0:1:29.946 --> 0:1:40.506 Raponi, Teresa Good afternoon, everyone. My name is Teresa Raponi, and I'm the branch manager at our Wood Gundy offices at Bay and Adelaide and the Yorkville locations, and I will be the moderator today. 0:1:41.386 --> 0:2:0.986 Raponi, Teresa On behalf of myself and the team, I want to welcome you to our session on fraud awareness. Now, this is a very important topic, as globally, it's estimated that more than 1 trillion US dollars was lost to fraud last year. And this is driven by investment scams, 0:2:1.226 --> 0:2:20.346 Raponi, Teresa bank impersonations, and increasingly sophisticated schemes. So given this is Fraud Prevention Month, we thought having a session like this would be very timely. I think you're going to find it very informative. Now, before I begin, I would like to cover off a few housekeeping items. First, 0:2:20.746 --> 0:2:41.146 Raponi, Teresa This event is being recorded, which will allow us to share the content with other clients who aren't able to attend the session. Secondly, the presentation will be followed by a Q&A, and these are from the questions you submitted on the registration form. But if we don't address your question throughout this presentation, 0:2:41.306 --> 0:2:48.506 Raponi, Teresa please reach out to your advisor as we want to make sure you are fully informed. So with that, let's begin. 0:2:49.586 --> 0:3:9.586 Raponi, Teresa I'd like to introduce our first two speakers, who are my colleagues here at CIBC. Katherine Maternicki, Senior Consultant, Fraud Strategy Group. Now, Katherine has 25 years of experience at CIBC, including roles in business risk and regulatory compliance within CIBC Wood Gundy. 0:3:10.346 --> 0:3:28.386 Raponi, Teresa She currently supports the Fraud Strategy Team, collaborating with the Wealth Business at CIBC to develop and implement approaches that help protect clients from fraud. She is joined by Laurie Wylie, who is Senior Consultant, also of our Fraud Industry Relations Group within Fraud 0:3:28.506 --> 0:3:46.826 Raponi, Teresa the Fraud Strategy Team. And she's been with CIBC for 12 years in a variety of project management related roles. And Laurie is very passionate about combating scams and currently represents CIBC in Canada's Anti-Scam Coalition. So with that, I would like to pass it over to Katherine. 0:3:51.66 --> 0:3:54.746 Maternicki, Katherine Thank you. Actually, we're actually going to start with Laurie. 0:3:57.866 --> 0:4:22.26 Wylie, Laurie Not a problem. Good afternoon, everyone. Thank you so much for joining us today to discuss this critical topic around fraud prevention and protection. So throughout this presentation, Katherine and I will clarify what fraud means in the financial services. We'll share practical tips to recognise and prevent it. We'll also outline CIBC's prevention measures and explain what to do if you suspect fraud. 0:4:22.666 --> 0:4:34.266 Wylie, Laurie Our goal is to ensure that you leave this session more informed, more confident, and better equipped to protect yourself and your assets. So let's go ahead and get started. And we'll start by kicking off with what is Fraud. 0:4:35.426 --> 0:4:54.106 Wylie, Laurie So fraud is something we're hearing more and more about these days, but it's important to understand exactly what it is and how it could impact you. Simply put, fraud is any act of deceit for personal gain, and it often involves the theft of money or information. Now the reality is that anyone can be targeted. 0:4:54.506 --> 0:5:13.746 Wylie, Laurie and it can happen in various ways. So for example, you might receive a suspicious text message or an e-mail from someone that you don't know asking you to claim unclaimed money. Your debit or your credit card could be stolen and used without your permission. In some cases, fraudsters may actually steal your personal information and use it. 0:5:13.826 --> 0:5:32.906 Wylie, Laurie open new accounts or apply for loans in your name. This is known as identity theft. There's also cheque fraud, where counterfeit or forged cheques are used to steal funds. And of course, there are a variety of other scams, including those that happen online, through social media, or over the phone, like investment or romance. 0:5:33.466 --> 0:5:47.386 Wylie, Laurie Throughout this presentation, we'll explore the main types of fraud and most importantly, how you can protect yourself, because awareness is your best defense. So I'll turn it over to Katherine to explore how to recognise fraud and the specific actions you can take to protect yourself. 0:5:50.746 --> 0:5:51.626 Maternicki, Katherine Thank you, Laurie. 0:5:52.506 --> 0:6:11.786 Maternicki, Katherine So fraudsters use technology to make text or e-mail messages look like they're coming from a trusted contact, such as your bank, the CRA, or your utility company. The goal is to trick you into giving up sensitive information. This is also referred to as phishing, and much like the sport, 0:6:12.426 --> 0:6:30.906 Maternicki, Katherine Fraudsters use the tactic to cast a wide net, using it to lure their victims into providing personal information such as passwords or banking information. Think of those emails or text messages that say that there's some sort of problem such as fraud on your card. They may provide you with the 1st 4 digits of the card where the issue is. 0:6:31.66 --> 0:6:54.186 Maternicki, Katherine Getting a message like this may make you panic and jump into action without thinking it over or verifying the authenticity of the message. You may actually feel it's legitimate because it matches your card. This is all part of social engineering by fraudsters. Also, many individuals may not realise that the 1st 4 digits of a bank or credit card is shared with millions of other cards. It's what identifies 0:6:54.506 --> 0:7:14.986 Maternicki, Katherine the type of card it is. Fraudsters phish for individuals that hold that type of card and are hoping that they can catch you at a vital time when you may actually fall for it. Always take time to think before replying or clicking on links. Keep in mind that many scams start with a message, whether through text, e-mail, or even through social media. 0:7:15.946 --> 0:7:35.146 Maternicki, Katherine Be aware of where the communication is coming from and keep in mind that the communication from your known contacts can also be compromised by fraudsters. When it comes to sending funds, providing personal information, it's recommended to call a trusted number and confirm the request before actioning it. It can save you 0:7:36.586 --> 0:7:53.786 Maternicki, Katherine losses. Fraudsters may also impersonate an e-mail address by creating one that looks similar. It could be something like an extra letter or a number added in the e-mail that makes it look legitimate at first glance. Be suspicious of communications asking you to click on links or attachments. 0:7:54.266 --> 0:7:57.866 Maternicki, Katherine clicking or downloading could result in your device being compromised. 0:8:0.66 --> 0:8:16.186 Maternicki, Katherine Some additional common signs of phishing are unexpected messages, messages that are out of character, urgent requests to provide information, or the use of free e-mail service such as Gmail for what looks to be a business e-mail. 0:8:20.26 --> 0:8:22.666 Maternicki, Katherine Here is an example of an e-mail phish. 0:8:23.546 --> 0:8:42.586 Maternicki, Katherine Looking at the e-mail address is likely the first thing you would do. However, it can sometimes be difficult to identify a phish based only on the e-mail address. The easiest way to detect a phish is personalization. CIBC emails address the client by name. A phish will use Dear Client. 0:8:42.746 --> 0:8:51.386 Maternicki, Katherine or dear valued client as an opening. Also, CIBC would never tell you of a problem in an e-mail and ask you to click on a link to fix it. 0:8:52.266 --> 0:8:59.706 Maternicki, Katherine If you're not sure, it's always best to reach out to a trusted number or your advisor to verify the contents of the message. 0:9:3.306 --> 0:9:26.666 Maternicki, Katherine Here are some tips to help protect yourself. Be cautious with unsolicited emails, texts, or calls. Never click on links or open attachments from unknown sources. Only sign in through the official CIBC app or website. You may also watch for grammar or formatting errors, but keep in mind that with the use of AI, fraudsters are able to create more convincing messages without any errors. 0:9:27.226 --> 0:9:41.866 Maternicki, Katherine If in doubt, reach out. Call the number on the back of your card or in your statement. Never use the number on the message. And of course, if it concerns your WG account, you should call your advisor at a known number. 0:9:44.426 --> 0:10:3.186 Maternicki, Katherine Now let's talk about debit and credit card fraud. This happens when your card or its information is stolen and used without your authorization. Tactics include using card readers, hidden cameras, fake PIN pads, and shoulder surfing, which is simply someone trying to see you enter your PIN at a terminal. 0:10:4.626 --> 0:10:9.26 Maternicki, Katherine We've also listed the four common types of credit card fraud below. 0:10:14.706 --> 0:10:33.986 Maternicki, Katherine Some tips to protect yourself include always shielding your PIN, checking your account, and reporting unauthorised transactions right away. You can also sign up for CIBC Fraud alerts through your banking app. Make sure to lock your card if it's lost or stolen. And finally, don't give your debit or credit card information 0:10:34.346 --> 0:10:38.386 Maternicki, Katherine away over the telephone unless it's with a reputable merchant. 0:10:41.346 --> 0:10:43.106 Maternicki, Katherine Now let's talk about identity theft. 0:10:44.66 --> 0:11:4.546 Maternicki, Katherine This occurs when someone uses your personal information without your permission. It could be your name, social insurance number, or credit card number. Once thieves have enough personal information, whether they retrieve it from unshredded documents in your trash, steal your purse or wallet, or gather information that you have shared online, they may commit fraud to access your existing bank accounts. 0:11:5.346 --> 0:11:20.386 Maternicki, Katherine open new bank accounts, apply for loans or credit cards, transfer bank balances, make purchases, obtain passports, or receive government benefits. It can even facilitate organised crime or terrorist activities. 0:11:21.546 --> 0:11:26.146 Maternicki, Katherine because they have the use of your stolen funds. All this without your knowledge. 0:11:28.66 --> 0:11:32.786 Maternicki, Katherine You may not be aware of the theft of your identity until months or years have passed. 0:11:35.666 --> 0:11:54.186 Maternicki, Katherine You can protect yourself from identity theft and fraud by keeping these tips in mind. Never share your personal or banking information. Use unique passwords, PINs, and avoid reusing them. To see if your e-mail and data may have been exposed in a data breach, you can visit haveibenpwned.com. We've listed it out here. 0:11:55.826 --> 0:12:20.26 Maternicki, Katherine Going on this site will help illustrate how important it is to use secure, unique passwords once you're able to see where your e-mail was involved in data breaches. Another good tactic is to memorise passwords or use a password manager. Never share your passwords or answers to personal verification questions with anyone, even a CIBC 0:12:20.146 --> 0:12:26.786 Maternicki, Katherine employee. CIBC will never ask you for this information, so be suspicious of anyone who does. 0:12:29.346 --> 0:12:38.386 Maternicki, Katherine You also need to shred sensitive documents before you dispose of them and review your credit reports at least once a year and your account statements regularly. 0:12:43.506 --> 0:12:57.826 Maternicki, Katherine So A constantly evolving fraud trend we see is called spoofing. Here, fraudsters use technology to make messages or calls appear as if they are coming from a trusted source to trick you into giving up sensitive information. 0:13:0.626 --> 0:13:20.226 Maternicki, Katherine Caller ID could be manipulated to display a trusted phone number or name. This is commonly used in bank impersonation scams where fraudsters trick their victims into sharing a one-time verification code to access their account or approve unauthorised transactions. Fraudsters first phish personal information or login credentials. However, they need 0:13:20.506 --> 0:13:39.26 Maternicki, Katherine a one-time verification code to get into an account. They then call the victim pretending to represent the bank, and on this call they may say that there has been suspicious activity or fraud on your account. They will ask for the six-digit one-time verification code that was just sent as part of securing your account. 0:13:39.946 --> 0:14:1.586 Maternicki, Katherine What the fraudster has just in fact done is triggered the one-time verification code request while attempting to get into the online account belonging to the victim. They will then use this code to access the account or approve unauthorised transaction. This is known as OTVC deception. As previously mentioned, emails are frequently used in spam and phishing attacks. 0:14:1.906 --> 0:14:16.546 Maternicki, Katherine and fraudsters can alter the sender ID in text messages. Fake social media profiles are also used to trick people into thinking that they are communicating with a trusted entity or individual. For example, fake customer service profiles on Facebook. 0:14:17.986 --> 0:14:35.746 Maternicki, Katherine They also create fake websites and have been known to use search engine optimization, a legitimate service used by companies to bring websites to the top of a search. Fraudsters use this service to bring their own fake website ahead of the legitimate one and trick you into clicking on their site instead. 0:14:37.266 --> 0:14:49.746 Maternicki, Katherine We've seen examples of fake investment company websites created to mimic legitimate company sites, where victims send funds and provide private information to open fake accounts, thinking that they are on the legitimate site. 0:14:50.906 --> 0:15:11.66 Maternicki, Katherine Here are some tips to avoid this type of fraud. Never trust caller ID. Remember that it can be easily manipulated. In fact, I've seen teenagers use caller ID manipulation apps to play innocent jokes on unsuspecting adults. If kids can do it, so can fraudsters. Never provide your personal or financial information to anyone you don't know. This includes your verification code. 0:15:11.346 --> 0:15:26.386 Maternicki, Katherine CIBC's verification code message always tells you why you're receiving it. For example, it might say, enter this code to initiate your password change. That would seem very unusual if you read that message and someone on the telephone is asking you for that code. 0:15:27.346 --> 0:15:40.386 Maternicki, Katherine So it's always very important to read the verification message in its entirety before acting on it. And remember, we will never call you for this code. We would only use the code to verify you if you call us. 0:15:42.226 --> 0:15:49.106 Maternicki, Katherine Keep in mind that CIBC or government agencies will never contact you to ask for personal or banking information. 0:15:50.706 --> 0:16:5.746 Maternicki, Katherine Also, take a moment to think before you respond. Does the request make sense? Is the caller message expected? Did you initiate the request? If in doubt, end the call, don't action the text message, and call back at a trusted number to verify the information. 0:16:7.106 --> 0:16:25.626 Maternicki, Katherine Look closely. Does the communication look legitimate or suspicious? CIBC would never send you a link to log on to an existing account or ask you for your sign on credentials. When online, use a trusted source to navigate to a website. Navigate to a website using a bookmark or direct links you know are safe. 0:16:25.706 --> 0:16:45.586 Maternicki, Katherine For example, you can type in CIBCtranslationtrsbcom, don't search for CIBC to make sure you don't fall victim to a fake website. Bookmark websites you transact with frequently to avoid clicking on the wrong link. When in doubt, verify the information with a trusted source. 0:16:46.466 --> 0:17:1.666 Maternicki, Katherine If you receive an unexpected message during sign-on or the site looks unfamiliar, don't continue. Contact the business using a verified number. For example, in the case of CIBC, you can contact the number on the back of your debit or credit card or speak to your advisor. 0:17:2.866 --> 0:17:6.626 Maternicki, Katherine Now, I'll pass it over to Laurie for her specialty, which is scam education. 0:17:7.26 --> 0:17:7.106 Wylie, Laurie Mah. 0:17:8.946 --> 0:17:29.106 Wylie, Laurie Thanks, Katherine. So as banks strengthen security measures, fraudsters have unfortunately shifted their focus to exploit the one thing that is very hard to control, which is basic human behavior. And that's really where scams come into play. So let's look at some common scams and how you can protect yourself. And we'll start with investment scams. 0:17:29.506 --> 0:17:50.946 Wylie, Laurie Now, these typically involve fraudsters convincing people to send money for fake financial products or services. So these could be things like stocks, GICs, or cryptocurrencies. Sometimes even legitimate crypto wallets can be targeted as well. Now, these scams often begin with an unexpected message, which could come through e-mail, social media, or even a text message. 0:17:51.66 --> 0:18:10.226 Wylie, Laurie But the best response is to ignore, block, and report the sender. You never want to engage with any of these types of messages. If you do, fraudsters will build your trust through ongoing communication. And then they're going to pitch you high returns, low risk opportunities, usually with some urgency behind it. 0:18:10.786 --> 0:18:32.106 Wylie, Laurie They may even use fake platforms and reports to show false profits and encourage further investment from you. But when you try to withdraw your funds, this is when you'll be asked to pay for extra fees. Fraudsters have also been known to go back and target the same victims again with a fake recovery offer to help you try to get your money back. 0:18:32.866 --> 0:18:43.586 Wylie, Laurie So you always want to be cautious. Remember, if anything, if any offer sounds too good to be true, it likely is. So next we'll discuss how to protect yourself from these types of scams. 0:18:44.786 --> 0:19:6.466 Wylie, Laurie So when it comes to protecting yourself from investment scams, there are a few key steps you should always keep in mind. Scammers often reach out unexpectedly, hoping to catch you off guard. So you want to be wary of unexpected messages or calls asking you to invest. Again, it's always best to ignore, block, and report them. You also want to watch out for fake investment websites and ads. 0:19:6.546 --> 0:19:25.426 Wylie, Laurie ads. With the rise of AI, those celebrity posts about investments are most likely fake, and there are many articles online outlining how many people have already fallen victim for the Mark Kearney investment scams. So you always want to verify the website and cheque for warnings before sharing any information or money. 0:19:26.66 --> 0:19:47.506 Wylie, Laurie Also remember that law enforcement or government agencies will never ask you for payment via money services, cryptocurrency, or gift cards. They only use secure, traceable payment methods. And if you do have a digital wallet, never share your private key or your recovery phrase. Anyone with access to these can control your assets in an instant. 0:19:48.226 --> 0:20:2.146 Wylie, Laurie And don't rush into investments. Scammers create urgency to pressure you. Take your time, research thoroughly, and consult a trusted advisor before committing. And if something feels suspicious, step back and double check. 0:20:3.506 --> 0:20:21.986 Wylie, Laurie So next we'll talk about emergency scams. Now these are formerly referred to as the grandparent scam, but these scams have shifted tactics and become one of the most emotionally manipulative forms of fraud. These scams involve fraudsters pretending to be someone you know, maybe even an authority figure 0:20:22.66 --> 0:20:43.26 Wylie, Laurie in urgent need, pressuring you to send money or information. So you can see here on the screen there are many common forms that the scam may take, but they all rely on urgency and emotional manipulation. So they may ask you not to tell anyone else, hoping to keep you isolated and make you act quickly. They may threaten legal action or arrest you. 0:20:43.186 --> 0:21:2.546 Wylie, Laurie If you don't pay right away, they will probably tell you something bad has happened, like they were arrested or they've been in a car accident. Maybe somebody was kidnapped or they're stuck in another country all because they need you to pay. So if you do receive any urgent requests for money, always pause, verify the story with others. 0:21:2.946 --> 0:21:11.186 Wylie, Laurie Never send money or information without confirming the facts. Scammers exploit your desire to help, so always stay cautious and double check. 0:21:12.266 --> 0:21:32.626 Wylie, Laurie To protect yourself from emergency scams, you want to stay calm, but stay skeptical. Scammers rely on urgency and secrecy. So if you get a suspicious message or a phone call, don't respond or click any links. Always verify the person's identity and reason for the request before sending any money or information. 0:21:33.186 --> 0:21:51.986 Wylie, Laurie And again, remember that legitimate organisations will never ask for payment via cryptocurrency, money services, or gift cards. If you're ever unsure, contact the person or organisation directly using trusted contact information. And always question unexpected or urgent stories. Remember to trust your instincts. 0:21:52.786 --> 0:21:59.346 Wylie, Laurie and report suspicious requests to authorities. By staying alert, this will help protect you and your loved ones. 0:22:0.466 --> 0:22:19.226 Wylie, Laurie So next we'll talk about romance scams. Romance scams are emotionally manipulative and financially damaging. They occur when someone pretends to be romantically interested in order to gain your trust and access your money or accounts. Now these scams are common on dating and social media platforms. 0:22:19.306 --> 0:22:39.746 Wylie, Laurie where fraudsters use fake profiles and stories. After building your trust, they create a crisis and ask for money, or they may try to involve you in fake investments or illegal activities. It's important to remember, though, romance scams aren't always romantic in nature. They can actually happen in any situation where someone tries to build a 0:22:39.866 --> 0:23:0.226 Wylie, Laurie relationship with you. This can be through friendship, mentorship, even business related. But the end goal is always the same. They want to build your trust so that they can take your money. So you want to be cautious with online relationships. Never send money or share financial information with someone that you haven't met in person. Always watch for those red flags. 0:23:1.426 --> 0:23:20.186 Wylie, Laurie And when it comes to romance scams, protecting yourself starts with being cautious and trusting your instincts. Be wary if someone you've just met online gets too close, too soon, or quickly professes their love or affection for you. Be wary if they request secrecy or money for an urgent situation. 0:23:20.386 --> 0:23:39.826 Wylie, Laurie And again, never send money or share personal information with someone you haven't met in person. If you feel uneasy, talk to a trusted friend or a family member. Getting an outside perspective can help you spot red flags you might have missed. And always report suspicious behaviour to the platform you're using and local authorities. 0:23:40.546 --> 0:23:44.386 Wylie, Laurie Staying alert and following these steps will help keep you and your loved ones safe. 0:23:45.746 --> 0:24:6.866 Wylie, Laurie Next, we'll take a look at what CIBC has done to improve authentication and fraud prevention for our clients. So at CIBC, we are committed to keeping your banking experience safe and secure so you can focus on what matters most. And that's why we've introduced several enhanced authentication and fraud prevention measures to help protect you and your accounts. 0:24:7.186 --> 0:24:26.306 Wylie, Laurie So first we have voice verification. When you call us, we'll use your unique voice print to authenticate your identity as you speak. It's just like your fingerprint. This extra layer of security makes it much harder for fraudsters to access your accounts, but it allows us to help you faster, easier, and more securely. 0:24:27.546 --> 0:24:47.386 Wylie, Laurie Next, we have one-time verification codes. So whenever you make certain transactions or changes to your accounts, CIBC will send you a six-digit code via text message or a push notification through your mobile app. This extra layer of security helps make sure you're the only one using your account, even if someone else has some of your information already. 0:24:48.146 --> 0:24:58.826 Wylie, Laurie I will also highlight that push notifications do actually provide much stronger assurance, not only to you as a client, but to us as a bank, because they are sent through a secure channel that only we control. 0:25:0.386 --> 0:25:19.26 Wylie, Laurie We also offer fraud alerts. So if we detect any suspicious activity, maybe there's an unauthorised change to your personal information or an unusual transaction, we will notify you right away by text, e-mail, or phone. And this gives you a chance to quickly confirm whether the activity is legitimate or needs to be stopped. 0:25:20.166 --> 0:25:40.126 Wylie, Laurie We also offer fraud prevention alerts. So through your online and mobile banking platforms, you can set up customised alerts for transactions and other fraud prevention activities. Now the thing that I personally like about these alerts is you can set them up for outgoing money. So anytime you buy something in a store or online, you can get alerted about that. 0:25:40.186 --> 0:25:51.986 Wylie, Laurie the transaction. So not only does it actually help you to manage your money better, but it gives you an opportunity to confirm transactions being made on your account and potentially stop fraud from happening by reporting the activity. 0:25:52.866 --> 0:25:56.146 Wylie, Laurie So I'll turn it back to Katherine to talk about the actions that you can take today. 0:26:3.106 --> 0:26:3.826 Maternicki, Katherine Thank you, Laurie. 0:26:5.506 --> 0:26:26.66 Maternicki, Katherine So when it comes to protecting yourself from scams, it's important to stay alert for the warning signs that something isn't right. One of the most important things to remember is to trust your instincts. If something feels off or is too good to be true, it probably is. Remember that fraudsters can manipulate technology to make communications look legitimate. 0:26:26.946 --> 0:26:46.466 Maternicki, Katherine Always take a moment to verify who you're communicating with, especially if you're being asked for personal information or security codes. CIBC will never contact you unexpectedly to request your one-time verification code, nor will we ever involve you in a secret investigation or ask you to move your money to protect it. 0:26:47.186 --> 0:27:0.466 Maternicki, Katherine Scammers like to create a sense of urgency and pressure you into making quick decisions. Be particularly cautious with investment offers you come across online or through social media, as these can often be fraudulent. 0:27:2.306 --> 0:27:16.706 Maternicki, Katherine There are schemes designed to steal your money. Likewise, if you are ever offered a cheque or money order for more than the agreed upon amount for goods or services, consider it a serious red flag. The payment is likely not genuine and is going to bounce. 0:27:17.986 --> 0:27:30.306 Maternicki, Katherine By staying vigilant and questioning anything that doesn't seem right, you can help protect yourself from falling victim to scams. Remember, when in doubt, it's always safer to pause and verify before taking any action. 0:27:32.546 --> 0:27:37.906 Maternicki, Katherine So let's take action today. Here are five general tips to help protect yourself from Fraud. 0:27:40.386 --> 0:27:48.386 Maternicki, Katherine Actually, there's eight. I apologize. Select unique, strong passwords and keep them safe. Update your password at least once a year. 0:27:49.586 --> 0:27:59.666 Maternicki, Katherine and include upper and lower case letters, symbols, and numbers. Enable touch ID, facial recognition, and two-step verification where you receive a temporary code. 0:28:0.866 --> 0:28:10.66 Maternicki, Katherine Ask your mobile provider about port protection for your mobile device. Monitor your accounts regularly and your credit report at least once a year. 0:28:10.946 --> 0:28:30.146 Maternicki, Katherine Keep antivirus and firewall software up to date. Stay informed of current scams. As mentioned earlier in the presentation, scams are continuously evolving, so it's important to stay on top of them. If something doesn't feel right, talk to someone you trust, such as your advisor, a family member, or another trusted person. 0:28:32.386 --> 0:28:55.466 Maternicki, Katherine Now let's talk about what you should do if you suspect you may be a victim of fraud. It's vital to immediately report the fraud by taking the following steps. Gather all the information about the fraud. This includes documents, receipts, copies of emails and or text messages. Contact your local banking centre in person or via CIBC telephone banking or send an e-mail to fraud at CIBCtranslationtrsbcom. 0:28:56.66 --> 0:29:17.906 Maternicki, Katherine You can of course contact your advisor to discuss the fraud, especially if you think the investment account may have been affected. Contact the Canadian Anti-Fraud Centre. We've listed the number here. You can also make a report on their website online. Report the incident to your local police. This ensures that they are aware of which scams are targeting their local residents and businesses. 0:29:18.226 --> 0:29:22.626 Maternicki, Katherine Keep a log of all your calls and record all reference numbers. 0:29:23.666 --> 0:29:33.586 Maternicki, Katherine If the fraud took place online, for example, through Facebook, Amazon, or a dating site, be sure to report the incident using the Report Abuse or Report an Ad feature on the website. 0:29:35.26 --> 0:29:43.26 Maternicki, Katherine Victims of identity fraud should also place flags on all their accounts and report the fraud to both credit bureaus, Equifax and TransUnion. 0:29:45.426 --> 0:29:50.226 Maternicki, Katherine Now I'll send it back to Laurie to provide you with some fraud resources to help you stay on top of fraud. 0:29:52.546 --> 0:30:17.386 Wylie, Laurie Thanks, Catherine. So if you're looking to protect yourself from fraud or want to learn more about the latest scams, there are several trusted resources available to you. So the first is the Canadian Anti-Fraud Centre. It does offer tips, scam alerts, and reporting guidance. The Canadian Bankers Association also provides articles and a monthly newsletter on fraud prevention, sharing emerging threats and advice to help you stay ahead of scammers. 0:30:18.266 --> 0:30:36.986 Wylie, Laurie The Competition Bureau's Little Black Book of Scams is also a helpful guide you can download for free. It covers a wide range of scams, explains how they work, and shares tips for recognising and avoiding them. And of course, there's CIBC's Identity Theft Protection Brochure, which you'll see what this looks like on the next slide. 0:30:37.466 --> 0:30:55.546 Wylie, Laurie So this brochure shares practical advice and steps to take you, so to take if you, sorry, to take if you become a victim. And we also have a fraud awareness brochure for seniors, which provides additional fraud prevention tips, both of which can be found off of the main website, CIBCtranslationtrsbcom slash fraud. 0:30:56.906 --> 0:31:15.386 Wylie, Laurie And finally, we have additional fraud and scam pages, which you can access again through CIBCtranslationtrsbcom slash fraud. So here you will find educational content on different types of fraud and scams, including what it is, how it happens, signs to look out for, and tips to stay protected. So we hope you find these tips insightful. 0:31:15.866 --> 0:31:36.586 Wylie, Laurie And with that, I'm going to pass things over to Acting Detective Sergeant John Armit. He has served with the Ontario Provincial Police for over 24 years in roles including general investigations, major crime, traffic services, and as community service and media officer. In 2015, he joined the OPP Anti-Rackets Branch 0:31:36.866 --> 0:31:55.706 Wylie, Laurie focusing on major economic crime, cyber-enabled fraud, and political corruption. From 2021 to 2024, he was seconded to the Canadian Anti-Fraud Centre as a detective sergeant and national and international law enforcement liaison. In 2026, John became team leader for 0:31:56.26 --> 0:32:13.866 Wylie, Laurie East Region's Integrated Fraud Awareness and Response Initiative. He also represents the Ontario and Canadian Police Colleges on cyber-enabled elder abuse and financial crimes. And in 2024, he received FINTRAC's Excellence for Partnership Award. So please join me in welcoming John. 0:32:18.226 --> 0:32:36.66 Armit, John (OPP) Thanks very much for having me. Got to say that was a good presentation for you folks and really good awareness piece that, you know, we're seeing a lot more financial institutions put out to their clients to protect them. So I hope you'll enjoy this presentation. You've got the prevention information and now I'll try and tell you what's 0:32:36.466 --> 0:32:55.346 Armit, John (OPP) the fraud trends and situations that we're seeing from law enforcement's perspective. But first, I want to show you a video of our takedown that we did for something called Project Sharp, which is the emergency grandparent scam. It was a multi-jurisdictional investigation which we launched in 2024. 0:32:55.706 --> 0:33:6.786 Armit, John (OPP) And we arrested 15 individuals that were associated with the organised crime group out of Montreal, targeting elders for the emergency grandparent scam. So let me just take a moment here. 0:33:7.986 --> 0:33:9.666 Armit, John (OPP) To get this presentation up. 0:33:10.866 --> 0:33:12.306 Armit, John (OPP) So, video we have here for you. 0:33:16.306 --> 0:33:19.826 Armit, John (OPP) Turn on the sound and here we go. Take a second here. 0:33:25.746 --> 0:33:26.466 Armit, John (OPP) Here we go. 0:33:29.186 --> 0:33:38.546 Armit, John (OPP) This is what's going to happen. SQ will be going through, get to the room first, and we will follow in behind. Make sure everything is safe. If we have our targets, we'll hold them. 0:33:40.386 --> 0:33:58.866 Armit, John (OPP) This organised crime group targeted seniors with landlines, exploiting their emotions. Victims were led to believe they were speaking to the distressed loved one who urgently required funds for bail, legal fees, or other fictitious expenses. Victims were coerced through manipulative tactics to make payments. 0:33:59.146 --> 0:34:12.626 Armit, John (OPP) and were further isolated by threat of a gag order to silence any discussion of the situation. Though the numbers I share are staggering, the impact on each of these victims is more so. They are more than a number. 0:34:13.666 --> 0:34:17.506 Armit, John (OPP) that represent people in our lives who are vulnerable. 0:34:18.786 --> 0:34:37.906 Armit, John (OPP) The funds lost were significant as they represented the life savings of many of these individuals. If you follow these proceedings, you will understand why police officers from across the country were motivated to take action. In some cases, the victims were aggressively threatened if they did not agree to pay the amount. 0:34:39.266 --> 0:34:48.946 Armit, John (OPP) We urge you to share this information with loved ones and the community at large in the hopes that we can learn from these events and prevent further victimization. 0:34:59.186 --> 0:35:22.146 Armit, John (OPP) Yeah, pretty impactful video. So I was one of the arresting officers you saw there with the main caller contacting people for the emergency grandparents scam. So it gave me great pleasure to arrest these individuals that were targeting elder victims across Canada. So we'll get into our presentation that talks about what are the fraud trends that we're seeing within the Ontario Provincial Police and across Canada. 0:35:24.66 --> 0:35:27.906 Armit, John (OPP) Okay, so here we are. Folks, can you all see that slide? 0:35:31.266 --> 0:35:52.146 Armit, John (OPP) Well, you know, we're seeing in the media what I call the scandemic. Our Prime Minister, his bank account was compromised. We're seeing various law firms having, you know, individuals that are bad actors laundering money. We're seeing businesses lose confidence and 0:35:52.266 --> 0:36:10.786 Armit, John (OPP) having to spend quite a bit of the resources to combat fraud. And we're seeing municipalities and townships get hit with various different frauds that cost taxpayers a lot of money. But we're trying to fight back. We've launched Project Atlas, which helped stop $70 million in crypto fraud. 0:36:11.586 --> 0:36:36.66 Armit, John (OPP) The RCMP helped recover $65 million in crypto losses. And so there is a move in foot in trying to change how governments and law enforcement and organisations handle fraud. So when we look at the fraud losses reported at the Canadian Anti-Fraud Center, and it's really important that we report to the Anti-Fraud Center, and we'll talk through the presentation why. You can see on this slide 0:36:36.106 --> 0:36:56.226 Armit, John (OPP) from 2023 to 2025, every single year, the fraud reports have just increased. When I started the anti-fraud center, it was $164 million in reported losses. Now, why did that change? Well, it changed because of technology, and we'll get into that in a second. But what we're seeing is we're seeing our victim demographics 0:36:57.106 --> 0:37:17.186 Armit, John (OPP) Basically, it's based on population density. So that's why Ontario is the number one reported fraud province. These bad actors, they will target anyone and everyone. And bad actors can be in Canada and they can be worldwide. What we are seeing is a massive increase with individuals that are investing in crypto investments. 0:37:18.66 --> 0:37:40.866 Armit, John (OPP) And it turns out to be a crypto investment fraud. So just like our CIBC folks were telling you to contact an advisor, really do your due diligence before you start putting your money and sending it in crypto overseas. The real challenge that we have is seniors lose on average 33 to 38 percent more than the average victim. And that has to do with the cognitive abilities and 0:37:41.186 --> 0:38:0.986 Armit, John (OPP) Sometimes they're too trusting and what have you. And there's frauds that are really targeted just to hit seniors. And we'll talk about that. When we look at our demographics, we see young adults being hit with the job scams. We see businesses being hit with spear phishing frauds, and we'll talk about that. And then, like we said, that middle-aged group 0:38:1.146 --> 0:38:22.386 Armit, John (OPP) Those are the ones that maybe have some disposable income that they want to invest, and they're getting caught in the crypto investment frauds. And then, of course, seniors are overwhelmingly being targeted and losing a considerable amount of money. When we look at our fraud reports by the Canadian Fraud Center, we see identity fraud, personal information, and phishing scams. And just like our folks said, 0:38:22.786 --> 0:38:47.226 Armit, John (OPP) previously, you want to be aware of what's coming in at you as these emails or text messages may come into it, start engaging in a conversation. And ultimately, they just want to take your money. We saw during the pandemic massive reports. It was 30,000 reports on average for identity fraud. Identity fraud is happening so much because there's so many compromised breaches throughout the world. And 0:38:47.266 --> 0:39:8.906 Armit, John (OPP) When you share your information, it gives the bad actors information to, like we talked about, open credits, open accounts, and really makes your life really difficult. So it's important to stay on top of that with strong passwords and making sure you protect what information you have. The top frauds that we're seeing reported, again, it's crypto investment frauds. Last year it was 310 million. This year it's 351 million. 0:39:9.186 --> 0:39:28.186 Armit, John (OPP) I'd suggest it's a lot more, but as we said, we expect that only 5 to 10% of the population reports. Spear phishing, we'll talk about what that is in a minute, but it's probably underreported because a lot of businesses don't want to, you know, report this to law enforcement or the anti-fraud centre because they don't want to lose. 0:39:28.506 --> 0:39:48.106 Armit, John (OPP) confidence in their customers with their business. Relationship frauds are also called romance frauds. And those are really, really devastating. These bad actors will take a lot of time and energy to manipulate their victims. And when we look at the amount of money lost versus the amount of victims, it's one of their top 0:39:48.266 --> 0:39:55.546 Armit, John (OPP) Reports for the funds that are lost, and we see job scams and the bank investigator scams that are really jumping up. 0:39:56.906 --> 0:40:15.786 Armit, John (OPP) So we heard earlier about spoofing and spoofing has really taken off. So countries basically reissue phone numbers and they reissue to what they call voice over internet protocols organizations. So you can basically take any number from an area 0:40:16.146 --> 0:40:37.546 Armit, John (OPP) and you can spoof that number. So we call that neighboring. And neighbouring is, it makes it look like maybe it's a 416 number. So you may be more apt to answer a number that's from, you know, your area code versus something that's overseas coming in. So they will use that to spoof their ID. They'll use spoofing for text messages that you'll see. And you'll see the spoofing in 0:40:37.866 --> 0:40:57.466 Armit, John (OPP) emails and what have you. Like we heard before, bad actors will pay to have their website, it's called search engine optimization, put at the top of a search engine. So we've actually had it when it was at the anti-fraud centre that they paid for search engine optimization saying that they were part of the Canadian anti-fraud center. And when you look 0:40:57.626 --> 0:41:17.546 Armit, John (OPP) I clicked on it, it took you to a crypto recovery website, which was fraudulent. So everyone and anyone is getting spoofed right now. It's really a challenge, what we have. When we look at our breakdown of payments, and these are payments from victims to fraudsters, crypto is the number one method. And why is that? 0:41:17.666 --> 0:41:42.346 Armit, John (OPP) because it's rapid, it's quick, and there's no real barriers to sending the money overseas. Where wire transfers, it takes between 24 and 72 hours, depending on the jurisdiction where it's sent to, for the transactions to be processed. E-transfers, we see it quite a bit. I'm in Toronto here at a conference, and it just takes me back not too long ago when Taylor Swift was here, and there was a large amount of online classified frauds 0:41:42.386 --> 0:42:1.386 Armit, John (OPP) Where they're using e-transfers to make down payments for Taylor Swift tickets, and then direct deposits would have to do with more businesses. When we look at the threat, how do the bad actors contact or start the fraud? Social media really is the number one method. When we look at the fake ads on Facebook, on... 0:42:1.746 --> 0:42:21.66 Armit, John (OPP) Instagram or on YouTube. This is where it's drawing people in. And so many people have transitioned into social media and to getting their news and their information on social media, which is really causing quite havoc. So we look at the different frauds that you're going to typically see through social media is there crypto romance frauds, 0:42:21.706 --> 0:42:23.786 Armit, John (OPP) job scams, and merchandise frauds. 0:42:25.146 --> 0:42:43.306 Armit, John (OPP) When we look at text messages, these are these smashing messages that they're sent. So for instance, let's say the government of Ontario would offer some sort of rebate. Well, the bad actors are going to jump on and they're going to create a text message that's going to make it seem like there's a rebate and you just click on this link in order to get to that rebate. 0:42:43.586 --> 0:42:55.306 Armit, John (OPP) Well, that's going to take you to their controlled fraudulent website, and they're going to try and get you to put your credit card information in order to tokenize that credit card and use it. But here's the list of the various different frauds that we're seeing with text messages. 0:42:56.586 --> 0:43:17.306 Armit, John (OPP) Here's some examples of those messages that were saying. You know, maybe you get a notification that you owe money to the 407 or there's a parking ticket. If you really look closely, it says Ontario-paytickets.com. Well, dot CA is typically where your e-mail ending is going to be from. So 0:43:17.506 --> 0:43:36.546 Armit, John (OPP) It's the devil's in the details. When we look down at Ontario Court webpayments.com, that's an indication. But, you know, when we heard earlier that's all about causing that urgency, people may be off having a bad day. Maybe they didn't have enough sleep and coffee that day, and then they see, oh, for crying out loud, I got it. 0:43:36.746 --> 0:43:42.906 Armit, John (OPP) A ticket, I knew I probably got a ticket. I might as well click on this and pay it and get it out of my way and keep on going on with my on my day. 0:43:44.506 --> 0:44:4.186 Armit, John (OPP) When we look at how bad actors are using technology, they're able to take you to those hyperlinks into those websites. They're going to get your credit card information. They're going to try and get one-time code passwords, and they're going to tokenize your card. And if you see on the bottom right here, you're seeing that they're able to tokenize the card through Apple Pay or Google Pay, 0:44:4.546 --> 0:44:18.586 Armit, John (OPP) And then these bad actors literally have the tap to pay and go and buy gift cards and go and buy whatever items they want. So this is a massive organised crime initiative that they have, and they're making billions, if not trillions around the world. 0:44:20.26 --> 0:44:41.866 Armit, John (OPP) So when we look at our crypto investment frauds, Canada is #2 in the world for the most crypto ATM machines. Canada has embraced cryptocurrency. Cryptocurrency is a great thing. Unfortunately, the bad actors are using spoofing AI, you know, to pose as maybe Elon Musk or 0:44:42.986 --> 0:45:6.666 Armit, John (OPP) our Prime Minister to say, jump in investing into cryptocurrency. And their script is pretty standard, but it really, really does convince a lot of people. So what typically happens is someone will go on YouTube and they'll see some sort of really convincing video on why you should invest in cryptocurrency for as little as $250 on your credit card. So maybe click the link 0:45:6.986 --> 0:45:26.106 Armit, John (OPP) You give them your credit card number. They're going to take you to a portal that's going to show how your investment has grown. They're going to encourage you to download remote access software in order to help you create a crypto wallet with an exchange. They're going to get you to wire money into that crypto exchange account. 0:45:26.426 --> 0:45:47.266 Armit, John (OPP) and then they're going to get you to transfer your crypto to the bad actors. And so they're going to continue to see how well your investment has jumped up. I had a victim in Toronto who lost $10 million thinking that his investment was $39 million. I had a victim in Ottawa who lost $5 million who thought he had made some like $20 million. But the average losses are obscene about 0:45:47.546 --> 0:46:8.106 Armit, John (OPP) $150,000 to the average person. And that's a significant hit to people. I had another victim, she called for her and her husband. They both lost a total of $600,000. It's absolutely devastating. How do people recover from that kind of loss? And the funds are going to nation state actors and organised crime groups from around the world. 0:46:8.586 --> 0:46:28.746 Armit, John (OPP) So what will happen? The victims will now see their investment really skyrocket. And then they'll say, okay, well, that's as comfortable as I want to get. I want to take my money out. Well, the fraudsters will say there's maybe a crypto tax you have to pay, or there is an employee that's actually messed around with your account and you can't get your money back, and we're going to escalate that. 0:46:29.946 --> 0:46:48.106 Armit, John (OPP) And then so at some point, the victims will stop communicating with the bad actors, and then the bad actors will have people posing as a crypto recovery company come in and saying, for a percentage of your loss, we'll get your money back. So it's absolutely devastating. You can see how people's losses just escalate really quickly. As he mentioned, 0:46:48.266 --> 0:46:53.386 Armit, John (OPP) remote entry software. So if anyone's asking to remote into your computer, that should be a red flag. 0:46:55.466 --> 0:47:14.26 Armit, John (OPP) The top payment with cryptocurrency that we're seeing is the investment frauds, the job scams, the romance scams, and the extortion scams. And the extortion scams could be as easy as maybe you're a newcomer to Canada and they're saying there's an immigration warrant out for your arrest. Or maybe it's tax time and you've been 0:47:14.506 --> 0:47:27.386 Armit, John (OPP) found to have evaded taxes and you have to pay these fees right away. So, you know, it's the various different pitches, but it's all the same. They just want your funds and they want it to be cryptocurrency so they can get it out of Canada really quick. 0:47:28.546 --> 0:47:46.746 Armit, John (OPP) Canada is #2 in the world for the most cryptocurrency ATM machines. You can visit coinATMradar.com and it will list on a map exactly where all of the cryptocurrency ATM machines are. Essentially what they'll do is the fraudster will say, whatever the pitch is, let's say it's a... 0:47:47.906 --> 0:47:48.106 Armit, John (OPP) Um... 0:47:50.186 --> 0:48:8.346 Armit, John (OPP) a tech support scam. And they'll say, you know, we've overpaid you. You need to take the money out. The only way you can do it is to take it out from your bank because your bank's been compromised and you need to put it in a government-controlled crypto wallet address and send it to us. So they'll send a QR code to the victims. The victims literally walk up to their local 0:48:8.666 --> 0:48:22.666 Armit, John (OPP) Bitcoin ATM machine or ATM machine, they put in their phone number, and then they have a QR code, they scan their QR code, and then they literally put their $100 bills into the machine, it converts it to cryptocurrency, and off it goes. 0:48:24.106 --> 0:48:33.706 Armit, John (OPP) So here's an example of the crypto ATM machines. As I mentioned, we're #2 in the world. We have almost 4,000 compared to the US, which is absolutely staggering. 0:48:35.546 --> 0:48:54.346 Armit, John (OPP) So what are we doing about this? Well, in the OPP, I launched these posters in eastern Ontario where I am. We've actually gone to all the crypto ATM machines to put this up in around the crypto ATM machines, warning people. But some of these people are coming in with tunnel vision and they're actually on the phone with the scammers that are telling them exactly what to do. 0:48:54.826 --> 0:49:0.666 Armit, John (OPP) But we're trying to raise this awareness that if anyone's asking for crypto, you really have to think twice. 0:49:2.826 --> 0:49:20.346 Armit, John (OPP) Recently, we've been seeing in bank investigator frauds. So these are, I helped make the arrest on these three individuals just, you know, on March 6th. So what we're seeing in Eastern Ontario is people are calling up individuals that are elderly that have landlines. So if you have family and friends that have landlines, 0:49:20.746 --> 0:49:40.346 Armit, John (OPP) Not that I want to, you know, take a hit to the Rogers or the Bell of the world, but you know, you really should tell them to think twice about having landlines. And what do we have with landlines? We have a phone number, we have an address, and we have a name that's found on Canada 411. So it makes it easier for the fraudsters just to call up these elderly people and say, 0:49:40.986 --> 0:49:52.386 Armit, John (OPP) My name is Officer so-and-so from the local police. There's been suspicious transactions at Jean Coutu, you know, at the pharmacy, about 5, $600. 0:49:53.946 --> 0:50:12.746 Armit, John (OPP) you know, can you tell us where you bank? They'll be like, well, I work, bank wherever, one of the top six banks. And they'll say, okay, well, I can confirm seeing these transactions that, you know, you need to take your money out of your bank in cash and you need to put it in a government-controlled bank account because everything's been compromised until we can finish this investigation. So 0:50:13.26 --> 0:50:33.626 Armit, John (OPP) What they're doing then is they're sending couriers to attend and pick up the money or even tell the victims to put your bank cards in an envelope and provide the PIN numbers. And then the bad actors are going to the local ATMs and take their money out. So it's similar to the emergency grandparents scam, but it's just, as you said, it's a different pitch. 0:50:33.986 --> 0:50:56.346 Armit, John (OPP) So they're purporting to be lease officers or your financial institutions, and it's causing a lot of credibility issues with our organizations. For me to call somebody now and say, hi, I'm John with the OP, I'd like to speak with you, click the hang up. So it's causing a lot of work for us. With the job scams, you may see these text messages come in, especially with a lot of the organisations pushing people back to the offices. 0:50:56.546 --> 0:51:17.826 Armit, John (OPP) So what we're seeing is these text messages offering people to work from home and be almost like influencers or people that will put product reviews. And they will take these people to websites. They'll give them two days of training, and then they'll start manipulating them where they have to put money up front. And they'll sometimes use them as money mules. But a lot of these people looking for jobs end up losing a lot of money. 0:51:18.826 --> 0:51:37.386 Armit, John (OPP) And as I said, they're using, getting the people to put their money in crypto and send it overseas. A challenge to what we're seeing with gift cards is, and this information came from the US, and it wasn't too long after it came from the US that I ended up helping an officer in Raponi make an arrest. But what we're seeing is, as the fraudsters are going in and they're taking 0:51:37.706 --> 0:51:58.266 Armit, John (OPP) gift cards off of the racks. So what I suggest is when you do buy gift cards, get the receipt for the gift card. But they have these people that will go in and the group that we arrested in Raponi, they had stolen 1500 gift cards from a Shoppers Drug Mart. And so what do they do? They go back and they have a QR code. 0:51:58.386 --> 0:52:18.746 Armit, John (OPP) they steam off or use solvents to take off the glue, and then they're going to put their own QR code onto the gift card and pack it back up, and then take it to a different store and put it on. So what happens from that is now when you go to the store to buy your loved one a gift card and put the money on, that money is being applied to the barcode that is associated with another gift card. 0:52:19.186 --> 0:52:38.426 Armit, John (OPP) So then they'll take that gift card, they'll go into Best Buy, they'll buy an iPhone. They'll have counterfeit iPhones. They'll trade out the iPhone, put the fake iPhone in for the new one. Now they sell that new iPhone, and then they go back to the store and get a refund in cash. So you can see how it's trade-based money laundering and it's a way to steal victims' funds. 0:52:39.586 --> 0:52:53.146 Armit, John (OPP) For a lot of you folks, you may have your own businesses or work at businesses in a financial capacity. Spear phishing is one of the biggest threats out of ransom attacks that are happening to businesses. And how does it work? 0:52:54.426 --> 0:53:13.466 Armit, John (OPP) Well, what it does is if you're getting an e-mail from an unknown source and you click on that link, that hyperlink will deploy a script. That script will send blind copies of emails that you're receiving and sending to the bad actors. So the bad actors will get this information and now they'll act as a person in the middle. 0:53:13.786 --> 0:53:35.306 Armit, John (OPP) So what they'll do is they'll say to the vendor or the organization, can you change my banking information to the bad actor's bank account? And then after that is they'll send a request for an invoice to be paid. And before you know it, there you go. There's, you know, hundreds of thousands of dollars gone. Normally it's wire transfers and it's overseas. So it's a real challenge. 0:53:36.26 --> 0:53:58.666 Armit, John (OPP) But we have had success. So the quicker you can notify your financial institution, your advisor, or the Canadian Anti-Fraud Center, the better it is. When I was over at the AntiFraud Center, I had a victim that had an AI startup. They wired $1.2 million. We were able to get $615,000 back. And this is the incident. And it took me 5 minutes of calling the US Secret Service. 0:53:58.946 --> 0:54:7.946 Armit, John (OPP) Why the US Secret Service? Because the hub for wire transfers in the world is through New York City. So it was a really good day for 5 minutes work. Too bad I didn't get a percentage. 0:54:9.786 --> 0:54:28.826 Armit, John (OPP) We just recently had another Fraud in Eastern Ontario where people were purporting to be Bell Canada and saying to these elderly folks, again, calling them on their landlines, saying that we're going to upgrade, you know, your service and getting them to remote into their computer. They get the people to log into their online banking and say, hey, look, can you 0:54:29.466 --> 0:54:48.346 Armit, John (OPP) you know, go get a pen and piece of paper. And before you know it, they move money from the line of credit into the savings account and say, you should have got a credit. Oh my goodness, it's 20 grand. It should have been $250. You need to send that money back to us or else we're going to sue you. So we were able to get some money back because the funds were sent to the states. 0:54:50.26 --> 0:55:14.26 Armit, John (OPP) This is just a really quick case study. Essentially, it's one of the business e-mail compromises, and it all had to do with e-transfers. So at the end of the day, we wrote some judicial authorizations, the financial institutions, and we were able to identify that there was a bunch of victims across Canada. And we arrested two individuals that were associated to an organised crime group out of Nigeria operating in Toronto. So 0:55:14.746 --> 0:55:32.826 Armit, John (OPP) you know, by reporting the stuff to the police of jurisdiction and the Canadian Anti Fraud Center, all that information came in together to help us get restitution for our victims. We're starting to see if you own your own businesses and you have your employees working after hours, we're seeing these bad actors call these organisations after hours and say, hey, look, 0:55:33.146 --> 0:55:51.546 Armit, John (OPP) There is a, we're a fire inspector. You need to, you know, purchase or send us some money in order to have your certification to keep your store operating. And so these victims overnight are taking money out of the till and going to a crypto ATM machine and sending the money through crypto. So, you know, frauds are, 0:55:51.986 --> 0:56:12.306 Armit, John (OPP) are pretty sophisticated and pretty ballsy to tell you the truth in what they're doing. This is another example if you own a business. Although this was a farm scenario, what had happened is there was an ad for farm equipment. These farmers were trying to think ahead before taking the crop off. They started seeing some ads online. 0:56:14.186 --> 0:56:32.586 Armit, John (OPP) And what had happened is they'd stolen images and information and posted on another website. So the value of the item they saw on one website is for the same product, is a lot less. And so they'll get people to send e-transfers or wires in order to put down deposit when 0:56:32.866 --> 0:56:35.506 Armit, John (OPP) These people don't actually own or have any of the product. 0:56:37.146 --> 0:56:55.626 Armit, John (OPP) We recently charged an individual from Montreal. What had happened is someone had looked on Facebook Marketplace. They wanted to buy a car. They wanted that certain car. The person on the other end said, you have to give us an e-transfer of $1,700. So the officer who received the complaint 0:56:56.426 --> 0:57:20.146 Armit, John (OPP) looked into it, there was no such car that was available, and the victim just had sent money to a suspect. When we actually wrote judicial authorizations for the bad actor's account, she was an international student. She was basically the money mule, moving money through her account, and she had moved $108,000 through her account, and she worked at a local hospital working minimum wage. So she was the flow-through account for the organised crime group. 0:57:22.306 --> 0:57:45.26 Armit, John (OPP) This is the one case study that I was mentioning. So in this situation, you see here the farm equipment. And so the various farmers that we had had wanted to buy these items and they wired money to the states. So our victim ends up getting an e-mail back, looks like a legitimate sales agreement. They get some wire information and 0:57:45.586 --> 0:58:3.746 Armit, John (OPP) the funds were sending US dollars overseas. We started to see a trend in this, and so I ended up initiating a media release and putting it out to all the agriculture groups to let them know this is what we're seeing here. In this particular investigation, we were able to work with 0:58:4.466 --> 0:58:23.706 Armit, John (OPP) the US Department of Homeland Security, who was up here in Canada, because the wires had gone to the States, and we were able to identify a suspect. So how did it work? Well, this individual had flown from Paris to Montreal, went from Montreal, was smuggled into the States, travelled down to LA, had opened a bunch of fraudulent 0:58:23.786 --> 0:58:48.306 Armit, John (OPP) bank accounts and had taken a large batch cash withdrawn from the organization. The Homeland Security investigator that I had, because the banks and states reported the suspicious activity, they were able to use facial recognition and identify the individual had been arrested for shoplifting at Nordstrom. So that's really what identified our folks. So it turned out this individual was part of a 0:58:48.626 --> 0:59:10.546 Armit, John (OPP) a Romanian organised crime group that was in the States doing card skimmings. And so we're able to put all that information together and arrest that individual. As I mentioned, just recently, we arrested three individuals from Hawkesbury for the bank investigator scam, where they were impersonating a local police officer and a financial institution. 0:59:10.906 --> 0:59:13.346 Armit, John (OPP) And all these bad actors were out of the Montreal area. 0:59:14.546 --> 0:59:37.106 Armit, John (OPP) I mentioned extortion frauds. You may have someone come in and with a robocall saying that it's Service Canada, press 1 because your SIN number has been compromised. If you have teenagers or grandkids, what we're seeing is extortion where teens are on Snapchat and maybe they've taken an inappropriate picture and sent it to who they thought they knew. And then the person on the other end will come back and say, 0:59:37.986 --> 0:59:57.346 Armit, John (OPP) You know, we're going to tell all your friends and family and share your pictures unless you pay us an extortion, which is normally about 1000 to $3,000. So it has really devastating impact. We had some teens in the states commit suicide over this. So really, really heart wrenching. We're seeing people that are told that maybe their hydro 0:59:57.426 --> 1:0:0.706 Armit, John (OPP) bills or their hydro is going to be cut in the winter unless you pay money up. 1:0:2.626 --> 1:0:24.946 Armit, John (OPP) So one of the extortion frauds that we actually had, we investigated, and it had an international component to it. And we were able to trace the crypto to the States. And there was a bad actor in the States that we arrested that was running. He was the money mule moving the funds that end up going to Malaysia and Singapore. And ultimately, the money was wired back to India. So it's that globalisation that the fraud that we're seeing. 1:0:26.386 --> 1:0:48.386 Armit, John (OPP) We're seeing some renovation frauds that have happened and service scams that basically all come back to organised crime group out of India. So you can, you go on YouTube and you can watch Payback Scammer and he talks about how he tries to reverse engineer and hack into the bad actors. So, you know, when you have a chance, it's good to look that up. 1:0:48.786 --> 1:1:11.586 Armit, John (OPP) We are seeing cyber enabled fraud rise with the use of AI technology. And what are we seeing? We're seeing fraudulent accounts being created. We're going to see more deep fakes come around. The technology is really, really jumping up. In the next two to three years, you're going to see videos that are going to be absolutely convincing. And because right now, some of the technology is choppy and it doesn't cover everything. 1:1:11.706 --> 1:1:33.506 Armit, John (OPP) But when we talk about romance frauds, they're using that deep fake technology. There's a woman in the States that lost $600,000 because, well, it's actually $850,000 because she thought she was helping Brad Pitt, who is in the hospital recovering. So, you know, they're tugging at your heartstrings, hoping that you'll help out these celebrities. 1:1:33.746 --> 1:1:52.226 Armit, John (OPP) What can we do? We can't arrest radio fraud. It really takes that private-public partnership to combat cyber fraud. And that's why I'm so proud to work with CIBC in order to get the messaging out. And really, you folks watching it, you are the spokesperson for your friends and family. You could say, hey, look, maybe that conversation we're having at the dinner time, I heard 1:1:52.386 --> 1:2:13.106 Armit, John (OPP) John Armit talk about this. Maybe I heard some other folks talk about this. This is what I think it is. You should maybe look into it. So we have updated our website. So we have a detachment finder. So if you're on OPP patrolled areas and you're looking to report or looking for information, there's information on there. When I was at the Anti Fraud Center, we partnership with the National Cyber Crime Coordination. 1:2:13.586 --> 1:2:37.586 Armit, John (OPP) unit and they basically changed the reporting structure, so it's a lot easier to report online. We always say report online versus the 1888 number because we just don't have enough staff to answer the phone calls. But what happens when you report to the antifraud center? Well, that's intelligence they share with other police services because the anti-fraud centre is made-up with the OPP, the RCMP, and the Competition Bureau. So we're all law enforcement investigative bodies, so we can share that information. 1:2:37.866 --> 1:2:57.506 Armit, John (OPP) But we take the reports that they have and we'll share the bad phone numbers, the bad e-mail addresses, the bad bank accounts, the bad credit card information with our financial institutions and our telcos. And we will try to basically take that bad credit card, that bad phone number, that bad e-mail, and try and disrupt the tools that the bad actors have. 1:2:58.626 --> 1:3:22.66 Armit, John (OPP) As we mentioned, if you go to the Anti Fraud Centre website, you can go to AZ, learn different about different frauds and how they affect different people. Again, we had some great tips on how to protect yourself, so they have that online as well. But reporting to Equifax and TransUnion if your ID has been compromised is really incredible and it really helps. And reporting to those social media companies, more algorithms that flag those profiles 1:3:22.266 --> 1:3:34.466 Armit, John (OPP) It really makes a difference. You can receive bulletins from the Any Fraud Center. If you guys own businesses or you're in your community groups, you can sign up to partners at Any Fraud Centre to get on the list. And there we are. That's my presentation, folks. 1:3:38.706 --> 1:4:0.466 Raponi, Teresa That's fantastic. You know, thanks, John. If we get Katherine and Laurie back on the screen as well. You know, it's quite staggering, you know, just how sophisticated these scams have become. And so it's really good that we've been informed and also talking about some of the things that we can do. 1:4:0.906 --> 1:4:21.266 Raponi, Teresa to be really vigilant around, you know, sort of protecting ourselves. So, you know, you three are the experts here. And so we've got some questions from our clients that have come in. And so why don't we start? We've got about 20, 25 minutes. I think we should be able to get through many of them. 1:4:22.626 --> 1:4:41.906 Raponi, Teresa Maybe, John, I'll start with you. So how can we help our elderly parents stay safe, you know, from these scams and phishing? You obviously talked a little bit about it, but maybe you can just, you know, talk a little bit about what can we do to help, you know, you know, our parents and grandparents. 1:4:40.306 --> 1:4:40.746 Armit, John (OPP) Yeah. 1:4:42.306 --> 1:5:1.186 Armit, John (OPP) You know, we're seeing so many different threats coming into elderly folks, and a lot of them don't want to report what they're seeing. A lot of it has to do with their sense of security at home. They may not want to tell their, you know, adult children that they've sent all this money because they think, okay, 1:5:1.306 --> 1:5:25.786 Armit, John (OPP) Well, now they're going to take away my banking access. Maybe they're going to try and put me in a senior's home, what have you. So there's that real sense of security. But there's also that vulnerability. I always say, and you know, I don't want to cut business away from the telcos, landlines are the threat vector now for bad actors. So maybe they can contact their telcos and ask for their name, number, and all that kind of stuff, not to be published. 1:5:5.546 --> 1:5:6.106 Raponi, Teresa Indeed. 1:5:25.866 --> 1:5:47.666 Armit, John (OPP) in Canada 411. When we were on the Project Sharp, we literally heard, because we're up on wire taps, we heard the bad actors making those calls. And that was great because then we worked with the financial institutions when we actually heard where they were going to be going. And you folks were great for the disruption to prevent that money from going out the door. So I think that would be the first thing. 1:5:47.786 --> 1:6:6.786 Armit, John (OPP) I think the other thing would be to talk with your loved ones and just go over the top frauds that we're seeing for seniors. So if you go to the Anti-Fraud Centre website, they have that section, frauds targeting seniors, and just maybe kind of review that. The other thing is just sometimes put limits on accounts depending on their cognitive abilities. 1:6:7.106 --> 1:6:26.706 Armit, John (OPP) if you're a powered attorney, maybe have it that there's, you know, double signage to get a certain amount of funds out. And it's that education piece online, because when we look at the profiles that some people have on their social medias, all their information is wide open. So I really think, you know, limit how much 1:6:24.626 --> 1:6:25.346 Raponi, Teresa Scary. 1:6:26.946 --> 1:6:47.186 Armit, John (OPP) information you have on there, but also really identify who you're bringing as victim, or sorry, as folks. We're seeing a lot of elderly people used as money mules as well. So they're acting, their accounts as flow through accounts. And when we identify money mule, sometimes with the financial institutions, we'll actually bring a letter and tell these folks 1:6:47.746 --> 1:7:12.226 Armit, John (OPP) you know, you're acting as a money mule. This is proceeds of crime under the Criminal Code of Canada. Recklessness is a piece in the legislation. So we'll actually serve them those letters and tell them next time, you know, you may be subject to criminal investigation. So we're not trying to scare them, but we're also telling them what not to do. We end up bringing a mental health nurse and her community engagement officer and myself to speak with a woman who had been moving $300,000 1:7:12.386 --> 1:7:27.26 Armit, John (OPP) in gift cards over the course of a year. And we went on her device and literally deleted her communication with some of the bad actors. So sometimes it takes that kind of intervention. I know that was long-winded, but those are the tips and tricks I think that can really support our loved ones. 1:7:23.746 --> 1:7:24.26 Raponi, Teresa Yeah. 1:7:27.266 --> 1:7:45.906 Raponi, Teresa Yeah. Well, sometimes it happens unwittingly, right? And so to the extent that we can get involved and, you know, tell them about the things that we're hearing here, those are some some very good tips, because as you noted, these, you know, it's this body of individuals in our community are the ones that are 1:7:30.346 --> 1:7:30.786 Armit, John (OPP) That's right. 1:7:46.146 --> 1:7:50.946 Raponi, Teresa mostly getting scammed, right, at the highest percentage. So, John, thanks for that. 1:7:53.186 --> 1:8:3.666 Raponi, Teresa This question is probably more for Laurie and Katherine. How can clients safely secure several passwords from different institutions? 1:8:5.106 --> 1:8:23.826 Maternicki, Katherine So I can answer that. One of the first things is never to write down your passwords on a piece of paper, a notebook, or an unencrypted digital file like spreadsheets or notes, note apps. If you must write down the password, 1:8:6.626 --> 1:8:7.666 Raponi, Teresa OK, thanks, Katherine. 1:8:19.346 --> 1:8:19.826 Raponi, Teresa Mmh. 1:8:23.906 --> 1:8:46.706 Maternicki, Katherine in a locked, secure place and avoid labelling it clearly, just in case somebody comes across it, you don't want them to have all your passwords. Best thing to do is use a password manager if you have a device. There are secure applications that store and encrypt all your passwords in one place. You only need to remember one strong master password to access your vault. 1:8:47.826 --> 1:9:5.506 Maternicki, Katherine Many password managers can also generate very complex, unique passwords for each account and automatically fill them in when you log in. And also, one good piece of advice is to update your password immediately after there's been any kind of security breach. 1:9:6.626 --> 1:9:24.706 Raponi, Teresa Yeah, that's good advice. You know, we all have so many different applications that we go in and so many different passwords. And, you know, too often, if you're like me, you use the same one for all of them, which I know is not, which is not an appropriate way to do it. So if you're trying to certainly get better at something like that, but 1:9:25.106 --> 1:9:30.946 Raponi, Teresa but those means of protecting your passwords and having access, that's some good advice. 1:9:32.386 --> 1:9:36.66 Armit, John (OPP) One of the other things I would just add on to that, if you're, for me, I'm an iPhone guy. 1:9:32.546 --> 1:9:33.106 Raponi, Teresa No. 1:9:34.66 --> 1:9:34.386 Raponi, Teresa Yeah. 1:9:36.706 --> 1:9:36.866 Raponi, Teresa IM. 1:9:37.506 --> 1:9:53.306 Armit, John (OPP) And so what you can do is you actually hold down the app and it can ask for your facial recognition to be applied onto that app. And so if you do keep your passwords in the notes section or whatever section like that, that's also another really good tip if someone gets a hold of your phone. 1:9:45.586 --> 1:9:45.986 Raponi, Teresa It is. 1:9:53.946 --> 1:9:57.666 Raponi, Teresa And so I guess harder to scam that, right? 1:9:58.106 --> 1:10:12.226 Armit, John (OPP) Yeah, yeah, if someone picks up your phone and you don't have good password protection, all that kind of stuff, or you provide access, or maybe you don't have a screen lock on it, and then they can just start scrolling through and figure things out, that locks down unless you have the bio identity on there. 1:9:58.866 --> 1:9:58.946 Raponi, Teresa The. 1:10:7.346 --> 1:10:7.826 Raponi, Teresa Mhm. 1:10:12.546 --> 1:10:25.826 Raponi, Teresa Right. Okay, that's great. Well, John, this one, this question is for you. What is the biggest psychological blind spot when it comes to personal financial security that you've seen? 1:10:26.626 --> 1:10:38.866 Armit, John (OPP) It's interesting. So if we're talking from not just the, you know, your typical scammer, but if you're, maybe you're investing with someone outside of CIBC or what have you. 1:10:40.746 --> 1:11:2.106 Armit, John (OPP) A lot of people rely on, they won't really question their investment. They won't really question people behind who are, you know, handling their investments. We had a Ponzi scheme where this individual had been basically removed from a major insurance company, a mutual fund company, and he had convinced the clients that he was still 1:11:2.866 --> 1:11:20.626 Armit, John (OPP) there to represent them and that this was a misunderstanding that was going to be handled. And this individual, you know, the classic sort of Ponzi scheme where was given the fake, you know, statements every month. And when they added up, they didn't work. But he was using all that money for anything but the investment. 1:11:20.986 --> 1:11:39.826 Armit, John (OPP) When we're looking for the investment when it comes to crypto investment frauds or other investment frauds, we're seeing a lot of organisations with their information online being spoofed. And with the Adobe Editor and what have you, you can make it look identical to another organization. And often they'll just change the contact e-mail or phone number. So just like you're saying, 1:11:40.26 --> 1:11:59.946 Armit, John (OPP) you know, whether it means going into a branch or meeting with a financial advisor, I really think that's the, we've lost that face-to-face ability to meet with people. And I think it's your gut instinct as well. When you're starting to see that something's not working out well, that's your time to really start to act and do your diligence. 1:12:0.26 --> 1:12:7.986 Armit, John (OPP) due diligence. If it's an advisor outside of, you know, our big five banks, really look them up and cheque their credibility. 1:12:8.466 --> 1:12:18.946 Raponi, Teresa Yeah, well, look, it's so often, if it doesn't smell right, it's probably worth checking, you know, to take that extra step and just, just to be certain, so. 1:12:15.106 --> 1:12:15.666 Armit, John (OPP) It is. 1:12:19.26 --> 1:12:38.866 Armit, John (OPP) The other thing I always say is, like, again, I'm not pushing any product, but I pay for $40 a month for Grok AI. And if I'm going to look into an investment or look into anything, really, I'll push that through and say, can you give me the reviews? Or you can tell me, is there any fraud complaints? And it will just search and scour the internet for that. So I always tell people, be their own detective. 1:12:39.26 --> 1:12:56.226 Raponi, Teresa Yeah. Wow. Okay. That's a good tip. Maybe this next question for Katherine or Laurie. How can clients work together with their advisor to create a fraud prevention action plan? 1:12:58.786 --> 1:13:22.266 Maternicki, Katherine I can answer that as well. So one thing you can do is review current accounts and transactions with your advisor, assess the accounts, assets, and typical transactions that you do. That way you can identify any vulnerabilities, frequent online transactions, for example, international activity, or if there's some sort of shared access. 1:12:59.666 --> 1:13:0.146 Raponi, Teresa Okay. 1:13:22.786 --> 1:13:41.666 Maternicki, Katherine that's been allowed. Enable transactions and fraud alerts. Set up alerts for all your accounts where you can. Choose notification methods such as text, e-mail, app notification for these alerts. Monitor activities such as large withdrawals, account details, changes, or 1:13:42.66 --> 1:14:0.506 Maternicki, Katherine new payees. This was mentioned by Laurie during the presentation as well. Outline some clear steps for if fraud is suspected as well. So know who to contact at your financial institution, be it your advisor or if it's at the bank, know where you need to reach out. 1:14:0.946 --> 1:14:20.106 Maternicki, Katherine Learn how to freeze or close accounts quickly. A lot of times you can do this through an app when it comes to banking accounts. Understand how to report the incidents to authorities and credit bureaus. And keep a list of emergency contact numbers and procedures. You can also establish the securities 1:14:20.226 --> 1:14:40.66 Maternicki, Katherine best practices. Use strong, unique passwords and a reputable password manager, as mentioned. That's in addition to everything I just mentioned. Also, regularly update your contact information, review account access permissions as well. 1:14:41.26 --> 1:15:5.186 Maternicki, Katherine You can also schedule a regular check-in with your advisor, review new fraud trends, and update your prevention plan. You can attend seminars and webinars like this or read trusted resources recommended by your advisor as well. You can also revisit your fraud prevention action plan annually or when your financial situation 1:15:5.426 --> 1:15:20.866 Maternicki, Katherine changes by updating security settings, authorised contacts, and response protocols as needed. That's also key for ageing individuals too. You may want to put a trusted contact person on your account in case 1:15:23.346 --> 1:15:32.626 Maternicki, Katherine your advisor notices something that he thinks they should actually maybe get that trusted contact person involved to help you. Yes. 1:15:30.266 --> 1:15:41.426 Raponi, Teresa And they have someone they can, yeah, trusted they can call. So, but as a follow-up to that, so how often should someone review their statements or their transaction history? Is there a recommendation you would make? 1:15:42.386 --> 1:16:1.746 Maternicki, Katherine Well, review your statements as they come in. You can also do it more often by logging into your account, especially your banking accounts or mobile banking at least once a week to review the recent transactions. A lot of the apps 1:16:2.306 --> 1:16:21.826 Maternicki, Katherine actually call out the recent transactions easily. That's meant for you to be able to review them very quickly. Look for account activity or for account activity or high value accounts, aim for daily cheques if possible, right? If you have a lot of activity, a lot of trading, 1:16:6.66 --> 1:16:6.466 Raponi, Teresa Yee. 1:16:23.106 --> 1:16:41.586 Maternicki, Katherine This would be more with trading accounts where you're doing the trading yourself, but it's different when you have your advisor. Thoroughly review your monthly statements. Go through your bank accounts and credit card statements as soon as you get them. Look for unauthorized, unfamiliar, or duplicate transactions as well. 1:16:28.306 --> 1:16:28.626 Raponi, Teresa Yee. 1:16:42.706 --> 1:16:56.786 Maternicki, Katherine Enable real-time alerts, as mentioned. Again, this can be set up for your credit cards and on your bank account. This allows you to respond quickly and immediately if there's suspicious activity on your accounts. 1:16:56.986 --> 1:17:14.706 Raponi, Teresa And certainly with, if you get online statements instead of waiting for the end of the month for your paper-based, you can go online regularly more than waiting the 30 days if you want to cheque or if you feel that something may have occurred. So you think that's some good advice. 1:17:6.386 --> 1:17:6.866 Maternicki, Katherine Yes. 1:17:16.626 --> 1:17:33.826 Raponi, Teresa John, what keeps you up at night when you think about the future of Fraud and, you know, AI being so prevalent, we hear a lot about the advancements and it's, they're getting so much more sophisticated. You know, what really keeps you up at night thinking about this? 1:17:34.706 --> 1:17:55.106 Armit, John (OPP) Yeah, the challenge that we're having is once funds go overseas, it's very challenging to get them back. So that's what really keeps me up in the light and seeing the just the devastation that occurs and just the financial ruin. We had this romance fraud where this retired nurse lost $150,000 of her life savings. 1:17:55.186 --> 1:18:15.586 Armit, John (OPP) and she almost lost her health to the stress. It was a really neat investigation where we engaged, did an online engagement with a bad actor. He came, got some more money, we rusted and got into his phone. And it was just amazing to see how much identity information this person had and how he compromised other organisations to gather their information. So 1:17:58.546 --> 1:17:59.26 Raponi, Teresa Mhm. 1:18:16.466 --> 1:18:40.426 Armit, John (OPP) I think it's the speed of technology and the challenge for me as law enforcement is the laws aren't keeping up and sometimes the privacy constraints that we have are making sharing very difficult. So what I am encouraged to see is the Government of Canada is launching a financial crime agency. We're seeing there's new legislation that allows financial institutions and telecommunications companies to 1:18:40.506 --> 1:19:0.786 Armit, John (OPP) work together to share information. We just launched Maple Disruption, which was an initiative with all the financial institutions, all the telecommunications, where we shared information to disrupt the bad actors' tools. But really, what keeps me up at night is the globalisation of the fraud. And it's just nonstop. And with AI, you're going to start to see things 1:18:41.586 --> 1:18:42.66 Raponi, Teresa Mhm. 1:19:0.866 --> 1:19:19.986 Armit, John (OPP) at more scale, more convincing. They have very brilliant people working on social engineering. And I think what keeps me up at night is because I have elderly parents and then I have teens that are turning into adults. And I just hope that they don't get defrauded. But I talk to them in the car quite a bit when I'm driving to school, what have you. And so they're like, hey, dad, 1:19:12.466 --> 1:19:12.946 Raponi, Teresa Mhm. 1:19:20.386 --> 1:19:28.146 Armit, John (OPP) Look what I got. You know, I know this is a fraud, so it makes me feel happy. So I think that's the message I want to get to all the folks to share that knowledge to your friends and family. 1:19:23.986 --> 1:19:24.186 Raponi, Teresa Yeah. 1:19:28.786 --> 1:19:48.866 Raponi, Teresa Yeah, and to that point, so, you know, how early should, you know, you get your children involved and have them become financially aware? How, you know, we know that, you know, kids now have phones at very early ages and are on, you know, various kinds of applications. And so what would be your recommendation? 1:19:49.586 --> 1:20:9.266 Armit, John (OPP) Well, I think, you know, I just remember being a kid and being taken to the bank and getting my bank book and then having that, you know, the passport where you'd have to like debits and credits coming in. So I think nowadays with, I think it's awesome, like CIBC accounts for young kids and the online banking and the safeguards that put on them. But 1:20:0.306 --> 1:20:0.626 Raponi, Teresa Yeah. 1:20:9.906 --> 1:20:29.746 Armit, John (OPP) You know, for me, it's telling the kids like, do your due diligence, like be aware of the different scams come in and verify who you're sending your money to. So I think the earlier, the better, you know, that financial awareness is such a key piece. And, you know, even teaching them that, you know, the hygiene, but also saving and, you know, start looking at 1:20:29.826 --> 1:20:41.426 Armit, John (OPP) stocks and investments. I think having financial discussions early on, I think it's great because especially with the financial climate in Canada, you know, it's really changing. So, you know, you work hard for your money, so make it work for you as well. 1:20:38.306 --> 1:20:38.626 Raponi, Teresa Yeah. 1:20:41.346 --> 1:21:3.546 Raponi, Teresa Yeah, yeah, for sure. I think we have time for a few more questions and then we will start to wrap up. But I think this question is probably for Laurie or Katherine. What warning signs should clients look for if they receive a call from someone who sounds exactly like a family member or sounds like their advisor? 1:21:6.946 --> 1:21:25.746 Wylie, Laurie I can take that one. So the obvious is when the caller's voice is distorted or there are technical glitches. But that being said, I will say AI has advanced drastically to the point where they are getting almost flawless at this point. So I would say that you should also ask the question, you know, 1:21:8.386 --> 1:21:9.26 Raponi, Teresa Thanks, Laurie. 1:21:21.426 --> 1:21:21.906 Raponi, Teresa Mhm. 1:21:26.66 --> 1:21:44.786 Wylie, Laurie is what they're asking you for or to do, does it actually make sense based on what you know about either your advisor or CIBC in general? You know, you want to pay attention for some of those unusual requests that we talked about earlier. Are they asking you for money or personal information that doesn't really make sense for the context of what you're trying to do? 1:21:45.66 --> 1:22:8.546 Wylie, Laurie especially if they're asking you for any kind of untraceable payment methods. You know, that's not something that CIBC will promote. We always do things through secure, safe payment methods. You know, do they become avoidant at all of questions if you're trying to get to the bottom of, you know, are you who you say you are? Are they just avoiding you entirely or trying to change the topic? You want to be on the lookout for those sorts of things. 1:21:45.146 --> 1:21:45.626 Raponi, Teresa Mhm. 1:22:3.346 --> 1:22:3.826 Raponi, Teresa Mhm. 1:22:9.106 --> 1:22:10.386 Wylie, Laurie Um, you know... 1:22:11.746 --> 1:22:32.706 Wylie, Laurie our advisors are not going to tell you it keeps this a secret. So, you know, if they're telling you, you know, don't tell anybody about this, that's usually a red flag as well. And also pay attention to the channel that they're communicating with you in. You know, are they calling you from a different number than what they normally call you from? Are they trying to connect with you through WhatsApp? And that's not how 1:22:32.826 --> 1:22:37.746 Wylie, Laurie your advisor would normally contact you or your family member. Pay attention to those sorts of things. 1:22:38.146 --> 1:22:57.426 Raponi, Teresa Yeah, I've heard sometimes advisors and clients come up with a phrase or a question that you would ask. So if, you know, somebody's, if either the client or the advisor is in doubt that they have already pre-arranged, you know, to, you know, have sort of a 1:22:48.226 --> 1:22:48.706 Wylie, Laurie Mm. 1:22:57.826 --> 1:23:10.146 Raponi, Teresa answer this question and that something that, you know, the bad actors wouldn't know. And so as a sort of an extra safety mechanism, that would be something, you know, our clients and advisors could consider. 1:23:10.826 --> 1:23:18.586 Wylie, Laurie Absolutely. Good tip for anybody really. It doesn't have to just be your advisor, could be your family as well. Family safe word, Advisor safe word, yeah. 1:23:11.906 --> 1:23:12.226 Raponi, Teresa Yee. 1:23:13.666 --> 1:23:14.66 Raponi, Teresa Yeah. 1:23:15.266 --> 1:23:16.946 Raponi, Teresa Yes, yeah, absolutely. 1:23:18.546 --> 1:23:37.826 Raponi, Teresa Right. John, maybe one final question for you. So how does public visibility, right? So you talked a lot about the ways in which people are all over social media, you know, business profiles, you know, we're present in so many different areas. So how does this 1:23:38.26 --> 1:23:41.746 Raponi, Teresa visibility really impact, you know, Fraud risk. 1:23:42.866 --> 1:24:2.346 Armit, John (OPP) I think when it talks, we call it OSINT, Open Source Intelligence, right? So we use it to identify who our bad actors are that we're looking to arrest and find information on. Well, the bad actors will do the same thing in reverse to their victims. You know, they really take the time on social media to scour it and... 1:23:47.346 --> 1:23:47.586 Raponi, Teresa Who? 1:24:2.706 --> 1:24:21.666 Armit, John (OPP) Track and find those tidbits of information, which could be used on the phone calls that we're hearing that are being made and what have you. So, really, I think getting back to the privacy settings on your social media and even in your businesses, like maybe have a generic intake e-mail instead of having all your staff. 1:24:21.786 --> 1:24:40.226 Armit, John (OPP) and their emails posted online. When we look at the business e-mail compromise, they know the treasurer's e-mail address that's on there or someone handling accounts payable. So then, you know, the fraudsters will target that person with the e-mail. So, you know, just be cognizant of what information you have and all your different socials. 1:24:30.546 --> 1:24:30.746 Raponi, Teresa Yee. 1:24:41.506 --> 1:24:41.986 Raponi, Teresa Yes. 1:24:41.666 --> 1:24:46.506 Armit, John (OPP) And, and, and your business accounts, too, your, you know, your websites, if you're a business owner. 1:24:47.186 --> 1:25:6.146 Raponi, Teresa Yeah, you can certainly understand why people would do that. There's certainly a lot of pros, but you don't oftentimes think about the cons, about the impact. So, you know, it is to a tricky balance sometimes. Yeah, so maybe I'll ask just one final question for each of you. It's the same question. If you just, you know, notwithstanding all the good things that were said, 1:24:57.826 --> 1:24:58.546 Armit, John (OPP) It really is. 1:25:6.466 --> 1:25:15.986 Raponi, Teresa Is there, like, is there one, really one piece of advice you would give our audience and our clients to protect their wealth and their families? If it was just one thing, what would it be? 1:25:17.906 --> 1:25:19.186 Raponi, Teresa Maybe Katherine will sit with you. 1:25:18.146 --> 1:25:18.626 Armit, John (OPP) Yee. 1:25:19.426 --> 1:25:22.386 Armit, John (OPP) Yeah, Katherine, she's got some good tips so far. 1:25:20.866 --> 1:25:20.986 Raponi, Teresa Yeah. 1:25:21.106 --> 1:25:21.586 Maternicki, Katherine Okay. 1:25:22.546 --> 1:25:22.946 Raponi, Teresa Thank you. 1:25:23.986 --> 1:25:41.26 Maternicki, Katherine Well, our biggest thing is verify, verify, verify, right? You get a request, always make sure you verify using a known number. Never use the number that was provided to you in the communication. And 1:25:27.746 --> 1:25:28.226 Raponi, Teresa Mhm. 1:25:42.306 --> 1:26:1.266 Maternicki, Katherine Talk to your trusted family members, friends, your advisor. If something doesn't, you know, something's too good to be true or it doesn't sound right, talk it out with them. They may see things that you don't see. Especially when it comes to those relationship scams as well too, right? Those things are. 1:25:56.26 --> 1:25:56.506 Raponi, Teresa Mhm. 1:26:1.826 --> 1:26:8.946 Maternicki, Katherine developing over time and it's always good to just talk to people about it. They may see something. 1:26:7.746 --> 1:26:8.226 Raponi, Teresa Thankfully. 1:26:9.706 --> 1:26:10.706 Raponi, Teresa Okay, John. 1:26:11.426 --> 1:26:29.666 Armit, John (OPP) I'd say it's that sense of urgency. If you're having, you know, these messages or phone calls come in unsolicited, you know, really question those, because that's what they're relying on. They're relying on you on an off day that, you know, you're believing in what they're saying. And, you know, when we hear the phone calls to the seniors, 1:26:23.946 --> 1:26:24.426 Raponi, Teresa Mhm. 1:26:30.346 --> 1:26:50.146 Armit, John (OPP) They're basically trying to drag that information out. And so when we see the reports that they believe it was an AI, no, no, you offered that information when they said, hey, it's your favourite grandson. Oh, it's John. Exactly. So again, that sense of urgency, I think, is when you need to pause and, like Katherine said, talk it out with somebody. 1:26:50.746 --> 1:26:58.466 Raponi, Teresa Yeah, they're really trying to get you off your game, I think, by creating that sense of urgency. Laurie, before I wrap up, anything to add to that? 1:26:59.346 --> 1:27:17.106 Wylie, Laurie I think I'd echo both what Katherine and John said, you know, take advice from Canada's new latest anti-scam campaign, which is Stand Again Scams. Stop, cheque and talk. Take a moment, stop. Think about what it is that you're being told to do, and most importantly, talk with your family and friends about it. 1:27:2.386 --> 1:27:2.706 Raponi, Teresa Good. 1:27:10.626 --> 1:27:10.946 Raponi, Teresa Yee. 1:27:18.626 --> 1:27:36.706 Raponi, Teresa Perfect. Well, you know, this has been wonderful. We're at the end of our time, so I am going to wrap it up. But I really wanted to thank you. This is, like I said, I don't think a week goes by where I haven't gotten something or somebody I know hasn't got something. It is, we're being inundated by 1:27:37.266 --> 1:27:55.906 Raponi, Teresa by ways that these bad actors are trying to take advantage of ourselves, of our loved ones. And so, you know, this was a really important discussion to have. So I want to thank you, our experts here, for joining us and for our clients for making time joining us this afternoon because 1:27:56.586 --> 1:28:19.506 Raponi, Teresa It's important to us that you are aware and that we are your partners in this as well. But if we didn't, you know, we had a lot of information, but if for some reason we didn't get your question answered, as I said at the onset, please reach out to your advisor. We are happy to answer the question or go back to our experts here and get the information. 1:28:19.826 --> 1:28:32.386 Raponi, Teresa for you because this is, like I said, a very important topic. So with that, I want to thank you all. Have a very wonderful rest of your evening and bye for now.