Moving to a new country can be exciting and confusing at the same time. There are a lot of decisions to make: where to live, which school to enroll the children in, where to bank, and find a family doctor. Budgeting for life in a new country is one challenge that a newcomer may need reliable and comprehensive information about, which is why we’ve partnered with Credit Canada on their program. Budgeting for Newcomers: Your Path to a Secure Financial Future.
Another thing that newcomers need to learn quickly is how to develop effective cyber hygiene so that they can protect their personal and financial information and, ultimately, their hard-earned money.
In a new environment, still getting used to banking practices and local laws, newcomers must also be vigilant so as not to fall victim to these practices. Scams and scams. CBA wants to make it easier to protect your personal and financial information by providing resources to help you stay vigilant against scams.
Cybersecurity toolkit for newcomers
In our increasingly digital world, it is important to develop strong cyber defenses to ensure the safety of your information. Building this understanding is especially vital, as newcomers may not be aware of common scams and are therefore easy to target.
The Canadian Bankers Association’s free cybersecurity toolkit for newcomers to Canada, developed in collaboration with Get cyber securityaims to educate newcomers on cyber best practices and enable them to recognize, prevent and/or avoid common scams.
The toolkit provides tips and information about common scams including:
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Phishing Tricks: Tips on how to spot suspicious emails or texts
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One-time passcode (OTP) scams: How scammers might try to trick you into providing one-time passwords received via text or email
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Telephone scams: Ways scammers try to trick you into giving up financial information or money by impersonating government officials, banks, or other organizations
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Tax Season Scams: Provide information on how the Canada Revenue Agency can contact you about your taxes or a tax refund
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Job Scams: How to Spot Fraudulent Job Offers
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Identifying fake websites and apps: Tips on how to recognize fraudulent websites and apps that are trying to steal personal or financial information
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Ransomware protection: Steps to take to prevent and respond to ransomware attacks, including installing security software and backing up data
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Choosing Strong Passwords: Recommendations on how to develop unique, strong passwords to protect your most sensitive accounts
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Reporting Fraud: How to report fraud and what to do if you suspect you are a victim of fraud
CBA has also created additional fraud prevention toolkits. Designed for individuals, small businesses, and seniors, these resources offer actionable tips and helpful checklists. They are all available for free and downloadable on our fraud prevention toolkit page.
Talk about fraud prevention with newcomers
Most of our daily tasks are now done online, which has simplified our lives in many ways. Whether it’s paying bills, booking flights, filing taxes, or sending money to family abroad, it’s important to be careful when doing business online. It is also important to share this knowledge with the people we care about.
Being able to recognize the red flags of scams and scams is great, but don’t stop there, share it with family and friends. Sharing this knowledge helps others make safer financial decisions that can lead to better financial outcomes.
During Financial Literacy Month (FLM), share tips and resources on how to keep your financial and personal information safe with a family member or friend who may be new to the country. Talking about our experiences can really benefit those who are starting to build their lives in Canada. Here are some tips on how to spark a conversation:
Additional resources to help
Do you know any older Canadians who are newcomers? CBA offers a free fraud prevention seminar for seniors as part of its Financial Literacy Seminar for Seniors program. The seminar is presented by a volunteer banker in your area who devotes an hour to discussing common scams and scams currently affecting seniors, how to spot red flags and where to get help if you fall victim to them. More information about Your Money Seniors can be found at cba.ca/seniors.
Many banks offer tips, checklists and links to additional resources tailored to the needs of newcomers. verify Banking services for newcomers to Canada A page on the CBA website for links to bank initiatives that can help with your move to Canada.
About the Canadian Bankers Association
The Canadian Bankers Association represents the voice of more than 60 domestic and foreign banks that help drive economic growth and prosperity in Canada. CBA advocates for public policies that contribute to a sound and prosperous banking system to ensure Canadians succeed in achieving their financial goals. www.cba.ca.
