Every day, Canadians are losing thousands of dollars to sophisticated scams that strike when they least expect it. With fraudsters using artificial intelligence and polished tactics, even the savviest person can fall victim to digital deception, not realizing they have been had until their bank account is empty. Here are tips to help protect yourself and your finances.

Be wary of unsolicited calls, emails, texts or social media messages, and never share personal or financial details, even if the sender seems legitimate. Avoid clicking links or downloading attachments from unexpected sources; they could lead to malware or phishing scams. Protect your devices with up-to-date, comprehensive security software to keep your laptop, phone and online accounts safe because

fraudulent emails and texts

have become extremely difficult to detect.

If you receive an unexpected or suspicious phone call, avoid speaking so that your voice is not recorded. Simply hang up and take a few minutes before doing anything else. Then, verify the caller’s identity by reaching out directly using contact details from the organization’s official website or a trusted source that you have used before. If the caller claims a loved one needs help and attempts to persuade you to send money, contact the loved one directly to verify if they truly need assistance.

Protecting your online accounts, apps and financial information starts with strong, unique passwords. Create passwords that are difficult to guess, avoid reusing them and update them regularly. Consider using password management software to securely log into your accounts because not only is this simpler, it also reduces the risk of keystrokes being captured by malicious software. Clicking on links in memes, social media posts, texts or emails can secretly install keystroke-logging apps on your devices, which gives scammers access to your banking and other sensitive accounts.

Before responding to an email or clicking any link, check the sender’s email address and website URLs. Watch for misspellings, subtle red flags or odd domain names, such as a supposed corporate email coming from a free web-based address instead of the company’s official domain.

Add a second layer of security by enabling two-factor authentication (2FA) or using an authenticator app on every app and program that offers it, especially for critical accounts such as banking, investments, trading platforms and payment services. This extra layer of protection makes it much harder for fraudsters to access your accounts.

When shopping online, use secure payment methods such as credit cards or trusted platforms such as PayPal, and avoid using wire transfers, prepaid cards or gift cards, which are much harder to trace or recover. For e-transfers, only send funds to recipients who have auto-deposit enabled, to ensure your money goes to the right place and bypasses potentially compromised email accounts.

Regularly review your bank and credit card statements for any unauthorized transactions and set up alerts through your online banking or credit card apps to receive instant notifications of account activity. Remember to check accounts you rarely use, such as emergency credit cards often held by aging loved ones. These can be prime targets for fraudsters who might change the billing address and run up charges, leaving you unaware until debt collectors come knocking months later.

If you or a loved one do not actively use certain credit cards or accounts and do not plan to, consider closing them or contacting the provider to freeze them. This not only

reduces the risk of fraud

, but it can help

curb impulse spending

. For paper statements or any documents with personal or financial details, use a shredder to dispose of them safely and keep your information out of the wrong hands.

Stay proactive about your financial security by regularly

checking your credit reports

. You can get a free copy from both major credit bureaus in Canada once a year. Carefully review the reports for any unfamiliar accounts or activity, such as a credit inquiry from an unknown creditor, which could signal identity theft. If something looks off, promptly contact the creditor and the credit bureaus to investigate and take action.

Be extremely mindful about what you share on social media and set your accounts to private. Think twice before posting personal details because fraudsters are patient and skilled at piecing together your information to

steal your identity

or craft convincing scams. For example, if you share a post about your teen’s travel adventures, scammers might use those details to trick connected family members, such as grandparents, into sending money by claiming your teen is in trouble. By keeping your online presence discreet, you will help protect yourself and your loved ones from clever fraud attempts.

Encourage your loved ones to trust their instincts: If something feels off or too good to be true, it is worth a closer look. Scammers often use urgency to push for quick decisions, but take your time. When considering investments, always do your homework, even if the opportunity comes from a trusted friend or family member.

Investment scams can spread unknowingly through religious groups, cultural communities or personal networks where we tend to lower our guard. By staying cautious, you will avoid unintentionally spreading fraud and protect your relationships with the financial institutions you deal with.

Stay one step ahead of scammers by keeping yourself informed about the latest fraud tactics. You can do this by following trusted government sources and

consumer protection agencies

for up-to-date tips.

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If you suspect a scam or think you may have been targeted, do not let fear or embarrassment hold you back. Reach out to your local police, the

Canadian Anti-Fraud Centre

and your financial institution to report what happened.

Mary Castillo is a Saskatoon-based credit counsellor at Credit Counselling Society, a non-profit organization that has helped Canadians manage debt since 1996.