Fraud Prevention Month: Credit union urges residents to guard one-time passwords

Conexus Credit Union is urging Saskatchewan residents to stay alert to fraud and never share one-time passwords as part of Fraud Prevention Month in March.

Recent estimates suggest scam attempts in Canada reach into the billions each day, according to the Stand Against Scams campaign.

Conexus is encouraging people to follow what it calls the “three R’s” of fraud prevention: recognize, reject and report suspicious activity.

One of the most important steps, the credit union says, is to never share one-time passwords. These codes are issued as part of two-factor authentication to add an extra layer of protection when accessing accounts.

Just as banking PINs and login passwords should remain private, one-time passwords should never be shared with anyone, the credit union says.

Conexus, Cornerstone and Synergy credit unions do not ask members for their banking credentials, including login passwords or one-time passwords. Members are advised to hang up immediately if anyone requests that information and to only enter credentials through official digital banking platforms.

The warning comes at a time of transition for Saskatchewan credit unions.

Conexus, Cornerstone and Synergy legally amalgamated on Jan. 1, 2026, following a successful merger vote in 2025. While members will continue banking as usual for now, officials say periods of change can attract scammers.

“Scammers are already masquerading as your credit union and other financial institutions to defraud you,” said Mark Millham, chief risk and compliance officer. “Unfortunately, we fully expect these scams based around our merger news to increase.”

The credit union is also warning residents about scams that combine online romance with fraudulent investment opportunities.

In these schemes, scammers build trust with victims through social media or messaging apps, sometimes forming romantic relationships before encouraging them to invest in what appear to be profitable opportunities. Victims may be shown fake investment gains to convince them to send more money before the scammer disappears.

Officials say people should be wary of investment offers promising unusually high returns.

Members who believe they may have been targeted by fraud are encouraged to report the incident immediately to their credit union.

Millham said employees are trained to watch for warning signs and may ask questions when transactions appear unusual.

“When we ask members authentication questions in branch or over the phone, we are genuinely trying to help you and to prevent fraud,” he said.

Residents can learn more about fraud prevention through resources such as the Canadian Anti-Fraud Centre, the Competition Bureau’s Fraud Prevention Month campaign and Saskatchewan’s Financial and Consumer Affairs Authority.