Adolescents tend to have unprotected bank accounts as proper stewardship is tedious. However, it is essential in the long run to protect a bank account. To maximize the safety of preventing any account breach, start by creating a hard-to-crack password. According to Scotiabank.com, the best way to create a strong password is to take a certain phrase, switch up the capitalization, and replace characters with special characters and numbers - this is called a passphrase. Scotiabank.com states that, to further optimize a passphrase, set the password as the first letter of each word in the chosen passphrase, then switch up characters and capitalization. However, if creating a passphrase is not to your preference, another, more secure, method is automatically generating a secure password. To accomplish this, simply search for password generators on any search engine, then choose one of the websites. A recommended website is 1password.com. Picture #1 demonstrates the intricacy of 1password.com. After creating the password, should you use an auto-generated password, make sure the password is saved in secure locations and in areas only you can access such as Microsoft OneDrive security vault (since it is highly unlikely to memorize an auto-generated password). Good practices for strong passwords include being at least 15 characters, Scotiabank.com further elaborates by giving examples of weak passwords, this includes short passwords, 6-8 characters, having common phrases of strings (such as “12345”), and including personal information. It is strongly recommended not to include sensitive information as it leaves one more vulnerable to hackers. To compare a passphrase with generated passwords; a passphrase may take time to create, but it is easier to remember, while a generated password is more secure and simple to make, but must be stored in a secure location. Creating a strong password is the first step for safe banking.
Now that an optimal password has been set up, the next crucial procedure is to prevent unauthorized access to your account. Teenagers are susceptible to falling for bank scams, as they are most prone to falling for social media disinformation. The first step to ensure mobile banking safety is to install the correct app. The best way to install the verified app is directly from the official app store, since they blacklist any fraudulent applications, as opposed to searching up the bank on a search browser where scams can freely mimic the official source. TD Bank lists a clear outline of how to detect if you are using the authentic application. It states that a bank would never call you to specify personal information, force you to transfer money as part of an investigation or request access to other devices. It is important to not recontact phishing phone numbers and instead to contact the official number located on the back of the debit card. It is important to trust your instincts - do not respond to suspicious emails or text messages (Picture #2 defines a false CIBC text message), give any personal information through the phone or open links, the safest option is to call the bank. Finally, banks rarely send text messages to their customers out of the blue. A bank would only send messages for two-factor authentication, they do not ask for personal information, or any demands to respond to money-related issues.
https://www.canadianfraudnews.com/bank-text-message-scam-stealing-information-canadians/
Unfortunately, even with proper protocols, teenagers can still fall for scams if not careful enough on social media. What should you do if you fall for a scam and a fraudulent company has your sensitive information? If the card is lost, or if a mobile device with banking information is stolen, immediately call the bank to report the loss or theft. If you have given sensitive information to a susceptible source, act quickly before unauthorized transactions are done. Make sure two-factor authentication is enabled, and change your password. If fraud is not reported in a certain timeframe, you could risk being held responsible for the false transactions and may not get the full amount back. It is essential to have access to the bank account outside of just your phone, such as direct contact with the bank or access on a personal computer, this is so you can freeze the account usage on the stolen mobile device. It’s advised to file a report of a lost wallet or phone to the police as it could help build a case to refund fraudulent purchases. To summarize, a procedure to follow after losing access to your account is to first check the account history, contact the bank and ask for the next steps, freeze the account, and finally contact the police department if needed.
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