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Three Simple Ways to Keep your Money Safe from Fraud and Scams

By Diane Amato

Published November 5, 2021 • 3 Min Read

Scams have been on the rise in 2021. In fact, the Canadian Anti-Fraud Centre received nearly double the number of fraud reports in 2021 as it did last year. Plus, with fake websites, text messages claiming an inside track on testing kits, and phone scams offering free grocery delivery, fraudsters have been busy.

Given the increased activity, it’s important for Canadians to remain watchful over their finances. Here are three ways to help spot a scam and protect your money.

1. Use Alerts to Spot Suspicious Activity

Now you can be notified if there’s a suspicious transaction made through your account. Within the RBC Mobile app1, for instance, there are two kinds of alerts:

  • Fraud alerts: You can receive a notification if there’s an unusual Interac e-Transfer transaction made. If a credit card transaction looks out of the ordinary, you’ll get a text message letting you know. Plus, you’ll have the opportunity to connect with a fraud agent should you wish to talk to someone.

  • Transaction alerts: These alerts notify you when your account balance drops below a certain threshold (that you set). Or you can choose to be notified if a large purchase is made on your credit card. Transaction alerts help you easily keep track of account balances and stay on top of your account activity so you can quickly spot anything unusual. Learn more here:

2. Stay Close to Your Money

Knowing exactly what your money is doing — or at least what it should be doing — is an important way to fight fraud. After all, being able to immediately spot a transaction that doesn’t look right can help you react sooner. While you can check in with your money regularly through online and mobile channels, it’s even better if you have tools that will do this for you.

NOMI, a feature on the RBC Mobile app, analyzes your spending and delivers tailored insights based on your banking habits. Through this analysis, NOMI can identify duplicate or unusual transactions and notify you when something looks off. Check that your NOMI Insights are turned on through your NOMI Settings to stay informed. Learn more about NOMI.

3. Connect with Your Bank

If you do notice something suspicious with your account — or you received an unusual text, phone call or email that’s left you feeling uneasy — protect yourself by notifying your bank immediately. By changing your PIN and password you can potentially avoid or limit your exposure.

When it comes to protecting yourself against fraud, education is key. Take a look at How Can Mobile Banking Help You Protect and Manage Your Money? for more practical tips to keep you and your information safe.

1 RBC Mobile is operated by Royal Bank of Canada, RBC Direct Investing Inc. and RBC Dominion Securities Inc.

This article is intended as general information only and is not to be relied upon as constituting legal, financial or other professional advice. A professional advisor should be consulted regarding your specific situation. Information presented is believed to be factual and up-to-date but we do not guarantee its accuracy and it should not be regarded as a complete analysis of the subjects discussed. All expressions of opinion reflect the judgment of the authors as of the date of publication and are subject to change. No endorsement of any third parties or their advice, opinions, information, products or services is expressly given or implied by Royal Bank of Canada or any of its affiliates.

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