Your clients likely surf the web year-round, but with a spike in online gift buying and charitable giving during the holiday season, they may be disclosing more personal information at this time of year. So, it may be a good time to give them a friendly reminder about the risks of online fraud, according to the Financial Consumer Agency of Canada.

“Canadians are sharing lots of information online when they use social media, buy goods and services and engage in activities like gaming and chatting,” says FCAC commissioner Ursula Menke. “But as more personal data is disclosed, unfortunately more is also being stolen. It is important that Canadians are aware of not only how this information can be stolen, but how they can protect themselves.”

FCAC has recently updated its anti-fraud resources to provide consumers with more information on how online fraud can occur.

Advisors can warn clients about some of the common ways that people expose themselves to fraud. These include:

  • using public or unsecured wireless Internet
  • sharing too much on social networking sites
  • entering personal information on unsecure or fake websites
  • allowing a computer to save a password or personal information

The more personal details that fraudsters collect about a client, the higher the chances they could build a profile, steal the client’s identity and access their financial accounts.

Here are some tips you can offer clients to help them avoid fraud:

  • Do not post your home address, telephone number, children’s names, names of schools or employers, or specific details about when you will be out of town.
  • If you post your birthday, do not include your year of birth.
  • Use different passwords for different applications like social networking sites, email and online banking, and change these passwords often.
  • Only use secure Internet access when engaging in social networking, online banking and online shopping. Make sure there is a lock symbol in the browser window and that the site’s address begins with “https”.
  • Use enhanced privacy settings on social networking sites and only allow approved people to access your profile. Do not accept friend requests from people you do not know.

Urge clients to tell you – and any other financial professionals and institutions they’re dealing with – if they’ve become a victim of fraud, since their accounts could have been tampered with.

Also urge them to file a report with the police and to advise Canada’s two credit rating agencies, TransUnion and Equifax.