Keys to the Vault

One of my mom’s favourite stories was about the day that the Bradford CIBC bank branch was robbed by the Boyd gang. Mom was trying to get to the bank for an appointment, and she got into a struggle with my oldest sister Marie who was two at the time and refusing to get into the dress that Mom had picked out for her. Marie has rarely worn a dress her entire life, so it has never been difficult to imagine that scene. Mom was very frustrated that Marie had caused her to be late for her appointment, but they arrived just moments after the Boyd gang left the scene with bullets flying. The bullet holes over the entrance to the bank remained as a reminder of that day for decades.

The thieves in those days had to show up in person to get the money. And they usually carried a gun. That’s not the case today. As rapidly changing technology seems to make it harder for some of us to get at our own money, it is at the same time making it easier for thieves who may be thousands of miles away.

You might imagine some loner in the basement of his mom’s house trying to hack into the bank’s data base in between rounds of a video game. Think again. The cover story of the Feb 8, 2025, issue of The Economist outlines the extent to which online scamming has become “big business.” It is estimated that online scamming is as big as the illegal drug trade and takes in more than $500 billion worldwide. There are thousands of people in what can only be described as organized crime, working together to get valuable information that can lead to your money.

Of course, financial institutions, and all businesses big and small, take this very seriously and build defence systems which are constantly tested and updated. Unfortunately, the weakest link might be you and me.

Sadly, protecting yourself may simply come down to one simple statement. Don’t trust anyone. With that as my overarching advice, here are 9 other things that you should do.

Use strong passwords and don’t use the same password in different places. This has been the starting point of online security since we first started using computers and remains the primary lock on the door to the vault. Make it a priority to ensure that you are following this advice. If you’re not-so-perfect memory makes this challenging, you should consider a secure password app like “one password” or a password storage app like “keeper”.

Enable multi-factor authentication whenever possible. Yes, it’s annoying to have to take so many steps, and remember the name of your first pet, just to log into your bank account. But it greatly strengthens the security. Do it.

Don’t open attachments or click on links in emails or texts until you verify the sender. You should expect many false messages every week. Your friends and family will appreciate the fact that you are being cautious and won’t mind a delay in your response. When you receive an email it’s a good practice to view the address that the email is coming from. Scammers will often change one letter in some part of the address so make sure you are looking carefully. For a foolproof backup, remember the telephone? It’s a good idea to use it and call whoever is sending you the message to ask if it’s really them.

Reduce your online footprint. A hard realty to face is the fact that your personal information is almost certainly in places you would not want it to be. And it’s hard to erase. I recently tried to “close” some online logins that I had created long ago and knew I would never use again. It’s harder than I thought it would be to do this, and in some cases completely impossible. Think twice about setting up a new login, signing up for a newsletter, or entering a contest of some kind. This is especially true if your credit card information is going to be required.

Don’t give anyone your SIN, or credit card number, or other key pieces of identification until you are certain that the person on the other end is legitimate, and that the information is required. When necessary, provide this information in a secure fashion. If someone calls you don’t give them any information. Arrange to call back to a number that you obtain by another means, like looking them up online or dialing the number that can be found on your credit card.

Don’t trust the voice on the phone that sounds like your grandson. As much as AI promises to change our lives for the better, it has already made things a lot easier for scammers who wish to pose as a loved one asking for your help. Hang up and call back. Being cautious doesn’t just protect you but also the ones you love.

Be wary of things that appear to be too good to be true. Remember the snail mail letter from a Nigerian Prince offering you a share of a large amount of money if you help him get it out of his country? Well, the text you got about a great job opportunity is quite possibly fraudulent as well.

Don’t give anyone access to your computer. Yes, you may need tech support, and they will surely want to access your computer. But you should know them and more importantly, you should have called them for help. Everyone else doesn’t get in. Ever.

Monitor your bank accounts and investments regularly. One of the best defences we have against scammers is being vigilant. If you spot any irregularities contact the financial institution immediately. I suspect that my credit card company thinks my memory is fading (which it might be) when I call in about a purchase I can’t remember making. But they assure me that they are happy to see me diligently watching for things that could cost both the bank and I money.

It might seem tempting to keep your money in a pile under your mattress and detach from our growing obsession with living online. In many ways, especially for older folk who are struggling to keep up, that would appear to be much safer, and certainly easier. But keep in mind, the phrase “don’t trust anyone” is attributed to a free speech movement activist in the 1960s – long before a life on-line was even imagined. If you are going to keep your money in your house, the advice is pretty much the same. Keep the door to the house locked, and don’t give anyone the key.

Bill