Did you know that March in Canada is the month of fraud awareness? This is an opportunity to highlight Canadians’ importance, identify, reject and report fraud.
Statistics from the Canadian Anti-Fraud Center, Canada’s main fraud store, show that Canadians lost over $ 98 million in fraud in 2019 alone. The center estimates that Canadians only reported about 5% of fraud cases to the authorities. This means that the real impact of fraud is likely to be even greater than the numbers suggest!
Newcomers were advised to take special precautions
After a TD Fraud Survey Released on time for Fraud Prevention Month, a majority of Canadians believe that social isolation and major changes in life increase Canadians’ vulnerability to financial fraud.
Immigration to a new country is a big change in life. In addition, newcomers and immigrants are often exposed to social isolation in the early years, as this step often leaves them with no social networks or connections in the community, making them more vulnerable to fraud.
The TD Fraud Survey also offers a portrait of Canadians’ vulnerability to fraud. The survey says that while fraudsters continue to target Canadians of all ages and ages, almost half of those surveyed (44%) said they had targeted fraud in the past year. According to the survey, newcomers to Canada who are unfamiliar with Canadian banking, tax, or legal practices may be at particular risk. The survey found that 35% of Canadians believe moving to Canada from another country may increase their vulnerability to fraud attacks such as CRA fraud.
CRA fraud refers to fraudsters who impersonate the Canada Revenue Agency (CRA) and often turn to Canadians to trick them into paying fake debt.
Tips for detecting and rejecting fraud
For Canadians who want to learn how to detect and reject fraud, here are some tips for detecting and rejecting fraud when doing their banking activities. This list is based on advice from TD.
- Be especially careful about inquiries about sending money – If you receive an email or a call from or through alleged relatives asking for money because they are in trouble overseas, or if you receive an unexpected check that is too good to be true, it is probably fraud. Take some time to investigate a little to see if it’s real. Make sure you know who you’re doing business with, whether you’re sending or receiving money.
- Check your bank statements, online accounts or banking apps regularly – If you follow these steps, you will be notified of unauthorized transactions more quickly. Money management apps can provide real-time transaction notifications, making it easier for customers to quickly identify a suspicious transaction.
- Use available tools – Banks continue to offer new tools to help their customers manage accounts and stay vigilant. For example, a number of financial institutions have fraud notifications that notify customers via SMS when suspicious activity is detected in personal bank accounts. Often, a bank’s verification process provides an additional layer of security to protect your accounts, especially when you sign in from a new device. At some banks, you can temporarily block your credit card from your bank app on your phone if it is lost or misplaced. It cannot be used by anyone else if it is found.
- Protect your financial information – It is important to protect your financial account details and your personal identification number (PIN). The only person who should know your PIN or credentials is you – not even your bank should know. Never give out your PIN or login information in person, by phone, online or by post.
- Report fraud – If you are affected by a fraud or have been cheated by a fraudster, report this to your local law enforcement agencies and the Canadian Anti-Fraud Center.
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