Phishing is a term used to describe electronic fraud that takes place through email or text messages. The fraudster will create an electronic message which appears to have come from a legitimate source, such as a business or financial institution. The original email will often feel urgent in nature, asking you to update, validate or confirm your personal information. Once the email is opened, the victim will be transferred to an online sign-in page almost identical to that of the legitimate business. Once on this page, they will then be prompted to enter personal information such as a user name and/or password. If this information is entered, it may allow the fraudster access to this corresponding account.
If you feel that you have been a victim to this type of scam, immediately notify the genuine business and change all passwords. If there was financial information attached to this account, such as a credit card number or other banking information, it is best to notify your financial institution as well. Catalyst Credit Union, or any other Financial Institution, will never send an automated email requesting that you sign into your online banking account. Always ensure emails come from a trusted source before proceeding.
For more information about Fraud and how to protect yourself, go to Financial Consumer Agency of Canada