Know the Difference: Different types of Financial Fraud

As Fraud Prevention Month comes to an end, it is important that Canadians keep financial fraud top of mind throughout the year to better protect themselves and their loved ones. 

Smishing, Vishing, Spoofing and Phishing: more than just a tongue twister, these are actually names for common types of fraud. Below, TD explains what they all mean so you can better detect financial fraud:

  1. Phishing: Tricks you into providing sensitive information, such as passwords and credit card details, by e-mail. E-mails appear to come from legitimate companies.
  2. Spoofing: Delivers a virus to your computer through forged addresses and authentic-looking forms of communications, such as e-mails, phone calls or SMS messages. Opening a web link in the e-mail releases malware that steals sensitive information from your computer.
  3. Vishing: Phone calls or voice messages from alleged reputable companies or government agencies tricking you into revealing personal information, such as bank and credit card details.
  4. Smishing: A text message sent to your phone to trick you into clicking a link and providing private info, such as credit card details.
  5. Cheque Fraud: Illegally using cheques to trick you into wiring or sending money. Accounts from where the cheques are made are illegitimate and do not carry funds.

For more information on financial fraud, and for tips on how to protect yourself and your loves ones, visit the TD Fraud Infographic.