Cyber threats don’t wait for the future, they’re already here. But the steps we take today can protect us tomorrow. This year’s Cyber Security Awareness Month theme, “Get cyber safe – for future you,” is a reminder that cyber security isn’t just about reacting to threats, it’s about building resilience for what’s ahead.
Whether it’s protecting personal data, preventing fraud, or securing financial transactions, Central 1 takes security seriously. At Momentum, our experts dove into the realities of cyber security and fraud, helping clients prepare for the unexpected and position themselves for a safer, smarter future.
Fraud is evolving and so are our defenses
Cyber fraud is becoming more sophisticated and evolving faster than ever, increasing our need for strong and reliable cybersecurity — starting with us. In his keynote session on AI and the future of fraud, Ritesh Kotak, Tech and Cyber Security Strategist, asked a series of questions that made the audience pause:
“What’s the most dangerous thing you’ll do today?”
The answer? Check your email. Because how can you be sure any part of it (links, attachments, content or the sender) is legitimate?
Ritesh’s message was clear: as technology evolves, so must our awareness and the systems built to protect us. He emphasized how everyday actions, like clicking on emails, downloading apps and glossing over fine prints, opens new doors to fraud. AI deepfakes, data risks and cyber security threats are evolving faster than the frameworks built to stop them but with commitment and aggressive persistence, we might be able to keep pace.
To prove his point, Ritesh asked the audience to do something simple:
The hesitation in the room spoke volumes. If we won’t hand our phones to someone we know, why are we so willing to share our data with strangers online or through apps?
“We have 20th century frameworks to deal with 21st century problems and technology,” Ritesh said, calling for stronger legislation and collaboration between governments and organizations.
Building on this, Ritesh explored how the very location of our data adds another layer of complexity to cyber security. Floating data centres, deep-sea and space —yes, outer space— servers challenge traditional legal frameworks. Jurisdiction becomes complicated when data isn’t tied to a single country or continent. While treaties exist for intergalactic use, many were drafted during the 1980s space race and weren’t designed to handle today’s digital realities.
The state of fraud in Canada
Following Ritesh’s keynote, our next session explores the real-world impact when awareness falls short. Ron Kaine, AVP, Fraud and Compliance Products & Services, and Idan Itskovich, Strategic Intelligence with the RCMP’s National Cybercrime Coordination Centre, shared data that noted the top three methods of fraud initiation are through social networks, the internet, and email.
They also highlighted B.C. as a national hotspot that accounts for 57% of the total fraud dollar value and half of all fraud cases in Canada. What’s more, just ten cities represent 30% of national fraud activity, and the top four scam types (investment loan, account takeover, intercepted payments and buyer-seller scam) make up over 60% of total losses.
“Fraudsters are smart and have recently focused on both scams and sophisticated account takeover attacks. Financial institutions need to apply a multi-layered approach to detect and stop fraud – from member education to digital fraud and multi-factor authentication, payment fraud detection and investigation. This approach must be applied across all payment types, as fraudsters are targeting payments other than eTransfers.”
– Ron Kaine, AVP, Fraud and Compliance Products and Services, Central 1
Central 1’s role in fraud prevention and cyber security
To help clients stay secure and ahead of fraud, Central 1 offers a suite of risk, fraud, and compliance solutions designed to detect, prevent, and respond to threats in real time:
- Enterprise Fraud Management (EFM): Real-time, AI-driven fraud detection across multiple payment channels that adapts to emerging threats.
- Shared fraud intelligence network: A collaborative data-sharing platform that enables credit unions to identify and block fraud faster across the system.
- Multi-Factor authentication (2SV): Added protection for logins and high-risk transactions, reducing fraud losses by nearly 50%.
- Cyber Security innovation: Behaviour-based authentication and passwordless login pilots (FIDO2) that enhance member security and resilience.
- Central 1 experts: Our fraud and cyber security experts are here to help clients navigate any situation with confidence.
- Anti-Money Laundering (AML) compliance: Central 1 works with clients to help them meet their FNTRAC compliance obligation
These tools are designed not just to respond to threats, but to anticipate them, helping credit unions, fintechs and other alternative banking institutions manage fraud threats and build long-term trust with their members.
Cyber security is an ongoing commitment
October may be Cyber Security Awareness Month, but the need for vigilance continues. At Central 1, we’re committed to helping clients strengthen their defenses, protect their communities, and build a safer financial future.
Want to learn more about how Central 1 can help your credit union stay cyber safe? Contact our experts today or explore our fraud solutions.
