Account Take Over (ATO)

ATO is a type of cybercrime where an attacker gains unauthorized access to your bank account. Fraudsters pretend to be a person you know and send you messages that include a malicious link. Clicking the link can infect your device and lead to account takeovers or other forms of identity fraud.

What can fraudsters do once they take over my bank account?

  1. Change your contact information, add new bill payees and/or e-transfer contacts, mobile deposit fraudulent cheques, pay fake bills and/or e-transfer your money out.
  2. Prevent you from receiving any security alerts or One Time Passcodes (OTPs).

How can I protect my bank account?

  1. Set up online banking security alerts and choose text message or push notifications. Types of security alerts available include successful login, password changed, new biometric access, and password attempt lock.
  2. Use a strong password that is not the same as other passwords.

How do I reduce the risk of ATO fraud?

  1. Contact the person directly using a different method of communication.
  2. Never click on links in unsolicited messages.
  3. Remember that simply clicking on a link can infect your device.
  4. Contact a licensed technician if you suspect your device has been compromised.

What to do if your personal information has been compromised?

  1. Stay calm and gather all information about the fraud.
  2. Contact your financial institution(s) to report the incident.
  3. Contact law enforcement.
  4. Report the incident to the Canadian Anti-Fraud Centre toll free at 1.888.495.8501 or visit their website.
Saturday | June 1, 09:43 AM
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