The new year is a great time to implement, review and update your cybersecurity tools and defenses to help ensure you are ready and armed against the latest cybersecurity scams. Here are seven steps to assist.
In 2024, Canadians lost over $638 million to fraud, a staggering increase from $578 million the previous year1. And that is just what is reported – the RCMP expects the numbers are far higher, but many victims never report their losses. Of note for investors is that nearly half of the total, or $311 million, was lost specifically to investment scams2. With the average fraud victim losing over $15,0002, these are not distant, “that happens to other people” problems, but instead are targeted attacks on the financial security you've worked so hard to build.
Unfortunately, fraudsters are also becoming increasingly sophisticated. Impersonation fraud has spiked by 356% between 2023 and 20243, with criminals posing as trusted entities like bank representatives or government agents (and even relatives in distress who need your immediate assistance – and money). With access to ever-increasingly more sophisticated AI tools and resources, cybercriminals are getting better at fooling us into providing key information and access to our most sensitive resources.
Fortifying your digital “fortress”
At RBC Royal Bank and RBC PH&N Investment Counsel (PH&N IC), guarding your assets is a top priority, and we work diligently to keep your information and wealth protected. But protecting you from fraud, especially cyber scams, is a shared responsibility, and it works most effectively when we work together.
According to our RBC cyber security experts, here are seven smart steps you can take to help you identify and neutralise these evolving threats:
1. Keep your software updated and patched
Cybercriminals exploit security vulnerabilities in outdated software to access your devices and steal personal information. To help ensure they don’t, enable automatic updates on your computer, smartphone, and any financial apps you use. This simple step closes “digital doors” that fraudsters rely on to gain access to your accounts and sensitive data.
2. Practice good “digital hygiene”
Your browser's cache and cookies are like digital footprints that can store sensitive information. Clear them regularly or at least weekly to ensure a fresh and secure browsing environment. Additionally, log out of financial websites completely when finished, rather than simply closing the browser window. This prevents unauthorised access if someone else uses your device.
3. Fortify your logins
A strong, unique password for each account is your first line of defence. Even better? Pairing it with Multi-Factor Authentication (MFA) creates an additional security barrier. Always enable MFA wherever available, especially for your investment and banking accounts. This combination makes it exponentially more difficult for criminals to access your financial information, even if they obtain your password.
4. Scrutinise all communications
Spear phishing* attacks accounted for over $67 million in losses in 20241. Fraudsters are masters of impersonation, creating emails and texts that appear to come from legitimate sources. Before clicking any links or downloading attachments, verify the sender's identity through a separate communication channel. Be particularly wary of urgent requests for personal information or immediate action on your accounts – when you rush, you stop thinking and you make mistakes, and that’s what the bad guys count on.
5. Watch for spoof websites and unrealistic offers
Criminals create fake websites that mirror legitimate financial institutions to steal your login credentials. Always type website URLs directly into your browser rather than clicking links in emails. Look for secure connections (https://) and verify website certificates. If an investment opportunity promises guaranteed returns or pressures you to act quickly, it's likely fraudulent. Legitimate investments carry risk, and reputable advisors (like you Investment Counsellor) never rush important financial decisions.
6. Independently verify all requests
Never provide personal or financial information based solely on phone calls, emails, or texts – even if they appear to come from RBC Royal Bank, PH&N IC or other trusted institutions. If someone claims to represent your bank and requests sensitive information, hang up and call your institution's official number directly. This simple verification step can prevent thousands of dollars in losses.
7. Stay informed about current scam trends
Cyber threats evolve rapidly, and staying informed is your best defence. Subscribe to fraud alerts from the Canadian Anti-Fraud Centre and regularly visit RBC's cybersecurity resources. Understanding current scam tactics helps you recognise new threats before they impact you and your financial security.
| *Spear phishing: A fraudulent solicitation claiming to be from a source (e.g. existing client, account holder, supplier or company executive) known to a person or business to convince them to send them money.2 |
Stay cyber smart
The statistics paint a sobering picture, but they also highlight an opportunity. Your personal vigilance is the most critical component of your financial defence. By integrating these seven practices into your routine, you transform from a potential target into a well-defended investor.
Remember, cybercriminals count on people being rushed, distracted, or overly trusting. By taking time to verify and/or question unusual requests, and by maintaining strong digital security practices, you significantly reduce your risk of becoming part of next year's fraud statistics.
Your security is our priority at PH&N IC. Please contact your Investment Counsellor if you have any questions or concerns, and take a few minutes today to visit the RBC Cybersecurity site for more information.
Sources
- Royal Canadian Mounted Police - The Cost of Fraud Exceeds Financial Loss. March 2025.
- Canadian Anti-Fraud Centre Annual Statistics Report 2024. 2025.
- ScamWatch HQ - Canada Scams 2025: The $638 Million Crisis. October 2025.
Past performance is not indicative of future results. Counsellor Quarterly has been prepared for use by RBC Phillips, Hager & North Investment Counsel Inc. (RBC PH&N IC). The information in this document is based on data that we believe is accurate, but we do not represent that it is accurate or complete and it should not be relied upon as such. Persons or publications quoted do not necessarily represent the corporate opinion of RBC PH&N IC. This information is not investment advice and should only be used in conjunction with a discussion with your RBC PH&N IC Investment Counsellor. This will ensure that your own circumstances have been considered properly and that action is taken on the latest information available.
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