How to Protect Your Bank Account From Fraud

This article is part of a series of columns about protecting important information and people in your life from fraud and scams. More installments will follow.

Banking today often happens without ever visiting a branch. “People don’t go to an ATM or into a bank a lot anymore; instead they mostly log in on our laptops or mobile devices,” says Octavia Howell, vice-president and chief information security officer for Equifax Canada. That convenience also shifts many layers of security responsibility from the institution to the account holder.

Financial institutions maintain teams and systems dedicated to protecting customers from theft and fraud, but individual habits play a large role in staying secure online. Poor practices—weak passwords, sharing codes, using unsafe networks—can expose you to scams that drain accounts or steal personal data. “Consumers have to be careful at all times and do their part to protect themselves and their families,” Howell warns.

How cybercriminals try to access your bank account

There are two common patterns fraudsters use. Traditional account takeovers target individuals to withdraw money directly from their accounts. A growing and often more damaging approach aims to collect personal information from many people at once, enabling large-scale identity fraud.

Howell describes a frequent tactic: criminals use automated tools, including AI-assisted searches, to assemble partial information about groups of people. Scammers then contact targets—often by phone—impersonating a bank or other trusted organization. They may claim a security issue and request details such as the last four digits of an account, transaction information, or one-time verification codes. Because the request appears urgent and authoritative, victims sometimes comply, believing the caller is helping resolve a problem.

“No credible bank will ever call you and ask for banking information without you initiating the conversation,” Howell says. If you do receive a suspicious call, tell the caller you will call back, hang up, and then contact the institution directly using the customer service number on your official statement, card, or institution’s verified website or app.

Best practices for protecting your bank account

Adopting a few consistent habits significantly reduces your risk of fraud. Below are practical, everyday steps to strengthen your online banking security:

Choose a secure account PIN that isn’t publicly available or easily guessed—avoid anniversaries, birthdays, and simple sequences.
Use a strong, unique password for your banking login. Do not reuse that password across other sites.
Enable multi-factor authentication (MFA) or biometric logins (face or fingerprint). MFA that uses a separate text, email, or authenticator app code adds a critical extra layer of protection, while biometrics are highly resistant to impersonation. As Howell notes, “There’s only one you and scammers can’t easily fake that.”
Avoid public Wi‑Fi for banking. Networks in cafes, airports, and other public places are easier for attackers to monitor. Prefer your private home network or your mobile provider’s data connection. If you must use public Wi‑Fi, connect through a reputable VPN (virtual private network) before accessing sensitive accounts.
Never share login credentials or one-time codes with anyone. Treat verification codes as private and never disclose them on a call or in response to an email request. When using ATMs or point-of-sale machines, shield the keypad to prevent shoulder surfing.
Set up reliable account recovery options: meaningful security questions, code words, and alternate contact methods that only you control. Take the time to configure these recovery tools so your account can be restored quickly and securely if it is ever locked or compromised. “Carefully selected security questions can also play an important role in helping to protect your bank account,” Howell advises.
Use a password manager to generate and store unique passwords securely. This reduces the temptation to reuse weak passwords and makes it easier to maintain good credential hygiene.
Monitor your accounts and credit reports regularly. Review bank and card statements for unfamiliar transactions, and set up account alerts for unusual activity so you can act quickly if something looks wrong.
Keep your devices updated. Install operating system and app updates promptly, and use reputable antivirus or endpoint protection on computers and mobile devices to reduce the risk of malware that can capture passwords or keystrokes.

Equifax Complete Protection

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Equifax Complete Protection is a subscription service that provides credit monitoring and cybersecurity features designed to help Canadians detect identity fraud earlier and recover if their identity is compromised.

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Searches for your personal data on the dark web
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Extra reassurance from Equifax Complete Protection

Many people understand basic precautions around money, but some of the more technical or preventative measures are easy to overlook. Services that combine credit monitoring, dark web scanning, device protection, and identity restoration support can add a layer of reassurance for those who want continuous oversight and help responding to incidents.

Equifax Complete Protection includes features such as daily credit monitoring and alerts for new credit applications, dark web scanning to detect if personal data appears in criminal marketplaces, social media monitoring, online data encryption and password management tools, parental controls, device protection, and identity restoration support if your identity is stolen. It also offers identity theft insurance for eligible customers.

How cybercriminals try to access your bank account

Best practices for protecting your bank account

Equifax Complete Protection

Extra reassurance from Equifax Complete Protection

Further reading on fraud and scams