Snowbird Alert Know the risks of using financial apps (NC) Financial applications, also called fintech apps or fintechs, can help you manage your finances online. But it’s important to know the risks, especially when they use a method known as screen scraping to access your financial data. What to do about unsolicited texts, emails and calls (NC) In the age of buzzing phones and overflowing inboxes, staying digitally safe has become part of modern living. But as our devices get smarter, so do scammers. Here are a few simple ways to stay one step ahead: Spot the red flags If your bank, the government or a wellknown company suddenly reaches out with urgent language such as “act now” or “your account will be suspended,” pause before you panic. Scammers thrive on pressure and fear. Requests for highly sensitive information such as PINs, passwords or card numbers are big red flags. No legitimate institution will reach out and ask for these details from you. What to do in the moment If a message or call feels wrong, trust your gut. Hang up immediately or simply ignore it. There is no need to engage. Whatever you do, don’t click suspicious links or respond with personal details. When in doubt, go straight to the source because scammers can make a phone call – even the caller ID – appear legitimate. You can keep yourself safe by calling only the official number printed on your bank card or listed on the organization’s website, not the one from which you received a call. A quick verification can save you from a world of hassle. If you do spot something suspicious, report it to your bank. Know what you’re liable for Federally regulated financial institutions can’t hold you liable for unauthorized debit card transactions, while credit card issuers can hold you liable for a maximum of $50. However, if you provide your banking information to anyone – including a spouse, family member or someone claiming to be a law enforcement officer or bank employee – you lose that protection. Scams involving other modes of payment, such as electronic transfers, are not protected through any federal legislation. It’s important to be vigilant and keep your PINs and passwords to yourself. Protecting yourself from fraud and scams can be empowering. By recognizing the signs and knowing how to respond, you can navigate today’s complex digital landscape with increased confidence. Learn more about your rights, how to protect yourself and what steps to take if you suspect that a scammer is trying to target you at canada.ca/money. What are fintech apps? Fintechs offer personalized services such as financial product comparison tools and budget tools. They also often let you view all of your financial accounts and assets in one place. Banks may offer their own fintechs, but third-party providers also create, manage and offer fintech apps. Typically, third-party apps use screen scraping technology, which requires you to provide your online banking usernames and passwords to access your financial data. Why is screen scraping risky? Once you share your login credentials, you no longer have control over what happens with your data. These apps will have access to your account balances, as well as your transaction, product and services information. This increases your risk of being exposed to data breaches and, once you share your banking information, your bank may hold you liable for any losses if fraudsters use your debit or credit card. How can you stay safer? There are alternatives to these apps available. For example, the Financial Consumer Agency of Canada has a variety of free online tools to help you manage your money – and which don’t use screen scraping. These include a budget planner, a bank account comparison tool, a mortgage calculator and a financial goal calculator. Before trying out a fintech app, find out how the provider will access your financial information. If you’re unsure, ask your bank. And, if you still have doubts, don’t share your information. You can learn more about keeping your financial data safe online at canada.ca/money. 10 | www.snowbirds.org
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