Stay Safe: Essential Cyber Fraud Prevention Strategies


With each technological advancement comes a more sophisticated fraudster, and if there is a way they can figure out how to convince you to part ways with your money, they will.  

Cyberattacks and fraud are escalating. In 2023, Canadians lost $554M due to fraud.

Sadly, this is big business.  

Fraudsters don’t discriminate. Canadians of all ages are targeted, and all are equally as likely to fall for online scams.  

Breaking Stereotypes with Tech Savvy Boomers

However, there has been a long-standing belief Boomers are more likely to fall prey than any other generation. While Boomers are highly targeted, a recent survey by Ipsos commissioned by HomeEquity Bank found Boomers are more vigilant online than any other generation and, as a result, are no more likely to be victimized.  

Boomers are smashing stereotypes and pushing back on the tired punchline that they are more likely to fall victim to scammers because they are less tech-savvy and more susceptible to being tricked. It simply isn’t the case. It is true Canadians 55+ are targeted more frequently, with over half reporting scammers targeting them. But when it comes to falling for scams, every age group is equal. Baby boomers are no more likely than any other generation to fall for a scam. 

Older Canadians have done a great job educating themselves but must stay vigilant. Scammers are becoming more sophisticated and will continue to think they can outsmart you.  

5 Ways to Prevent Online Scams in 2024

Here are a few basics to ensure you stay cyber-safe and avoid potential scams and scammers.  

1) Never open an email, text or direct message from someone you don’t know. The risk is too significant. 

2) Be suspicious of new websites and links. Before you click on anything, please familiarize yourself with the source. 

3) We have password fatigue and yet we need to change our passwords more frequently, we tend to use easy-to-hack passwords such as family member names or birthdates and sometimes maybe for convenience, we share private information with family or friends. Please don’t do it. While you may not have sloppy security, you can’t be sure others are as cautious. 

4) Upgrading and updating your software and maintaining preventative software programs will all help to secure your data. 

5) Stay up to date on the latest cyber threats. 

You can do everything right and yet still fall victim to a scammer. 

Please feel free to respond if you get a call or text and know the originator. However, if not, consider calling the Canada Revenue Agency or CBSA to verify if the call, email, or text is legitimate.  

These scammers have upped their game. Never hesitate to report suspicious activity by calling 1-888-495-8501 or online via the  

And finally, if you feel you have released too much personal information, don’t be embarrassed or ashamed because it happens to smart and tech-savvy people all the time. However, immediately notify your financial services provider so measures can be implemented to protect you and your money. 

Do you think your scam sense is sharp?  

HomeEquity Bank has created a new quiz online where all Canadians are welcome to test their “scam sense” and find out if they’re “unscammable.” Visit  

Pattie –

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