Protect yourself
Video: Protect yourself against fraud and scams (2:35)
Transcript for protect yourself against fraud and scams video. Opens a new window.
Avoiding scams
Scam red flags
- If it sounds too good to be true, it usually is
- Don’t fall for anyone asking you to move money for them
- Any investment opportunity you learn about via the Internet should be approached with extreme caution
- Legitimate lotteries do not require you to pay a fee or tax to collect winnings
- Don’t accept a cheque or money order payment that is more than you agreed upon. The cheque is likely fraudulent
Best practices for avoiding scams
- Always protect and keep your personal and banking information confidential
- Be cautious of unsolicited text messages, emails and phone calls
- Never send money to someone you’ve never met in person
- Before sending any money, discuss your situation with someone you trust like a family member, friend or advisor
- Turn on Push Notifications in the CIBC Mobile Banking app and in Online Banking so you can monitor your accounts
- Use touch ID, facial recognition or two-step verification wherever it is available to keep your accounts secure
Fraud prevention and awareness
Grandchild emergency scam
You receive a call from someone claiming to be, or seeking assistance on behalf of a grandchild or other family member, requesting funds due to a financial emergency. Common reasons for the request include bail money due to an arrest or funds for medical treatment related to an accident.
Prize or inheritance scam
You receive an unexpected call from someone claiming you’ve won the lottery or inherited a large sum of money; however you are required to pay taxes or a “fee” in order to receive the funds.
Romance scam
You meet someone through social media or a dating site and spend time talking to them, building a trusting relationship. The person then fabricates a financial concern and asks for your help. Common requests relate to equipment they need urgently to secure a large project, taxes or fees that must be paid to receive an inheritance, or a medical emergency.
Service scam
You receive an unsolicited call from a computer or software company advising of security, warranty or other computer-related issues, or a pop-up on your computer may indicate a security issue and requests the user call a specific number for assistance. The fraudster will claim they need to fix these issues remotely and take over your computer.
Bank investigator scam
A fraudster calls you pretending to be a bank representative investigating a theft or fraud committed by an employee. You’re asked to participate in the investigation to catch the employee by transferring funds using your personal bank account. Additionally, you may be asked to provide a verification code that was sent to you by text or voice call.
CRA scam
You receive an unsolicited call, text, or email from someone claiming to be from the Canada Revenue Agency (CRA). The fraudster may insist that personal information is needed for you to receive a tax refund, or you must pay outstanding taxes immediately and may be threatened with legal consequences if you do not comply.
Notice anything suspicious?
Tips and tools
Video: Lock and unlock your credit card (1:38)
Transcript for lock and unlock your credit card video. Opens a new window.
- Sign on to CIBC Online Banking® or Mobile Banking App®
- Select your Credit Card Details page
- Go to "Manage My Card"
- Select “Lock My Card” and select "Confirm"
Video: Replace your lost or stolen credit card (1:45)
Transcript for how to replace your lost or stolen credit card video. Opens a new window.
- Sign on to CIBC Online Banking or Mobile Banking App
- Select the card that is lost
- Go to “Manage My Card”
- Select “Report Lost" or "Stolen Card”
Video: Set alerts for your bank account (1:20)
Transcript for how to set alerts for your bank account video. Opens a new window.
- Sign on to CIBC Online Banking or Mobile Banking App
- Select “Manage My Alerts”
- Choose alert category and type
Advice
Enjoying retirement
Video: Wills and estate planning (2:02)
Transcript for wills and estate planning video. Opens a new window.
Video: Learn more about tax savings (2:17)
Transcript for learn more about tax savings video. Opens a new window.
Benefits for seniors
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Making a difference
Planning
Video: Make smart decisions — considering powers of attorney and joint accounts (2:21)
What is a power of attorney?
A power of attorney is a legal document in which you assign one or more individuals, known as an "attorney," the authority to act on your behalf regarding financial or legal matters for property.
What is a joint account?
A joint account is a regular bank account in the name of two or more people with the same account privileges. Anyone, like a spouse, family member or friend, can be an account holder. With a join account:
- Each person can deposit, withdraw or transfer funds, regardless of who put them into the account
- Deposits payable to only one of the joint accountholders can still be deposited into the account
The risks of using a joint account
Some people see joint accounts as a simpler alternative to a power of attorney. But they are actually a transfer of ownership and can be risky. Since everyone has full and equal access to the funds regardless of where they originated, joint accounts can leave you vulnerable to financial abuse.
The government has created an online brochure on this topic: What every older Canadian should know about: powers of attorney and joint bank accounts Opens a new window..
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