How research can help to protect you from cyber security fraud

Artificial intelligence and cyber security frauds are a growing problem in Canada and around the world; however, there are steps you can take to protect yourself, including proper research.

According to the Canadian Anti-Fraud Centre (CAFC), 70 per cent of the fraud losses reported to the CAFC last year were from cyber frauds.

“We’re looking at in 2022, over half a billion was lost to fraud and 70 per cent was from cyber-enabled fraud,” said Jeff Horncastle, client and communications outreach officer with the CAFC.

Horncastle explained that cyber security fraud involves any fraud that is initiated through the internet, email or social media.

He added that fraudsters are using new tactics to target victims, including search engine optimization.

“You go online and you search for a specific company, well chances are the first five to 10 results that you’re seeing are probably going to be fraudulent websites,” he said.

“So it’s just important to keep an eye on what new methods fraudsters are using to try to fool you.”

Horncastle said the CAFC is monitoring artificial intelligence (AI) closely as it’s still fairly new.

Some of the AI-related issues the centre is seeing include deep fakes, which are media that have been manipulated using AI, as well as chatbots.

“[Chatbots] have evolved into where it can actually seem like you’re communicating with a real person, so it’s not like it was a few years ago where you could tell you were communicating with a bot,” Horncastle said.

“Now we’re seeing that it seems very realistic.”

Horncastle said it’s important that people are aware of these methods, and recommends that they do their research if they’re looking to invest or purchase merchandise from an online ad.

He added that it can be challenging to identify cyber security fraud, especially with deep fakes; however, people should pay attention to anything that seems off and do their research.

“If you’re not sure, go a step further like you would with a typical merchandise purchase,” he said.

“Before you make the purchase, do your research behind the team, the physical address, the URLS they’re using, the email addresses, phone numbers. It can save you from being a victim.”

To help older adults and those who may not be as technologically savvy, Horncastle recommends reaching out and helping to educate them on the tactics fraudsters are using.

- With files from CTV’s Rachel Lagace.