Phishing — what to do if you’re on the hook

Hey there, time traveller!
This article was published 19/06/2024 (474 days ago), so information in it may no longer be current.

It happens quickly. One minute, you’re looking to sell a coffee table on an online marketplace. The next, you’ve been locked out of your bank account and a pit forms in your stomach. The person purporting to buy the table has instead stolen your personal information when they sent you what was supposed to be the e-transfer.

Instead, the link was a sophisticated way of tricking you into revealing certain tidbits of info, which they then used to bypass your security questions and get right into any or all of your sensitive accounts. The link may not have worked at first and told you it needed to confirm your identity to deposit the money. Little did you know, “confirming” your identity gave them everything they needed to rob you blind.

Phishing scams like these and many others are on the rise, and with the introduction of AI, becoming more prevalent and sophisticated than ever. The Better Business Bureau received over 9,000 reports of phishing last year, more than double the record from the year prior.

Phishing is exactly how it sounds: scammers are fishing information out of their victims. They can then use this info in any number of way to steal hard-earned money.

In one situation, a man from Ohio saw his computer lock up after visiting what he believed to be Microsoft’s website. Scammers can convincingly re-create common sites and have them rank highly in search engine results, making their victims think they’re real.

After the lock-up, a phone number to call appeared on his screen. The person on the other end said they would need to access the man’s computer remotely to solve the issue, as it appeared to be hacked. During this process, the victim’s bank account appeared on the screen. The person on the phone convinced the victim to transfer his money to Bitcoin, supposedly to beat the hacker to the funds. Following the scammer’s instructions, the man unknowingly sent away $40,000 through a series of transactions,

While many of us believe we are too smart to fall victim to attacks such as these, victims hail from all walks of life. In the heat of the moment, under the right circumstances, and with increasing sophisticated tactics used against us, any of us can fall prey to phishing scams.

To keep yourself and your family safe, be wary of any ask (phone call, email, text, online interaction) that claims suspicious activity or fraudulent log-ins or describes unexpected issues with an account. Other red flags include requests for confirmation of financial information, requests to click a link or to make any kind of payment, unsolicited coupons, generic messages paired with the logo of a well-known company, and offers of government refunds.

If you’re unsure, remove yourself from the situation. Scammers prey on instant emotions and reactions and often create urgent situations to get their victims to panic. Consult with trusted loved ones, visit the BBB’s ScamTracker to see what else has been reported about your scenario, or read more about phishing in their wealth of resources. Remember to report your experience to bbb.org and the Canadian Anti-Fraud Centre to continue to help others in the fight against phishing scams.