they recognize the transaction and TD will unblock or block their TD Access Card or TD Credit Card accordingly, based on the response. TD will never ask a customer to reply to a Fraud Alert text with any personal information or ask customers to click on any links in their reply.
Check your statements and online accounts: If you lose your device and it is unprotected, be sure to notify your financial institution and review your banking information online. This will alert you to any fraudulent transactions more quickly and ensure your financial institution can take action to protect your accounts. Once your device is recovered, or you have a new one, consider using the TD MySpend app. It provides notifications of spend transactions in real-time, which in turn helps make it easy for you to recognize a fraudulent purchase quickly.
About the TD survey
TD commissioned Environics Research Group to conduct an online survey among a total of 1,100 adults from February 6– 9, 2018. All respondents were 18 years of age or older and resided in Canada.
About TD Canada Trust
TD Canada Trust offers personal and business banking to more than 12 million customers. We provide a wide range of products and services from chequing and savings accounts, to credit cards, mortgages and business banking, to credit protection and travel medical insurance, as well as advice on managing everyday finances. TD Canada Trust makes banking comfortable with award-winning service and convenience through 24/7 mobile, internet, telephone and ATM banking, as well as in over 1,100 branches, with convenient hours to serve customers better. For more information, please visit: tdcanadatrust.com. TD Canada Trust is the Canadian retail bank of TD Bank Group, the sixth largest bank in North America. Mutual Funds Representatives with TD Investment Services Inc. distribute mutual funds at TD Canada Trust.
1 Statistics Canada, November 2017
SOURCE TD Canada Trust