Important Security Notice: Be aware of unauthorized individuals falsely offering Term Deposits/GIC on behalf of Alterna Bank and Alterna Savings.

We wanted to make you aware of an ongoing GIC scam involving fraudsters claiming to sell GICs on behalf of Alterna Bank. They are contacting potential victims with the objective of stealing personal information and funds.

How to Protect Yourself

• Do not respond to unsolicited calls, emails, or text messages offering Alterna Bank Term deposit/GICs.
• Never engage with or share personal or financial information with unsolicited contacts.
• Avoid clicking on links in suspicious messages.
• If you are unsure about an offer you receive, contact us directly at 1.866.560.0120

The Financial Services Regulatory Authority of Ontario (FSRA) is also warning consumers about fraudulent documents. Learn more.

Avoiding Scams

If it seems too good to be true, it probably is.

Depending on the type of scam, criminals will use a variety of methods to target and approach a potential victim.

Examples:

• They may use reputable websites and newspaper ads to appear legitimate.
• They might give you some money to earn your trust.
• They may pose as potential buyers, sellers, employers, business partners, roommates, relatives, friends, or romantic partners.
• Criminals have even posed as lottery organizations, charities, and diplomats.

The many identities they assume are endless, and they will target anyone. Including you.

Each year thousands of Canadians fall victim to scams. While the scams can take a variety of forms, the end result is always the same: financial loss. Be vigilant - don’t fall prey to scam artists.

To learn more about these types of fraudulent activities, including the most recent scams targeting Canadians, please visit the Canadian Anti-Fraud Centre website, www.antifraudcentre-centreantifraude.ca.

An ounce of prevention is worth a pound of cure

Being aware that scams exist and educating yourself on how to avoid them is your best defense. Protect yourself by following these simple tips:

• Never complete financial transactions on behalf of strangers or individuals that you don’t know well and haven’t met in person
• Be aware that you are responsible for any deposits to your account.

Cheques and other items deposited to your account can be reversed long after the item has cleared and/or the hold has been removed – forgeries have no time limitations

• Be careful when mailing, wiring, or transferring funds.

Don’t feel pressured to send funds until you’re completely confident the transaction is legitimate. Remember that regardless of how much verification you have, if you don’t actually know the individual, you could still end up being a victim of fraud

• If you’re concerned about the legitimacy of a cheque, consider having the writer certify the funds by their financial institution
• Thoroughly research potential job opportunities, lottery organizations, and business ventures before engaging with them – they may be scams.

Visit www.antifraudcentre-centreantifraude.ca for more information on current scams

• Never give out personal information or credit card information over the telephone unless you’re certain of whom you’re talking to, like your insurance company, a government office, or your bank.

These institutions should ask you for answers to security questions that only you or they would have access to and the answers for (only if you place the call yourself, otherwise if they have been hacked it doesn’t matter if it is an insurance company or government office or bank).

• Be wary of any offer that sounds too good to be true – chances are it is 

The Little Black Book of Scams - Competition Bureau Canada

AI-Generated scams

Artificial Intelligence (AI) technology is a new tool being used to create convincing scams. 

Spotting AI-generated email and text scams

• Watch for unnatural or overly formal language.
• Be wary of any unsolicited requests for information. Your bank will never email, text or call you and ask for information such as your password, a one-time passcode, your credit or debit card number. Even if the text or email looks legitimate, requests like this are clear indicators of a scam.

AI-generated photos, video and voice cloning. Public videos and images can be used to impersonate you or someone you know, to try and trick you or your friends and family into sending money or sharing personal information.

• Watch for abnormal speech patterns, such as overly formal language or long pauses between sentences or after responses.
• Fear as a motivator – be wary of calls, emails or texts that urge you to act quickly
• Urgent requests for personal information – if you receive an urgent message asking for personal details, even if it’s seemingly from someone you know, be sure to verify the request before responding. A good way to do that is to call the person with the number you have saved for them.

The Canadian Bankers Association has additional information on AI-generated scams.

What to do if you suspect a scam:

Notify Alterna Bank immediately by visiting a branch or contacting us by phone at the following numbers:

Toll-free   1.866.560.0120

Report the incident to your local police department or the Canadian Anti-Fraud Centre using the following contact information:
Phone   1.888.495.8501
Reporting Website: https://antifraudcentre-centreantifraude.ca/report-signalez-eng.htm