March is Fraud Prevention Month
Every year, thousands of Canadians fall victim to fraud. Most people don’t think it could happen to them, but fraudsters often use sophisticated methods to target the public. More and more of these schemes are being attributed to organized crime. The impact on individuals, families and businesses is devastating – retirement savings, homes, businesses and in some cases, lives have all been lost. The impact of Covid-19 scams in Canada between March 2020 and January 2021 saw over $7M lost to fraud.
With our increasingly hectic lifestyles, it can be hard to keep on top of all the information you need to know to keep your money and your personal information safe.
However, the good news is that the majority of frauds can be prevented by identifying the methods used by fraudsters. The more you know about fraud, the less likely you are to fall for it. Through awareness, you can avoid becoming a victim.
Red flags: things to watch for
Wire transfer
Many scams involve requests to wire money electronically using a money transfer service, like MoneyGram and Western Union, or using cryptocurrency, such as Bitcoin. Remember that sending a transfer through these services is like sending cash—once the amount is picked up, it’s almost impossible to get your money back.
Overpayment
When you’re selling something—especially online—be wary of how you get paid. A fraudster may send you a counterfeit cashier’s, personal or corporate cheque in an amount in excess of what they owe. You’ll be asked to deposit the cheque and wire the excess funds immediately back to them. Once your bank realizes the cheque is a fake, you’ll be on the hook for the money withdrawn.
Spelling mistakes
Be skeptical of emails, messages or websites that contain misspelled common words; grammar errors that make it difficult to read or expressions that are used incorrectly. Email and web addresses should also be examined closely to see if there are subtle mistakes or differences.
Personal information request
Fraudsters may ask potential victims to provide more personal or financial information than is required for the transaction or discussion. Be suspicious if someone asks for copies of your passport, driver’s licence and social insurance number, or birth date, especially if you don’t know the requestor.
Unsolicited calls
You might get a call from someone claiming that you have a virus on your computer, you owe taxes or there has been fraudulent activity in your bank accounts. Know that legitimate organizations will not call you directly. Hang up and call the organization yourself using the number from a trustworthy source, such as the phone book, their website, or even invoices and account statements.
Unsolicited friend requests on social media
Don’t accept friend requests from people you don’t know until you review their profile or ask your real-life friends if they know them. Does their profile look fairly empty or have posts that are very generic? Do they seem to be promising more than friendship? These are some red flags that point to a scam. Delete that request and block future ones.
Astounding mail offers
You received a game card in the mail. It guarantees you will or have already won. Prizes might range from cars to trips. If you have not entered a contest, throw that card away. It’s probably a scam!
It’s just too good to be true
Everybody loves a great deal. But shocking offers, unbelievable discounts and unreal rates may signal that the offer isn’t quite what it seems. Cheap prices usually equal cheap products or counterfeit goods. Free offers may require providing your credit card for shipping. Small tactics like these can lead to big profits for scammers.
Canadian Anti-Fraud Centre
Website: AntiFraudCentre.ca
Telephone: 1‑888‑495‑8501
Local scams, Identity theft, theft and other crimes
Contact your local RCMP
Banking and credit card scams
Contact your bank or financial institution
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