How to protect your online financial transactions in Canada

* This article is sponsored by Equifax.

Have you sent an e-transfer, logged into your bank account, or entered a password on your phone today? How about yesterday? If you’re one of the 78% of Canadians who use digital channels to conduct most of your banking transactions, the answer is probably yes.

While most Canadians rely on the ease and convenience of banking and shopping online, many don’t realize cybercriminals can gain access to accounts when basic security practices are overlooked.

But there’s good news: you don’t need to be a tech expert to protect yourself. With a few simple habits and some extra safeguards, you can reduce your risk of identity fraud in Canada and keep your financial data safe.

Why online security matters

Every time you bank, shop, or pay a bill online, you leave a digital trail. That trail is valuable to identity thieves, who can use your personal information to commit fraud. ID theft in Canada costs consumers millions each year and recovering from it can be stressful and time consuming.

A few small changes to how you connect, click, and protect your information can make all the difference.

Here are five things you can do to reduce your risk.

1. Avoid public Wi-Fi

Imagine you’re travelling, you’ve finished dinner with a friend, and you want to send them an e-transfer for your share of the bill when you get back to the hotel. It’s tempting to hop on the hotel Wi-Fi and get it done right away. The problem is that public Wi-Fi is often unencrypted and unsecured, which means other people on the same network can see what you are doing.

Cybercriminals can set up fake hotspots, intercept your data in transit, or even watch your keystrokes. When you’re on a public Wi-Fi network, logging in to your bank account or entering credit card details online is like shouting your personal information out loud in a crowded room.

To protect yourself on public Wi-Fi, follow these best practices:

• Turn off auto-connect: Phones and laptops often connect to any open wifi automatically. This is risky because you may unknowingly connect to a fake or compromised network.
• Use mobile data for sensitive tasks: If you need to bank, shop, or send money, switch to your cellular network. It’s much harder for criminals to intercept.
• Avoid logging into important accounts: Save your banking, email, and shopping logins for secure networks you trust.
• Forget networks you no longer use: Removing saved networks prevents your device from trying to reconnect in the future.
• Stick to HTTPS websites: The little padlock icon in the browser means the site is encrypting data. On public Wi-Fi, this is essential.
• Use a VPN: A virtual private network encrypts all your online activity, even on unsecured wifi, making it nearly impossible for attackers to spy on you.

2. Protect your passwords

Coming up with unique, complex passwords for every account may feel tedious, but it’s one of the most important steps you can take for identity fraud protection. Using the same password everywhere is like leaving your house keys under the doormat—criminals know exactly where to look.

A password manager helps by creating strong, random passwords and storing them securely. This way, you only need to remember one master password. Adding two-factor authentication (2FA) where possible creates an extra barrier so that even if someone gets your password, they cannot access your account without the secondary code.

3. Think before you click

Phishing scams often show up as emails or texts that look like they’re from your bank or a trusted company, urging you to verify your account or reset your password. Scammers count on you clicking quickly without thinking.

To protect yourself, always check the sender’s email address carefully, hover over links to see where they really lead, and when in doubt, type the official website address directly into your browser. Scammers tend to rely on urgency, so if something feels rushed or suspicious, pause before you click.

4. Keep your devices safe

Online risks are not the only concern. If your laptop is left open at a café or your phone is unattended at work, you can inadvertently expose sensitive information. Add screen locks, keep your software updated, and use device protection programs to defend against viruses, malware, and ransomware.

Treat your devices like you would your home: you wouldn’t leave the front door unlocked, so apply the same mindset to your phone and computer.

5. Monitor your digital trail

Even with careful habits, your information can still end up on the dark web through no fault of your own. Large-scale data breaches happen all the time, making identity theft and protection services increasingly valuable.

Equifax Complete^TM Protection is a multi-layered credit and cybersecurity service designed to give Canadians extra defence against online risks. It includes tools such as:

• WebScan, which searches the dark web for your provided personal and financial data
• Social media monitoring, which alerts you to suspicious activity on linked accounts
• Device protection for three devices and a secure VPN for safe browsing on up to 10 devices
• A password manager to generate and store strong passwords
• Credit monitoring with alerts that notify you of changes to your credit report that may signal fraud

And if identity theft happens, subscribers of Equifax Complete Protection have access to an Identity Restoration Specialist to guide them through dealing with creditors, correcting their credit reports, and preventing future fraud.

Equifax Complete Protection also includes up to $1 million in ID theft insurance (not available for new purchases in Quebec) to help cover out-of-pocket expenses such as legal fees, lost wages, and replacement IDs.

The bottom line

Your personal and financial information is one of your most valuable assets, and keeping it safe requires smart daily habits and reliable tools. From avoiding public Wi-Fi to setting stronger passwords, there are steps you can take to improve your online security.

For added peace of mind, Equifax Complete Protection offers ID theft protection in Canada with monitoring, alerts, expert support, and insurance to help you recover if the worst happens. Prevention is always easier than recovery.

Get more details about Equifax Complete Protection.

Also read:

• Gift card scams: What you need to know
• Data leaks and the dark web: How to protect your identity in Canada
• Is social media putting your identity at risk?
• How to restore your identity in Canada after ID theft