Banks Blame the Victims: 5 Expert Tips to Protect Yourself from Growing Financial Scams

The National Pensioners Federation is shining a light on a troubling trend: Canadians are losing thousands, even life savings, to fraud, while big banks often refuse to reimburse them.

A Go Public report from CBC News highlights how major financial institutions shift blame to their customers after scams, rather than taking responsibility for stepping up security and advocating for their clients.

Cybersecurity expert Claudiu Popa says fraudsters are exploiting everyday vulnerabilities — and until banks improve their protections, Canadians must take matters into their own hands.

Here are 5 expert-backed ways to protect yourself:

  1. Use strong, unique passphrases — Avoid simple passwords. Make them long, memorable, and different for every site. Use a password manager and paste, don’t type.
  2. Enable two-factor authentication — Use an authenticator app, not text messages. Turn on account alerts for all logins and transactions.
  3. Never share personal info — Hang up on unexpected callers, don’t click sketchy links, and never give out passcodes or banking details.
  4. Avoid banking on public Wi-Fi — Use mobile data or a VPN instead to avoid man-in-the-middle attacks.
  5. Be cautious with banking apps — Only download from official app stores. Avoid banking on devices with lots of other apps.

Bonus tips: Monitor accounts regularly, shred financial documents, and secure all your devices.

“You can’t control what banks do — but you can control how easy it is to scam you.” — Claudiu Popa

The National Pensioners Federation urges members and the public to stay vigilant and informed. Until banks step up, the burden of protection is unfairly falling on everyday Canadians.

Read the full article here: https://www.cbc.ca/news/gopublic/go-public-financial-fraud-protection-tips-1.7577719

Contact the NPF

Get in touch with the National Pensioners Federation by filling out the form below. We will get back to you as soon as we can.




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