Cyber Security Awareness Month: Don't Let Financial Fraud Trick You

Dear Laurier Community,

Over the past few weeks, we've explored some of the cyber threats that can catch us off guard. This week, there is another scare worth talking about: financial fraud.

Financial fraud is a very real threat that affects students, faculty, and staff every day. These types of scams extend beyond a simple email. Text messages claiming to be from your bank, package delivery company, or a popular online service may direct you to fake websites designed to steal your credentials.

Common Financial Fraud Attacks

• Social media platforms can be used to promote investment opportunities that seem too good to pass up, while online marketplaces are sometimes targeted by scammers requesting payment through unusual methods or offering deals that seem unusually good.
• Students are frequently targeted through fake scholarship opportunities, tuition refund scams, and fraudulent job offers. A common tactic involves offering a remote job and sending a "cheque" to purchase equipment. The victim is instructed to send a portion of the money elsewhere before discovering the cheque is fraudulent, and the funds have been withdrawn from their account.
• Scammers exploit housing searches, especially at the start of the academic year. Fraudulent rental listings may require deposits for properties that don't exist or that the scammer doesn't actually own.

What makes these scams effective is that they often exploit trust or curiosity. Sometimes vendors and suppliers can be impersonated, claiming that banking details have changed, and future payments should be redirected to a new account.

As October reminds us, appearances can be deceiving. Don't let financial fraudsters disguise themselves as someone you trust. When something feels suspicious, trust your instincts, ask questions, and take a second look before taking action. Scammers often capitalize on emotions. They create opportunities that seem too good to be true, emergencies that require immediate payment, or requests that appear to come from someone you trust. Whether it's a fake investment opportunity, a fraudulent fundraising campaign, or an urgent request from a "manager," the goal is to get you to act quickly before you have time to verify the request.

Questions? Laurier’s Cyber Security Team is here to help. Email Laurier’s Cyber Security Team to get it checked out by forwarding any concerns to reportspam@wlu.ca or any general cybersecurity questions to cyberhawk@wlu.ca.

Information and Communication Technologies (ICT)