RBC: Understanding the Fraud Tactics

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Fraud fatigue sets in even as Canadians face more personalized scams.

Geoff Morton, Senior Director, Fraud Strategy at RBC, discussed new poll data about the rise in targeted scams and how Canadians are feeling about the steps they must take to help protect themselves against fraud. 

Geoff highlighted a shift in fraud strategies, where criminals are increasingly targeting clients directly rather than banks, prompting RBC to enhance its fraud detection capabilities through real-time technology. Despite a decrease in certain types of attacks, he emphasized the ongoing need for investment in security measures and the importance of user responsibility in safeguarding personal information.

Geoff elaborated on the collaborative effort required to combat fraud, involving banks, telecommunication companies, and social media platforms. He pointed out the rise of crypto investment scams, which exploit the public’s limited understanding of cryptocurrency and often use deceptive tactics, such as deep fakes, to lure victims. The conversation also touched on the emotional impact of scams, particularly romance scams that transition into crypto fraud, highlighting the psychological vulnerabilities that scammers exploit.

A survey indicated that a large majority of Canadians feel that fraud attempts have increased, leading to a sense of “fraud fatigue.” While seniors are often viewed as the most vulnerable demographic, Geoff pointed out that fraud affects all age groups, necessitating robust fraud controls. The discussion underscored the importance of distinguishing between legitimate and fraudulent communications in the digital age.