Learn how to spot common scams and fraud
Protect yourself
Learn how to spot common scams and fraud
What is a scam?
A scam is a deceptive scheme designed to trick you into providing something of value (like money or your personal information). Scammers use fake personas (like portfolio managers, government officials, law enforcement, prospective love interests, etc.) and then try to manipulate you by taking advantage of your emotions, scaring you, or offering you something that seems too good to be true.
Learn how to avoid commons scams
Watch for these 5 common elements of scams
Scams often use an emotional hook to make you afraid of the consequences of not doing what the scammer wants.
Examples:
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You get a call from someone who says that they are from the Canada Revenue Agency (CRA) and you must pay a fine immediately or risk going to jail. Also known as an emergency scam.
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You get an email from someone you met on an online dating site, pleading to borrow money to help their sick relative, who will die if they don’t get surgery. Also known as a romance scam.
Scammers want their victims to act quickly, before they have a chance to really think things through, so they play up the idea that there’s a ticking clock.
Examples:
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An email promising that you would regret not taking advantage of an amazing investment opportunity, which you can only get by wiring $1,000 in the next 24 hours. Also known as an investment scam.
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You see an ad promising Taylor Swift concert tickets, but there are only a few left so you should send the e-Transfer immediately. Also known as a marketplace scam.
Scams often target people who are more vulnerable (like seniors), and urge their victims to stay quiet so that they don’t talk about what’s happening with family or friends who may be more fraud-aware.
Example:
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A grandmother gets a call saying that her grandchild needs $5,000 cash, but she can’t tell anyone because there are dangerous people looking for them. Also known as a grandparent scam.
Scammers often request payment in a form that’s harder to trace back to the recipient, even once fraud is reported.
Examples:
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Wire transfers
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Prepaid credit cards and gift cards
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Cryptocurrency
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Being told to withdraw a large amount of cash, not tell your bank what it’s for, and hand it over to a third party.
A legitimate credit union or bank will never ask for your log in password or bank account information over the phone, email, or text message. In fact, a good rule is to never give out any personal or financial details over phone, email, or text message.
Examples:
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Log in password
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Account number
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Social Insurance Number
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Driver’s License Number
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Passport number
