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Fraud prevention an ongoing challenge: credit unions have opportunity to educate staff and members

March 6, 2018

Paul Gordon, Senior Manager, Payments, Canadian Credit Union Association

2018 marks the 14th anniversary of Fraud Prevention Month in Canada. Organised by the Competition Bureau of Canada, this initiative brings together government agencies and financial institutions across Canada to raise awareness of financial fraud. By learning more about how fraud occurs, Canadians can be empowered to recognize, reject and report financial fraud when they encounter it.

While credit unions and other financial institutions continue to improve their technology and procedures to combat fraud, the best line of defence is a knowledgeable user. Fraud awareness is important for everyone, including businesses and organizations of all sizes and people of all ages. From January 2014 to December 2016, Canadians lost an estimated $290-million to fraudsters, who increasingly have access to new technology and global resources.

As more Canadians manage their finances online, it’s important that they are aware of the online scams that could target them.

Here are some of the highlights of this year’s campaign:

  • FPM 2018 will be launched on March 1st along with an updated edition of The Little Black Book of Scams.
  • A special fraud supplement will be featured in the Globe & Mail on March 7th.
  • New campaign material, including posters, advice to consumers and icons to feature on your website are available on the Competition Bureau’s website.
  • A new edition of Fraud Facts is also available on the Bureau’s website. Fraud Facts is a plain language overview of the state of fraud in Canada.
  • An updated list of the Top 10 Scams in 2017, a quick reference guide created by the Better Business Bureau on the most popular types of scams last year, can also be found on the Competition Bureau’s website.
  • The 2 good 2 be true day Twitter chat (#2G2BT) is scheduled for March 14th.
CCUA encourages credit unions to use the tools on the Competition Bureau’s website to help raise awareness of Fraud Prevention Month among their members through their own websites and social media channels.