Interac launches Fraud Fighters initiative

According to Interac, in Canada, the surge in technological advancements, also termed 'tech-celeration,' is presenting an increased landscape for fraudulent activities. According to a recent survey conducted by Interac Corp., over 91% of Canadians encountered digital fraud attempts within the last six months. Despite approximately 69% of Canadians expressing confidence in their ability to recognise fraud indicators, merely 36% find scam attempts easily identifiable. To address this concern, Interac is introducing the Fraud Fighters initiative, which is aimed at enhancing fraud awareness and education. 

The survey conducted by Hill & Knowlton used the Leger Opinion online panel, polling 1,500 Canadians between February 23rd and 28th, 2024. Data were weighted on age, gender, and region based on 2021 census figures, with an associated margin of error of ±2.5% for a randomly selected sample of n=1,500, 19 times out of 20. 

According to the company press release, with the evolution of fraud tactics becoming more sophisticated and subtle, awareness and education play crucial roles in supporting Canadians against fraudulent attempts. In this context, Interac is organising complimentary Fraud Fighters classes in Toronto. These sessions will integrate conventional boxing techniques with fraud prevention insights, delivered by expert boxing and self-defence instructors, in collaboration with Reni, The Resource. 

Representatives from Interac emphasised the significance of continuous education and awareness in helping individuals swiftly identify and counter fraud attempts. The Fraud Fighters programme aims to equip participants with heightened awareness, endurance, and self-confidence, essential qualities in thwarting diverse forms of fraud. 

Although common fraud attempts include unsolicited communications via text, call, or email, the survey revealed evolving scams, such as fraudulent job offers from fictitious companies, experienced by nearly 18% of respondents. Financial losses due to fraud amounted to over half a billion dollars among Canadians in the past year alone.

Interac's suggested approach to combat fraud 

Interac advocates the 'Three S Approach' as a foundational strategy for consumers to combat financial fraud: Stop, Scrutinise, and Speak Up. This approach encourages individuals to pause before responding to unexpected requests for personal information, scrutinise for signs of deception, and promptly report fraudulent activities to appropriate authorities, including the Canadian Anti-Fraud Centre. 

To register for the Fraud Fighters classes scheduled on 13 April and 20 April 2024, at United Boxing Club in Toronto, individuals can visit the United Boxing Club website or download their app. Limited spots are available on a first-come, first-served basis, and participants must be of the age of majority. Terms and conditions for the boxing class are governed by United Boxing Club.