Description: If online security were a university course, many Canadian post-secondary students would have a failing grade, at least according to survey results from RBC’s Students and Fraud Poll. Eighty percent of the students admit to vulnerabilities, including 28% who had shared their passwords on debit and credit cards. With fraudsters becoming more resourceful, it’s time for students to step up by improving their own security measures.
Date: October 23, 2023
Source: thestar.com
Discussion points:
1) Have you or your classmates ever been scammed in regard to your own banking information?
2) What tips do you have for protecting your cards, bank apps, and other important elements of your own financial life?
3) Illustrations 7.3 and 7.4 of Wiley’s Financial Accounting: Tools for Business Decision-Making show us control activities over cash receipts and cash disbursements? Which of these do you think can be adopted by students in looking after their own cash?
Mia Cogger, Andrew Joseph, Benjamin Michel
1. no we haven’t because we make sure our accounts are secure and we keep our passwords safe.
2. we all agree that we don’t give out our personal information and we keep our cards in a secure location like our wallets.
3. these tools show us control activities over cash receipts and cash disbursements. we think the physical controls are the most applicable here by keeping cards in your wallet and keeping passwords along with bank information to yourself.
Group 11 - Section B
1) Have you or your classmates ever been scammed regarding your banking information?
– No, luckily none of us have fallen for scams yet, we’ve received lots of texts and random phone calls that we believe were scams, however.
2) What tips do you have for protecting your cards, bank apps, and other important elements of your own financial life?
– Don’t be stupid
– Don’t use the same password for everything.
– Don’t use an easy-to-guess password.
– Set up 2-factor authentication
– Turn on notifications so you know when a withdrawal is made from your account
– Try to avoid public wifi
3) Illustrations 7.3 and 7.4 of Wiley’s Financial Accounting: Tools for Business Decision-Making show us control activities over cash receipts and cash disbursements. Which of these do you think can be adopted by students in looking after their cash?
– Documentation
– Keeping receipts, so you know how much you’re paying for whatever you purchase.
– Physical controls
– In the textbook, it says to use safes, we think putting your money in the bank would work just as well.
– Carrying all your cards in a wallet instead of stuffing them in your pocket.
– Review and reconciliation
– Looking over how much money you’ve spent in a day, or in a month, and seeing where you can cut back in order to save money,
– (ex.) Not getting coffee at Aida’s every morning.
Theo Delaney
Tristan Raine
Hailey Arsenault
Haley Harrison
Haley Harrison, Hailey Simoneau, Jack Arsenault, Gantulkhuur Lkhagvasuren
1. I have been scammed once while ordering a Christmas gift online from a company that sold something specific i wanted. I used paypal account and the next week i had withdraws out of my account. Luckily i contacted my bank and got my money back. The rest of my group members have not been scammed.
2. – do not click on any links that look sketchy
– use a secure password
– be aware of what goes in and out of your banking accounts
– make sure you know companies are valid before ordering online
– keep cards secure
– Keep your devices secure with up-to-date antivirus software and lock screens.
– change passwords frequently
– Always exercise caution when receiving emails or messages, particularly those from unknown sources, to avoid phishing attempts
– 2-factor authentication
3. – Physical controls (keeping cards in wallets in stead of loose. Bonus if they are RIFD blocking wallets so your cards cannot be scanned in public places through your regular wallet.
– review and reconciliations (being aware of what goes in and out of your wallet. this can be beneficial if you do happened to be scammed so you can catch any withdraws and potentially get money back.
Group 3
1) One of our group members have been scammed in the past regarding is banking information. The way he got scammed is by text messages, he just clicked the link and deleted right after because it was a scam but the scammers had already took the necessary information to scam him.
2) Just be aware of whole is handling your card and to use a anti scam wallet (A wallet that blocks signals for people to be able to tap a debit machine and take your money without you knowing).
3) Anyone looking after their own cash should use documentation so that they properly track their expenses and revenues. I think most people should use physical controls as well because you don’t want to keep too much cash or valuables on hand.
Sophie Major
Rhys Chambers
Martin Duguay
Gursahiba Saggu
Patrick Barnhill
Patrick Barnhill, Hunter Wrigley, Daniel Duffy
1) No, none of us have
2) Keep your finacials seperate from others. You can exchange cash without giving people your information. Online though, keep passwords private, and authenticate the website or email first. Education yourself on the scam tactics help too.Some tips for protecting your cards, bank apps, and other elements regarding financial security include creating a strong and unique password for your bank apps and enabling multi-factor authentication, which adds an extra layer of security. Storing cards securely in a wallet to prevent loss or robbery. Lastly, regularly review bank or card statements for any unusual or unauthorized transactions.
3) Assigning the responsibility of your finances to yourself, Documenting and following your purchases and deposits, and having controls (physical or not) in place can help university students keep their money and wallets safe.Students can take ownership of the task of healthy money management while organizing spending, keeping tabs on expenses, and making wise financial choices. They can keep track of every cash transaction and store money in a safe place.
Alexander Davison
1) Thankfully I have never been scammed in anything relating to my banking information and, to my knowledge, neither have any of my classmates.
2) There are several things one can do to protect their cards, bank apps, etc. To prevent your cards from RFID scanning, your cards can be put in an RFID sleeve. This is a very simple and inexpensive solution that could prevent would-be thieves from accessing your cards. To protect your banking apps/banking info, the use of multi-factor authentication and strong passwords with a mix of letters, numbers, and special characters could help. Refraining from logging into banking apps on insecure networks, such as public Wi-Fi, could also help to protect your banking info.
3. In regard to cash receipts, reviewing and reconciling could help ensure that any incoming cash is accounted for and not being misplaced or stolen. For cash payments, using physical controls such as multi-factor authentication could certainly be used. Finally, reviewing and reconciling any payments (to ensure they match with your records) could help ensure that there are no unauthorized outgoing transactions happening.
Alexander Davison