Photo Credit: Interac Corp.

⚖️💵 As Two Thirds Struggle to Spot Scams, Interac Equips Canadians With the 1-2 Punch to Fight Fraud

Wednesday, 27 March 2024 12:00.PM

- New Fraud Fighters initiative leverages boxing fundamentals to empower Canadians to defend themselves from financial scams -

It's time to get your defences up. As Canada's tech-celeration offers more opportunities for fraudsters to strike, a recent survey by Interac Corp. (Interac) revealed that over nine in 10 Canadians (91 per cent) have experienced digital fraud attempts in just the past six months. Despite nearly seven in 10 (69 per cent) Canadians believing they are familiar with the signs of fraud, only 36 per cent of respondents find scam attempts easy to spot. With this challenge in mind, Interac is stepping into the ring with Fraud Fighters, a fresh approach to fraud education.

As fraud has become more complex and its indicators less obvious, awareness and education can often be the first line of defence for Canadians to stay vigilant in combatting fraud tactics and attempts. Leaning into the concept of boxing as a foundation for self-defence, Interac will be hosting a limited number of complimentary Fraud Fighters classes in Toronto that blend traditional boxing moves with fraud fighting tips, led by expert boxing and self-defence instructors and co-hosted by Reni, The Resource. Not only can boxing help boost self-confidence, a study has shown that even a single workout has been proven to help information recall – a pairing that can be helpful to Canadians in the fight against fraud.

"While the tech-celeration has made Canadians a more frequent target of fraud, ongoing education and awareness can help individuals identify fraud with speed and agility and outsmart fraudsters," said Joanna Schoneveld, Fraud Management Leader at Interac. "The curated Fraud Fighters experience will help participants sharpen their awareness, build their endurance and boost their self-confidence – all of which build an important foundation to help Canadians combat even the newest forms of fraud."

While most Canadians face common-place attempts like unexpected texts or calls from unknown numbers, suspicious emails, or texts about a parcel or package that was not ordered, the Interac survey revealed that financial scams continue to evolve. For example, nearly one in five Canadians (18 per cent) reported facing fraudulent job offers from fake companies. As a result of financial fraud, Canadians lost over half a billion dollars to fraud last year alone.

"I receive fraudulent texts from people almost every day trying to get access to my bank accounts and it has me constantly on high alert," said Reni Odetoyinbo, Financial Educator at Reni, The Resource. "I know first-hand the importance of protecting yourself from sophisticated fraud attempts. That's why I'm thrilled to partner with Interac for this one-of-a-kind program to co-host the Fraud Fighters classes and help participants better identify and prevent fraud year-round."

Knowing that education is the first line of defence for consumers in preventing fraud, Interac recommends using the "Three S Approach" when facing financial fraud attempts: Stop, Scrutinize, and Speak Up.

• Stop: Just as physical self-defence involves taking a moment to assess the situation and follow your instincts, the first step is to stop and think before responding to unexpected requests for personal information.
• Scrutinize: In the same way a trained boxer scrutinizes their opponent for signs of deception, it is equally wise to scrutinize and look for telltale signs of scams, such as abnormal methods of outreach or offers that seem too good to be true.
• Speak Up: Finally, similar to how someone trained in self-defence calls for help in response to danger, speak up and report fraud or suspicious activity to appropriate authorities including the Canadian Anti-Fraud Centre.

By following the "Three S Approach", Canadians can reinforce proper preventive measures to better protect themselves. For additional fraud prevention tips, visit Interac.ca/FraudFighters to learn more.

SOURCE: Interac Corp.

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